股利政策的稳定性与信息内涵

Stability of the Dividends Policies and the Information Contents

我国上市公司遵循不稳定的股利政策,不稳定的股利政策使得我国公司的股利政策不具有和西方信号理论同样的信息内涵,即股利变动不反映公司未来盈余的信息。

That Chinese corporations foll ow the less stable dividend policies which makes the information of content of div i-dends policy differ from the information theory that the dividends policy sig nal the asymmetric information about the firms future earnings.