投资者股利政策偏好及其交易行为

A Study on Investors' Dividend Policy Preference and their Transaction Behavior

本文选取了2002—2004年深沪两市派发股利的公司作为研究样本,通过T检验和一元线性回归模型发现,投资者偏好混合股利和股票股利主要是由于这两种股利形式带来较之现金股利更高的回报率。同时,在回报率较高时往往伴随有显著的交易量增加,调整后的判定系数在1%的水平上显著,但是也表现出一定的滞后性。

Selecting the data of dividend distribution from the companies （2002 - 21304） listed in Shenzhen Stock Exchange and Shanghai Stock Exchange as the sample, we use T- test and unitary linear regression model, and find that the reasons why investors prefer to mixed dividend and stock dividend are that they can reap more returns when the dividends are compared with cash dividend. At the same time, we not only find that the high returns always follows remarkable increase in trading volume, but also adjust the coefficient of determination to 1% significance level, which shows certain hysteresis.