会计盈余信息含量与股利信息含量关系的实证研究

2001年以后,我国证券市场制度建设不断推进,对投资者利益的保护日益受到广泛重视,上市公司的现金股利政策发生了显著变化。同时,我国上市公司的盈利信息和股利信息是同时公布的,因此有必要对上市公司的现金股利信息含量,以及会计盈余信息含量与股利信息含量的确证效应进行检验。实证结果发现:现金股利的变动与股价变动正相关,股利信息具有信息含量;盈利信息与股利信息之间具有一定的确证效应,但投资者不能根据股利信息判断企业未来盈利状况。

An Empirical Research on the Relationship between Information Content of Earnings and Information Content of Dividend

Chinese security market has been developing since 2001. In this process, investors′ benefit protection increasingly became a widely accepted concept. Meanwhile, cash dividend policy of listed company changed significantly. Based on this background, this paper investigates information content of cash dividend. We also test the corroboration effect of simultaneous announcement of earnings and dividend information, which is a characteristic in Chinese security market. We find that stock prices change positively with cash dividend, which means cash dividend has information content. The result also shows that there is a corroboration effect between earnings announcement and dividend announcement. But investors cannot use dividend information to evaluate companies' future earnings.