中国A股市场红利公告的信息含量和机构持股的影响

发布时间：2018-01-10 02:02

本文关键词：中国A股市场红利公告的信息含量和机构持股的影响　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：我们研究中国A股市场的现金红利公告的信息含量和其历史的变化。我们期望伴随着的机构投资的参与及其提供给市场的私人信息的增加，，红利公告作为信号功能的信息含量将逐步下降。我们的研究发现市场对红利公告的反应是有一定的下降趋势，但机构投资的参与并没有解释公告的信息含量的下降。相反，市场对现金红利增加因为机构持股下降。机构投资对红利公告的信息含量的影响更多地依赖于市场的公司治理结构和金融机构的法律框架。
[Abstract]:We study the information content of China A stock market cash dividend announcement and its historical changes. We expect to increase along with the participation and investment institutions to provide private information market, dividend announcement information content as the function of signal will gradually decline. We find that the market reaction to dividend announcement is a downward trend some of the decline but institutional investment involvement did not explain the information content of the announcement. On the contrary, because the market mechanism of the cash dividend holdings declined increased. The legal framework of institutional investors on the effect of information content of dividend announcement depends more on the market structure of corporate governance and financial institutions.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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