摘要
本文在对当前流行的监管部门应干预上市公司股利政策的观点进行回顾和讨论的基础上 ,分析了我国现有股利信息市场反应研究中存在的问题。运用回归分析法 ,在控制了盈余信息、审计意见、年度因素、行业因素、B股、流通股比例、规模等因素的情况下 ,对 1 997- 1 999年会计年度报告期间 ,现金股利信息所导致的市场反应进行了实证研究。结果发现 ,“纯”现金股利信息 (没有送股、配股等方案 )对股票的超额回报没有显著影响 ,不能显著提高企业的市场价值。这一实证研究结果对监管层干预上市公司股利政策的理性提出了置疑。
The paper reviews the argument that the government should regulate the dividend policy of listed companies. Then we point out that the existing research on the market reaction to dividend policy has some serious mistakes. By applying the regression method and controlling such factors as earnings information, auditor's opinion, annual and industry elements, B share, tradable share ratio and size, we conduct an empirical study on market reaction to cash dividend information. The result shows that 'pure' cash dividend information (no stock dividend, no rights issue at the same time) has no effect on abnormal return, and can not increase the market value of listed company. The result indicates that it is doubtful about the rationality of the government's intervention in the listed company's dividend policy.
出处
《金融研究》
CSSCI
北大核心
2002年第8期26-38,共13页
Journal of Financial Research
