การสำรวจการแตกหุ้น (Stock Splits) และการรวมหุ้น (Reverse Splits) ของบริษัทจดทะเบียนในประเทศไทย

Authors

อ.นราทิพย์ ทับเที่ยง

Published

วารสารบริหารธุรกิจ นิด้า

Abstract

This study investigated the changes in par value of both stock splits and reverse stock splits
of listed companies intheStockExchangeofThailand (SET)and the Market for lternativeInvestment (MAI) from 2001 to 2016. This study found that Thai-listed companies experienced three types of changes in par value: (1) stock splits (92.58% of 310 listed companies), (2) reversestock splits (2.58% of 310 listed companies), and (3) a combinationof stock splits and reversestock splits (4.84% of 310 listed companies). The results of a stock splits survey indicated that the listed companies in the non-SET100index represented mostof thelisted companies that split shares. Moreover, comparison
of theP/Eratios withthe benchmarkP/Es revealed that mostof thelisted companies werecompanies withlow stock prices.Thisfinding maynot beappropriatefor this context, sincethelisted companies that are suitable for stock splits, per the guidelines provided by the SET, should be stocks that have low liquidities, low number of issued and outstanding shares, and high prices. Furthermore, most listed companies that split sharesoftenannounced othernewsat thesametimeof theannouncement
of thestock splitsapprovals.This may be duetothelisted companies’ motivationtocreate demand
by issuing good news to encourage investors to buy their shares; thus, investors should consider
performing a fundamental analysis prior to making investment decisions. The results of a reverse stock splits survey indicated that reverse stock splits were not popular for listed companies in Thailand. Only nine companies listed in the SET performed reverse stock splits. In addition, only a few listed companies identified reasons for reverse stock splits being restructuring as part of their rehabilitation plans.

(2561). การสำรวจการแตกหุ้น (Stock Splits) และการรวมหุ้น (Reverse Splits) ของบริษัทจดทะเบียนในประเทศไทย. วารสารบริหารธุรกิจ นิด้า, 2561(พ.ย.2560), 67-89.