摘要
以沪深两市2015—2019年间752个上市公司为研究样本,从股利信号理论的角度对企业价值、现金股利与市场反应之间的关系进行实证研究,探究我国上市公司是否通过现金股利传递企业盈利信号,以及市场对现金股利信号是如何作出反应的。研究结果表明:上市公司管理层存在利用现金股利政策向市场传递信息的行为;现金股利的增加对股市传递积极信号,引起股价上升,且以现金股利刺激股价成本较高;公司价值与经营净现金流量呈正相关。
Taking 752 listed companies in Shanghai and Shenzhen stock exchanges from 2015 to 2019 as research samples,this paper empirically studies the relationship among enterprise value,cash dividend and market reaction from the perspective of dividend signal theory,and explores whether China’s listed companies transmit corporate profit signals through cash dividends,and how the market reacts to cash dividend signals.The results show that:the management of listed companies consciously use cash dividend policy to transmit information to the market;the increase of cash dividend has a positive response to the stock market,which leads to the stock price rise,and the cost of stimulating stock price with cash dividend is higher;the company value is positively correlated with the cash flow of operating activities.
作者
师发玲
李瑜
SHI Fa-ling;LI Yu(Library,Yan’an University;School of Economics and Management,Yan’an University,Yan’an 716000,Shaanxi)
出处
《延安大学学报（社会科学版）》
2022年第2期78-84,共7页
Journal of Yan'an University (Social Sciences Edition)
关键词
现金股利
信号传递
企业价值
市场反应
cash dividend
signal transmission
enterprise value
market reaction
