我国上市公司现金股利能否传递信号的理论分析

文章阐述了股利信号传递理论的含义,以及中国上市公司股利政策的信号传递理论研究现状,即现金股利具有信号传递效应及不具有信号传递效应的文献综述,并通过分析中国上市公司股利政策信号传递理论研究中存在的缺陷,进而得出研究结论并提出改进建议.     

中国A股纯股票股利消失之谜——基于2012年A股股利分配状况公告效应的研究

本文通过对股利分配理论的梳理,分析了中国A股市场对于不同股利分配政策的公告效应,研究结果表明市场反应偏好股票股利分配,而上市公司却偏好现金股利分配.本文从投资者、上市公司以及监管层三个层面对此进行了解释,并提出了相关对策建议.     

不对称信息下的股利效应与公司股利策略

不对称信息下的股利效应 市场上存在不对称信息时,上市公司的股利分配政策制定的不同,会对股东的收益和企业的投资产生影响,形成不对称信息下的股利效应.     

“股利税收追随者效应”研究述评

股利政策是上市公司最重要的财务决策之一.国内股利研究忽视了税收这个重要制度变量.本文对“股利税收追随者效应”的相关研究进行了全面、系统的文献梳理,总结了国外最新研究动态,以期为中国上市公司“股利税收追随者效应”的研究提供依据.     

信息披露、公司治理与现金股利政策——来自深市A股上市公司的经验证据

本文以2003~2010年深市A股上市公司为研究样本,采用面板数据logit模型和tobit模型,从信息披露的角度实证检验了上市公司股利政策与公司治理机制之间的关系。本文研究发现:上市公司现金股利支付倾向和支付水平均与信息披露质量显著正相关;信息披露质量较高的上市公司,现金股利支付水平与其成长性显著负相关,而信息披露质量较差的上市公司并不存在这种关系。本文的研究结果表明我国上市公司现金股利政策是公司信息披露质量提升的结果,信息披露质量的提升有助于增强上市公司现金股利支付意愿,提高上市公司现金股利支付水平。     

机构投资者持股与中国上市公司现金股利政策

本文基于上市公司现金股利政策的视角,深入考察机构投资者的监督治理效应、投资行为偏好,以及不同类型的机构投资者之间是否存在异质性。以中国A股上市公司为样本,实证发现:(1)机构投资者持股比例较高的上市公司具有显著更高的现金股利支付意愿和支付水平,表明机构投资者对上市公司现金股利政策发挥了积极的监督效应;(2)高派现上市公司吸引了更高的机构投资者持股比例,显示机构投资者将现金股利视为其构建投资组合的关键要素,遵循了"谨慎人规则";(3)不同类型的机构投资者在现金股利的监督效应、股利偏好方面并没有呈现出明显的异质性,揭示着我国各类机构投资者可能存在趋同的投资风格;(4)我国机构投资者倾向于将现金股利政策视为上市公司传递的一种"信号"而非解决传统代理冲突的治理机制。     

股利政策对公司股票收益的影响

本文采用面板数据模型,实证研究了我国上市公司的三种不同股利政策对股票超额收益率的影响。得出结论:我国上市公司实行的股票股利政策和混合股利政策对股票超额收益率有显著的推动作用,而现金股利的效应则表现的很微弱。     

我国上市公司股利政策和建议

本文通过介绍股利理论、股利政策,总结我国上市公司股利政策的特征,为我国上市公司股利政策的制定提出了改进的建议,为决策层提供了参考。     

我国上市公司股利政策和建议

本文通过介绍股利理论、股利政策,总结我国上市公司股利政策的特征,为我国上市公司股利政策的制定提出了改进的建议,为决策层提供了参考.     

我国上市公司股利政策问题研究

股利政策常常被称为“股利之谜”,既是现代公司财务的难点之一,也是现代公司理财活动的三大核心内容之一。股利政策的制定合理与否,是关系上市公司和股东双方利益以及我国证券市场是否健康发展的大事。本文通过对我国上市公司股利政策实施现状的分析,提出完善我国上市公司股利政策的相关对策。     

The impact of government ownership on dividend policy in China

We investigate the impact of State ownership on Chinese corporate dividend policy. We find that Chinese firms' dividend payout rates respond fairly quickly to earnings changes, and the average actual payout ratio for Chinese firms falls between the payout ratios for emerging-market and developed firms. These results are consistent with the dividend policies of developing economies in general. We also find that dividend payouts among dividend-paying firms, and the likelihood that a firm will pay a dividend, are increasing in State ownership. Our findings are consistent with the State's need for cash flow as a partial motivation for continued State ownership of a significant portion of the corporate economy, and support the agency and tax clientele explanations for dividend policy.     

Are Dividends Disappearing or Shrinking? Evidence from the Istanbul Stock Exchange

This paper examines the dividend payment decision of publicly owned firms listed on the Istanbul Stock Exchange (ISE) from 1991 through 2006. There is a decline in the percentage of net dividend payers, accompanied by a decline in the aggregate level of net real dividends paid. Contrary to the situation in developed markets, earnings and dividends concentration have declined over the sample period. The first mandatory dividend payment regulation pushed some firms to collect the distributed dividends back through rights issues and this resulted in low net dividend payments. One of the striking findings of this paper reveals that a majority of ISE firms prefer dividend omissions rather than dividend reductions. Once a firm keeps paying dividends, it puts much effort into increasing dividend payments rather than reducing them. Further, dividend payment and reduction decisions are affected by the current earnings of the firm and financial crisis significantly explains both the dividend payment and dividend reduction decisions.     

