不同收益水平上盈余信息与股利政策的交互关系研究

The Interaction Effect of Earnings Information and Dividend Announcement

以沪深上市公司为样本,检验盈余信息和股利政策在不同收益上的解释作用,并深入研究盈余信息分别与现金股利、股票股利和多种分配方案等三个层面的股利政策的交互关系。结果表明:在大多数收益水平上,盈余信息和股利政策显著影响市场收益水平,而且二者之间存在显著的交互关系。具体而言,现金股利变化与盈余变化在不同收益水平上具有不同的交互影响;而股票股利与盈余信息的交互影响在各收益水平上均不十分突出;多种分配方案中的"综合政策"与盈余变动在各收益水平上表现出较大的正向交互影响。

The interaction effects of earnings information and stock dividend announcement at different return on equity are analyzed. The analysis has been done on the interaction of earnings information and cash dividends, stock dividend and a variety of dividend distribution plans respec- tively. The results show that earnings information and dividend policy both are significant influ- encing factors of market return. And there is a significant interaction between earnings informa- tion and dividend announcement. Specifically, the interaction effect between earings information and cash dividends is significant, while the interaction between earning information and stock div- idends is weak. And ＂comprehensive policy＂ of a variety of dividend distribution plans and earn- ings have bigger positive interactive impact.