上市公司股利政策市场效应的实证研究

发布时间：2018-01-12 21:35

本文关键词：上市公司股利政策市场效应的实证研究　出处：《南京大学》2013年硕士论文　论文类型：学位论文

【摘要】：股利政策是公司将税后所得在股东与留存收益之间进行分配的决策,作为公司投资与筹资活动的延续,它一方面反映了公司在过去一段时期内的经营成果,另一方面预示着公司未来的发展战略以及增长潜力。同时,股利作为回报投资者的一种重要方式,股利政策的变化直接影响股东的经济利益,它会改变投资者对公司未来价值的预期,从而影响公司的市场价值,其市场效应具体体现在股利政策在公告发布以及实施前后,公司股价因此而产生的变动。国内外许多学者的研究表明,上市公司股利政策的制定与实施是能够对其股价产生影响的,具体到中国股市,股利政策的市场效应会有怎样的表现呢?本文选取了跨越一个牛熊周期,以2006年至2010年间沪深A股历年共5955家上市公司的股利分配预案为样本,通过比较不同的股利政策对股价产生的市场影响,运用T检验方法进行显著性检验。结果发现：一、股利政策具有市场效应,不同的股利政策对上市公司股价的影响具有差异；二、分红股利政策在短期能够较显著地推动股价的上扬；三、高比例分红方案相对于低比例分红方案对股价的影响并不显著；四、股权登记日当日及前两天股利政策无明显的市场效应；五、配股方案对上市公司股价能产生正面影响。本文共四章,主要内容为：第一章,导论。阐述了本文的选题背景、研究目的与意义、研究的主要内容以及总体结构安排、研究的思路和方法。第二章,相关文献回顾与中国上市公司股利分配政策现状。首先对国内外有关股利政策的理论进行了综述,其次回顾了近几年A股市场上市公司股利分配的发展历程,最后对现状进行了分析。第三章,实证检验。本章提出本文的研究假设,确定了实证研究方法,对选择的样本进行了分析处理,选取其中分红、配股以及采取不同比例分红方案的上市公司在股利政策公告期间和股权登记日前期的股价信息作为研究对象,整理得出最终进行分析所需的数据。第四章,研究结论与启示。对整理出的数据运用EXCEL与SPSS统计软件进行T检验分析,基于研究结果,针对性的对上市公司股利政策的制定、投资者的投资决策以及市场监管方式提出了一些建议。
[Abstract]:Dividend policy is a decision to distribute after-tax income between shareholders and retained earnings, as a continuation of the company's investment and fund-raising activities. On the one hand, it reflects the company's operating results in the past period. On the other hand, it indicates the future development strategy and growth potential of the company. At the same time, dividend as an important way to return investors, dividend policy changes directly affect the economic interests of shareholders. It will change the investor's expectation of the company's future value, thus affect the company's market value. Its market effect is embodied in the stock price changes before and after the announcement and implementation of the dividend policy. Many scholars at home and abroad show that the formulation and implementation of dividend policy of listed companies can have an impact on their stock prices, specifically to the Chinese stock market, how will the market effect of dividend policy performance? In this paper, we choose the stock dividend distribution plan of 5955 listed companies from 2006 to 2010 to sample. By comparing the market impact of different dividend policies on the stock price, T test method is used to test the significance. The results show that: first, dividend policy has market effect. Different dividend policies have different effects on the stock price of listed companies; Second, dividend dividend policy can significantly promote the rise of stock price in the short term; Thirdly, the effect of the high proportion bonus scheme on the stock price is not significant compared with the low proportion dividend scheme. Fourthly, the dividend policy has no obvious market effect on the day of share registration and the two days before; Fifth, the rights issue scheme can have a positive impact on the share price of listed companies. There are four chapters in this paper. The main contents are as follows: The first chapter, introduction, describes the background, purpose and significance of this paper, the main contents of the study, the overall structure of the arrangement, research ideas and methods. The second chapter reviews the relevant literature and the status quo of dividend distribution policy of listed companies in China. First of all the domestic and foreign theories about dividend policy are summarized. Secondly, the paper reviews the development of dividend distribution of A-share listed companies in recent years, and finally analyzes the present situation. Chapter three, empirical test. This chapter puts forward the research hypothesis of this paper, determines the empirical research method, analyzes the selected samples, and selects the dividend. The stock price information of the rights issue and the listed companies adopting different proportion dividend scheme during the dividend policy announcement period and the early days of the share registration date is taken as the research object to collate the data needed for the final analysis. Chapter 4th, research conclusions and inspiration. Using EXCEL and SPSS statistical software T-test analysis, based on the research results, targeted to the listed companies dividend policy formulation. The investor's investment decision and the market supervision way put forward some suggestions.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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