摘要
基于事件分析法,对1993年1月至2006年12月期间在上海和深圳证券交易所上市的1413只A股的股利公告效应进行的实证研究结果显示,不支付任何股利的上市公司在股利公告日前后5天的累计异常回报率CAR值是负值,而支付股利的上市公司相应期间的CAR值为显著的正值。研究表明,只有能够为投资者带来股利回报的股票才会受到投资者青睐。对于支付股利的方式,投资者最为偏爱混合股利方式,其次是股票股利方式,而现金股利是最不受欢迎的股利支付方式。
Through the event-based analysis, this paper carries out an empirical research on the dividend announcement effect of 1413 A stocks listed on the Shanghai and Shenzhen Stock Exchanges from January 1993 to December 2006. The results show that for the listed companies without paying any dividend the cumulative abnormal returns CAR value five days before and after the dividend notice is negative, while the CAR values of the dividend-paying listed companies during the corresponding period are significantly positive. Studies have shown that only the stocks which could bring dividend returns to investors will be favored by investors. As for the means for dividend payment, the most preferred by the investors is the mixed-dividend payment, followed by the stock dividend payment, while the cash dividend is the most unpopular dividend payment.
出处
《当代财经》
CSSCI
北大核心
2009年第9期50-55,共6页
Contemporary Finance and Economics
关键词
上市公司
股利政策
公告效应
异常回报率
listed company
dividend policy
announcement effect
abnormal rate of return
