摘要
股利的信号传递理论认为股利的变化意味着企业未来盈利能力的变化,即股利有信息内涵。但国内外学者仅仅从收益角度来分析股利的信息内涵,所得到的实证结果与理论假设并不一致。本文从上市公司信息风险和未来盈利能力相结合的角度探讨股利的信息内涵。实证结果表明我国上市公司现金股利变化包含收益和风险两方面的信息,上市公司应该根据对未来现金流持续性的预期来制定现金股利政策。
The dividend signaling theory holds the dividend change presume the profitability variation of the corporation in the future, namely the dividends have the information contends. But at home and abroad, the empirical results analyzed only from the view of profitability are merely inconsistent with the theoretical hypothesis. Therefore, in this paper we examine the information contends of the dividend through the combination of information risk and the future profitability. The empirical results indicate the cash dividend change of the domestic listed companies contain the information on both earnings and risks, and also we obtain the results that the cash dividend policies formulated by the corporation are based on their anticipation of the persistent future cash flow.
出处
《海南金融》
2009年第5期43-46,共4页
Hainan Finance
关键词
盈利能力
现金股利
信息内涵
Profitability
Information Risk
Cash Dividend
Information Contend