Ownership Structure and Dividend Preference

Most Chinese listed companies have been transformed from state-owned enterprises; the resulting institutional transformation is characterized by the emergence of highly concentrated ownership and state-owned shares, which may exert an influence on corporate finance. We examine the relationship between ownership structure and cash dividend preference and then reexamine the same relationship with different levels of growth opportunities. The results reveal a positive relationship between cash dividend preference and state ownership, but the same relationship exists only in firms facing lower levels of investment opportunity. However, the ratio of employee shares and tradable shares correlates significantly and negatively with cash dividend preference.     

Dividend payouts under a societal crisis: Financial constraints or signaling?

Dividend payouts of Chinese firms are typically flexible and unstable, and firms have leeway to change dividends in response to a crisis. Using this setting, we document that Chinese listed firms tend to decrease dividend payouts under the coronavirus crisis, supporting our financial constraints hypothesis instead of the alternative dividend signaling hypothesis. The baseline result is robust to a series of sensitivity checks. Underlying mechanism tests show that the negative effect of COVID-19 on dividend policies is enhanced in high-constrained groups compared to that in low-constrained groups. Further analysis of crisis-related factors reveals that the main result is enhanced when firms engage in international diversification, when firms have greater labor intensity and when firms are nonstate-owned.     

Dividend Stability, Dividend Yield and Stock Returns: UK Evidence

This paper establishes an empirical role for two measures of dividend stability (as a proxy for dividend policy) in explaining UK stock returns. There is little systematic empirical evidence concerning the relation between dividend stability, dividend yield and stock returns despite the fact that a variety of theoretical models point to dividend policy as an important stock attribute. Here we construct two definitions of dividend stability, one of which involves dividend cuts, and use a sample of all listed UK firms from 1975 to 1997 to explore the relationship between stock returns and a variety of characteristics, including dividend stability. We find an inverse correlation between the stability of past dividend policy and systematic risk. Both stability measures have explanatory power over returns, but this is concentrated in January.     

Shareholder Protection,Ownership, and Dividends: Russian Evidence

This article investigates the relation between corporate governance mechanisms and dividend policy in Russian firms. Using a sample of Russian listed firms over the period 1998–2003, we estimate models for dividend pay probability and payout size. We find that there has been a significant increase in dividend payout levels which coincide with improvements in legal shareholder protection. State controlled firms are more frequent dividend payers as compared to other majority owned firms. We also find that dual share firms, in which corporate charters protect minority interests, have a higher dividend pay probability; while firms reporting according to US GAAP, which may be less likely to manipulate earnings, have a lower dividend payout.     

送转股对股东财富的影响——基于中国上市公司的证据

以2008、2009年的送转股除权日进行事件研究,通过均值比较与检验方法,首次实证研究我国上市公司送转股后股价变化对股东财富的影响,结果发现:相对于经过调整的除权前一日的股价,2008年股票除权后,股价以高于送转股的比例单调下降;而2009年股票除权后,股价呈上升趋势,并于第14日显著高于经过调整的除权前一日的股价。除权后20天内的股价整体上高于年末股价,说明相对基于年末股价的股利决策,送转股没有降低股价。企业发放股票股利,导致股票总市值上升,增加了股东财富。     

Dividend Stability, Dividend Yield and Stock Returns: UK Evidence

This paper establishes an empirical role for two measures of dividend stability (as a proxy for dividend policy) in explaining UK stock returns. There is little systematic empirical evidence concerning the relation between dividend stability, dividend yield and stock returns despite the fact that a variety of theoretical models point to dividend policy as an important stock attribute. Here we construct two definitions of dividend stability, one of which involves dividend cuts, and use a sample of all listed UK firms from 1975 to 1997 to explore the relationship between stock returns and a variety of characteristics, including dividend stability. We find an inverse correlation between the stability of past dividend policy and systematic risk. Both stability measures have explanatory power over returns, but this is concentrated in January.     

The Industry-Wide Implications of Dividend Omission and Initiation Announcements and the Determinants of Information Transfer

In examining the industry-wide implications of dividend omission and initiation announcements, this study finds distinct industry responses for these two events. Specifically, dividend omission announcements have a significantly negative impact on the valuations of industry-related firms. Factors influencing this industry reaction include the Herfindahl index of the announcing firm's industry, the two-day abnormal return of the announcing firm, and its trading status (Nasdaq or NYSE/AMEX). Unlike dividend omissions, dividend initiations evoke a competitive (or negative) response from industry-related firms. The degree of homogeneity in the announcing firm's industry, the announcing firm's abnormal return and its size affect this industry response.     

市场行情影响投资者的股利偏好吗?

基于2005-2017年A股上市公司的数据,研究了在不同的市场行情中,投资者对于股利政策的偏好差别。研究发现：对于现金股利而言,在上涨和下跌的市场行情中,投资者更偏好不发放现金股利的上市公司;在平稳行情中,投资者更偏好发放现金股利的上市公司。对于股票股利而言,在上涨行情中,投资者更偏好发放股票股利的上市公司;在下跌行情中,投资者更偏好不发放股票股利的上市公司;在平稳行情中,投资者对于是否发放股票股利没有显著的偏好差异。在上涨和下跌的市场行情中,超能力派现和高送转不会改变投资者的偏好;在平稳行情中,只有正常派现和正常送转才能赢得投资者的青睐,超能力派现行为无益于上市公司,高送转还会损害公司价值。