现金股利迎合与股价信息效率

发布时间：2018-03-14 21:20

本文选题：现金股利　切入点：迎合动机　出处：《中国地质大学学报(社会科学版)》2017年06期 　论文类型：期刊论文

【摘要】：本文基于股利迎合的角度探讨上市公司股利支付行为对股价信息效率的影响,通过对2013—2015年沪深两市A股上市公司样本进行研究,发现我国资本市场上存在明显的股利迎合行为,受迎合动机的影响,公司发放现金股利会增大股价同步性降低股价信息效率,并且在控股股东持股比例较低的公司中,现金股利迎合对股价信息效率的负面影响更大,此外股利迎合行为还导致公司股价崩盘风险上升,进一步证实了现金股利迎合与股价信息效率间的负相关关系。所得研究成果有助于深入理解我国上市公司现金股利支付行为,在规范上市公司股利行为、维护中小投资者利益和促进资本市场健康有序发展方面具有一定的政策借鉴意义。
[Abstract]:Based on the perspective of dividend pandering, this paper discusses the effect of dividend payment behavior on the information efficiency of stock price of listed companies. By studying the sample of A-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2015, it is found that there is obvious dividend pandering behavior in China's capital market. Under the influence of pandering motivation, the distribution of cash dividend will increase the synchronism of stock price and reduce the information efficiency of stock price, and in the company with low holding proportion of controlling shareholder, the negative effect of cash dividend pandering on the information efficiency of stock price is greater. In addition, dividend pandering behavior also leads to a rise in the risk of stock price collapse, which further confirms the negative correlation between cash dividend pandering and stock price information efficiency. It has certain policy significance in regulating the dividend behavior of listed companies, maintaining the interests of small and medium-sized investors and promoting the healthy and orderly development of capital market.
【作者单位】：武汉大学经济与管理学院;中国地质大学(武汉)数理学院;
【分类号】：F832.51

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