摘要
运用超额收益法对深圳和上海证券市场的股利政策市场效应进行实证研究,探析不同类型股利的市场效应及投资者行为。结果表明,中国证券投资者在投资决策过程由于受心理因素的影响,对于不同类型的股利政策做出了不同的市场反应,并表现出一定的股利偏好行为,即证券投资者对现金股利政策,尤其稳定的现金股利政策表现出明显的喜好行为,而对于不分配股利政策却表现出了漠视效应行为。
This article uses the method of cumulative abnormal return（CAR） —— one type of the case research technique to analyze the market effect of dividend policy in Shenzhen and Shanghai stock markets. This article also analyzes the different market effects caused by different types of dividend policy as well as the investors＇ behavior. Empirical result shows that security investors in China have different reaction to different types of dividend policy in the decision-making process as a result of psychological factors, and they display much bias to dividend. The result indicates that investors have an inclination for the cash dividend, in particular, for the continual cash dividend, and that they ignore the effect of non-cash dividend.
出处
《长安大学学报（社会科学版）》
2006年第3期53-58,共6页
Journal of Chang'an University(Social Science Edition)
关键词
经济学
证券投资者
股利政策
市场效应
股利偏好
实证分析
economics
security investor
dividend policy
market effect
bias to dividend
empirical analysis
