股利宣告对公司价值影响的实证分析——2000-2001年度沪市A股实证研究

A Practical Analysis on the Impact of Dividend Declaration upon Corporate Value——A Practical Research of A Stocks in Shanghai Stock Market the Years of 2000 to 2001

运用多元回归分析法和超常收益法,对2000—2001会计年度沪市上市公司的数据进行分析表明,现金股 利宣告对超常回报的反应并不显著,现金股利的增减并不会对投资者的投资决策产生显著的影响,也不会对股东 财富产生显著影响。

An analysis of the data of registered companies in Shanghai stock market in the accounting years 2000 and 2001 by using multivariate regression analysis and abnormal revenue analysis methods suggests that no significant reflection to abnormal returns results from cash dividend declaration, whether increase or decrease of cash dividend couldnt have great impact upon investors'investment decision, and upon wealth of shareholders either.