我国股利政策信号传递作用的实证研究

The Empirical Study of the Signaling Mechanism of Dividend Policy

上市公司股票价格会受到盈利公告和分配预案公告等非系统性因素的影响。股利能否作为有效的信号传递机制 ?本文在控制其余变量 (盈利 )的基础上 ,运用事件研究法和上海股票市场的数据对股利政策的市场反应进行了实证研究。其结果表明 ,现金股利不能成为有效的信号传递机制 ,而股票股利 (红股 )确实具有比较明显的信号传递作用。

Stocks prices are greatly affected by such unsystematic factors as earnings and dividend announcements.Whether dividend policy can act as an effective signaling mechanism in China?This article investigates the impact of dividend announcements with other variables fixed on stock prices by utilizing event studies and employing data from Shanghai Stock Exchange.The empirical results show that cash dividend can not transfer any valuable information while the stock dividend is welcome in the stock market as a signal of a prosperous prospect.