现金股利宣告、市场反应与强制分红政策——基于我国资本市场的实证分析

Cash Dividend Declaration,Market Reaction and Mandatory Dividend Policy ——Empirical Evidence from China's Capital Market

文章选取沪深两市于2011年宣告发放纯现金股利的A股上市公司作为样本,并利用事件研究法研究我国上市公司发行现金股利宣告引起的市场反应。研究表明,在[-10,10]的事件期内,AAR一直为正值,CAR整体呈上升趋势。可见,上市公司宣告现金分红普遍受到市场的支持和欢迎,现金股利的发放提高了公司价值和股东财富。

This paper selects A-share listed companies that declared pure cash dividend in 2011 as a sample, and studies the market reaction caused by cash dividend declaration by the event study. This study shows that the AAR has been positive and the CAR is upward trend in the event of [-10,10]period. Therefore, the listed companies＇s cash dividend-declaration is generally supported and welcomed by the market, and the cash dividend payment improves corporate value and shareholder wealth.