摘要
根据信号传递理论,股利变化向投资者传递了重要信息,即公司管理当局对未来盈余的预期发生变化·采用假设检验方法对我国现金股利分配与上市公司未来收益关系进行了实证分析·结果表明:现金股利水平越高的公司,下一年的收益状况越好·在我国频繁变化的股利政策背后,上市公司管理层的确通过现金股利分配向资本市场传递了公司未来盈利的信息·
According to the signaling view, an increase in dividend means a management's signal to the market that the firm is expected to do well. Management will raise the dividend only when future earnings are expected to rise to such an extent that the dividend will not have to be cut later. Through an empirical analysis, the article shows that the listed corporations have higher cash dividends, whose future earnings are better. The management of listed corporations passes truly the signal of the future profitability to on the market, though the dividend policy of China changed frequently.
出处
《东北大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2003年第10期1006-1009,共4页
Journal of Northeastern University(Natural Science)
基金
辽宁省科技厅软科学基金资助项目(2002401017).
关键词
现金股利
上市公司
未来收益
实证分析
股利政策
信号传递
cash dividends
listed corporation
future earning
empirical analysis
dividend policy
signaling
