创业板上市公司高现金股利行为的动因与效果分析

发布时间：2018-01-30 13:28

本文关键词： 现金股利政策动量效应处置效应信号传递理论　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场自2009年成立以来就在我国股票市场体系中扮演了非常重要的角色。作为创新型和高科技型企业上市筹资的重要途径之一,创业板市场本应具有"高技术、高成长、高收益"的特征,但实际情况却是创业板的"三高"逐渐演变成了"高发行价、高市盈率、高超募额",加之无涨跌幅限制的高波动率,创业板市场成为各方投机者逐利的热土。这显然与创业板创立初衷背道而驰。本文认为,要扭转创业板市场的发展误区,首先要深入发掘创业板种种问题背后的深层次原因。而创业板存在的问题之一就是其远超主板和国外创业板市场的高现金股利分配,这一行为是传统股利理论无法解释的。本研究突破传统"结构-行为-绩效"范式,从股票市场表现入手分析创业板上市公司的高现金股利政策动因及其后续效果,基于行为股利理论和信号传递理论,创建股价走势模型与股利决策模型,分析了创业板动量效应的存在性、创业板上市公司高现金股利政策动因和现金股利公告的市场反应的一系列问题,实证分析结果表明,创业板股价走势存在动量效应,股票市场表现可显著解释创业板高现金股利政策,并且现金股利公告前后股票市场表现存在显著差异。由此可以得到的推断是,创业板上市公司决策者在制定现金股利政策时具有明显市场导向,现金股利政策在一定时期内有改变股票市场表现的作用。本文的研究结论可应用于国内行为股利理论和股利信号传递理论的进一步研究,也可为创业板市场相关参与方的股利分配或投资决策提供借鉴。推动创业板制度构架的完善,引导创业板功能进一步提升。
[Abstract]:Since the establishment of gem in 2009, gem has played a very important role in the stock market system of our country, as one of the important ways for innovative and high-tech enterprises to go public and raise funds. The gem market should have the characteristics of "high technology, high growth, high income", but the actual situation is that the "three high" of the gem has gradually evolved into "high issue price, high price-earnings ratio, superb amount raised". In addition, with the high volatility without the limit of fluctuation, the gem market has become a hot land for speculators to pursue profits. This obviously runs counter to the original intention of the gem. This paper believes that the development of the gem market should be reversed. First of all, it is necessary to explore the deep reasons behind the various problems of the gem. One of the problems of the gem is that it far exceeds the high cash dividend distribution of the main board and the foreign gem market. This behavior can not be explained by the traditional dividend theory. This study breaks through the traditional "structure-behavior-performance" paradigm. Starting with the performance of the stock market, this paper analyzes the motivation of high cash dividend policy and its follow-up effect of gem listed companies. Based on behavioral dividend theory and signal transmission theory, the paper establishes stock price trend model and dividend decision model. This paper analyzes the existence of momentum effect of gem, the motivation of high cash dividend policy of gem listed companies and a series of problems in the market reaction of cash dividend announcement. The empirical analysis results show that. There is momentum effect in the trend of gem stock price. The performance of the stock market can explain the high cash dividend policy of gem significantly, and there are significant differences in the performance of the stock market before and after the announcement of cash dividend. The decision-makers of gem listed companies have obvious market orientation when making cash dividend policy. Cash dividend policy can change the performance of stock market in a certain period of time. The conclusion of this paper can be applied to the further study of domestic behavior dividend theory and dividend signaling theory. It can also provide reference for the dividend distribution or investment decision of the relevant participants in the gem market, promote the perfection of the gem system framework, and guide the gem to further enhance its function.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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