摘要近几年以来，我国上市公司在进行利润分配时以资本公积转增股本的方式进行的显著增多，从本质上来看，将资本公积金转增到股本上，属于所有者权益内部的调整，并未对股东权益产生影响，但即使这样，还是会有许多投资者对此趋之若鹜。由于“转股”既没有导致现金流出入企业，也没有影响到企业未来的发展，因此它一直被认为与企业价值无关，但“存在即为合理”。本文通过以资本公积转增股本对公司的影响为研究对象，以中孚信息股份有限公司为例进行探讨，清楚地了解到上市公司转增股本是为了传递公司利好消息、扩大股本规模、提高股票流动性、配合大股东减持等。“转股”所带来的市场反应主要为公司短期内股价的上升和投资者投资热情的高涨为企业带来正面的影响；但“转股”也可能会损害到中小投资者的利益，影响公司声誉形象和市场发展秩序。针对上市公司“转股”这一行为所存在的问题或者缺陷，本文提出，公司需要完善股利政策的制定、加强内部结构的治理；中小投资者更是需要充实提高专业知识，做到理性投资、谨慎投资；监管部门还要进一步加大监督力度、建立健全监管体系等。关键词：发展；股权；资本公积转增股本AbstractIn recent years, our country listed company in the profit distribution in the form of capital reserves turn add equity significantly increased, essentially, the remainder to the equity capital accumulation fund, is an internal adjustment, the owner's equity does not affect Stockholders' equity, but even so, still there will be many investors are lining up. Since the "equity transfer" neither leads to cash flow in and out of the enterprise, nor affects the future development of the enterprise, it has been considered irrelevant to the enterprise value, but "existence is reasonable". This paper takes Zhong fu information co., ltd. as an example to discuss the impact of capital reserve conversion to increase capital stock on the company, and clearly understands that the conversion to increase capital stock of the listed company is to pass on good news of the company, expand the scale of cap...
