现金股利政策选择的市场反应研究——基于长期股票投资收益的视角

发布时间：2018-01-05 06:34

本文关键词：现金股利政策选择的市场反应研究——基于长期股票投资收益的视角　出处：《证券市场导报》2017年08期 　论文类型：期刊论文

【摘要】：本文以2009~2015年在沪深两市上市的A股公司作为研究样本,实证检验半强制分红政策颁布以后上市公司的现金分红对投资者长期股票投资收益的影响。研究发现,上市公司根据自身现金流和投资机会而主动现金分红与投资者长期股票投资超额收益呈显著的正相关关系,但为了获取再融资资格而被动现金分红与投资者长期股票投资超额收益的相关性不显著,并且被动分红本身还会给投资者长期股票投资超额收益带来负向影响。因此,应构建良好的法律制度和公司内部治理机制,来约束上市公司基于股东利益最大化的原则主动实施合理的现金股利政策。
[Abstract]:This paper takes A shares listed in Shanghai and Shenzhen Stock Exchange from 2009 to 2015 as the research sample. Empirical study on the effect of cash dividend on long-term stock investment income of listed companies after the promulgation of semi-compulsory dividend policy. Listed companies based on their own cash flow and investment opportunities to take the initiative cash dividend and investors long-term stock investment excess income showed a significant positive correlation. But in order to obtain refinancing qualification passive cash dividend and investors long-term stock investment excess return correlation is not significant. And the passive dividend itself will also have a negative impact on the long-term stock investment excess return. Therefore, we should build a good legal system and corporate governance mechanism. To restrain listed companies from implementing rational cash dividend policy based on the principle of shareholder benefit maximization.
【作者单位】：中南民族大学经济学院;深圳证券交易所;
【基金】：国家社会科学基金项目“社会资本对我国金融发展与收入分配关系的调节效应研究”(12CJY014)的资助
【分类号】：F832.51
【正文快照】： 的市场价值只和公司的投资决策和盈利能力相关,而与文献综述股利政策无关,因此理性的投资者并不关心公司是否分股利政策是公司重要的财务决策之一。理论上,在红。但现实中公司的股利政策却受到多种因素的影响,发达的资本市场和完善的公司治理机制下,公司制定的并不一定完全遵

【相似文献】