基于DID模型的股利监管政策效应分析

发布时间：2018-04-11 17:55

  本文选题：股利监管政策 + 现金股利　； 参考：《商业研究》2017年03期

【摘要】：本文以2006年上市公司证券发行管理办法出台后市场反应的观察为切入点,采用单变量分析和双重差分法检验股利监管政策对我国上市公司股利政策的影响。研究结果表明,2006年之后总的现金股利支付水平并没有提高,政策效应不显著;采用DID模型对有股权再融资的上市公司进一步探究,发现其每股股利有降低的趋势,该政策并没有对上市公司发放现金股利产生明显激励效应,未产生政策的预期效果。
[Abstract]:Based on the observation of market reaction after the issuance of the listed companies' securities issuance management measures in 2006, this paper uses univariate analysis and double difference method to test the effect of dividend supervision policy on the dividend policy of listed companies in China.The results show that the total cash dividend payment level does not increase after 2006, and the policy effect is not significant. The DID model is used to further explore the listed companies with equity refinancing, and it is found that the dividend per share has a downward trend.This policy does not have the obvious incentive effect to the listed company to issue the cash dividend, has not produced the anticipated effect of the policy.
【作者单位】： 湖北大学商学院;中南财经政法大学会计学院;深圳证R到灰姿，

本文编号：1737051