我国上市公司高送转对盈利的信号效应研究
发布时间：2018-10-29 12:56
【摘要】：我国上市公司在进行股利分配时,大量采取高送转的方式。本研究通过对578家上交所A股上市公司高送转对盈利的信号效应的分析,揭示了高送转与公司盈利之间的关系。研究结果显示,上市公司进行高送转对公司未来的盈利信号较弱,高送转并不意味着未来盈利的高增长。只有现金红利增加的高送转传递了上市公司未来业绩良好的信号,而现金红利不变和现金红利减少的高送转不是未来盈利良好的信号。
[Abstract]:China's listed companies in the dividend distribution, a large number of high-return way. By analyzing the signal effect of 578 A-share listed companies on earnings, this study reveals the relationship between high transmission and earnings. Research results show that the listed companies to carry out a higher earnings signal for the future is weak, high transmission does not mean high future earnings growth. Only the higher transfer of cash dividend sends the signal of good future performance of listed company, while the high transmission of cash dividend and the decrease of cash dividend is not the signal of good future profit.
【作者单位】： 北京大学经济学院;北京大学软件与微电子学院;北京大学光华天成博士后工作站;
【基金】：国家社科基金重点项目“我国中长期经济增长与结构变动趋势研究”(09AZD013)子课题“上市公司发展与经济增长”
【分类号】：F832.5
[Abstract]:China's listed companies in the dividend distribution, a large number of high-return way. By analyzing the signal effect of 578 A-share listed companies on earnings, this study reveals the relationship between high transmission and earnings. Research results show that the listed companies to carry out a higher earnings signal for the future is weak, high transmission does not mean high future earnings growth. Only the higher transfer of cash dividend sends the signal of good future performance of listed company, while the high transmission of cash dividend and the decrease of cash dividend is not the signal of good future profit.
【作者单位】： 北京大学经济学院;北京大学软件与微电子学院;北京大学光华天成博士后工作站;
【基金】：国家社科基金重点项目“我国中长期经济增长与结构变动趋势研究”(09AZD013)子课题“上市公司发展与经济增长”
【分类号】：F832.5
【参考文献】
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