上市公司超能力派现信号效应实证研究

The Empirical Study on Information Signaling on the Ultra-ability Dividends Payout of Listed Companies in China

上市公司超能力派现已引起了广泛的关注,然而这一现象可能导致的市场反应却不为人们所了解。作者以深、沪两市2005年实行超能力派现上市公司为研究对象,根据股利公告日前后股价的变动资料,采取累计超额收益率进行实证研究,以此来分析市场对超能力派现的反应。实证研究结果表明,超能力派现对公司的股价具有负的信号传递作用。

The listed companies＇ ultra-ability cash dividends payout has already arisen broad attention,but the likely market reflection resulted by this phenomenon was still not clear.By using empirical analyzing method,the authors chose the listed companies of Shanghai and Shenzhen stock market that conducted ultra-ability dividends payout in the year 2005 as the research object,compared the stock price data that before and after dividend announcement day,conducted the CAR empirical study,and then analyzed the market reflection to ultra-ability dividends payout.Finally the study result indicates that the ultra-ability dividends payout has negative signal transmission effect on the companies＇ stock price