现金股利政策与定向增发公告效应

发布时间：2018-08-18 18:35

【摘要】：本文从定向增发上市公司增发前是否发放现金股利、定向增发时机选择、现金股利变动三个角度研究现金股利对定向增发公告效应的影响。结果表明:在定向增发前发放现金股利,相比不发放现金股利,定向增发的公告效应较差;在定向增发前发放现金股利与定向增发的时间间隔越长,定向增发公告效应越好;在定向增发前发放现金股利的上市公司,无论现金股利增加、减少或不变,对定向增发公告效应的影响都没有显著差异。
[Abstract]:This paper studies the effect of cash dividend on the announcement effect of private placement from the following three aspects: whether to issue cash dividend before private placement, the timing of private placement and the change of cash dividend. The longer the interval between cash dividend and private placement is, the better the announcement effect of private placement is. The listed companies that pay cash dividend before private placement have no significant difference in the announcement effect of private placement whether the cash dividend increases, decreases or remains unchanged.
【作者单位】：华南理工大学工商管理学院;
【分类号】：F832.51

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