| 我国上市公司现金股利的信息内涵实证分析 |
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| 引用本文： | 王涛,文忠桥. 我国上市公司现金股利的信息内涵实证分析[J]. 海南金融, 2009, 0(5): 43-46 |
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| 作者姓名： | 王涛 文忠桥 |
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| 作者单位： | [1]海南大学三亚学院,海南三亚572022 [2]安徽财经大学金融学院,安徽合肥233030 |
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| 摘 要： | 股利的信号传递理论认为股利的变化意味着企业未来盈利能力的变化，即股利有信息内涵。但国内外学者仅仅从收益角度来分析股利的信息内涵，所得到的实证结果与理论假设并不一致。本文从上市公司信息风险和未来盈利能力相结合的角度探讨股利的信息内涵。实证结果表明我国上市公司现金股利变化包含收益和风险两方面的信息，上市公司应该根据对未来现金流持续性的预期来制定现金股利政策。
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| 关 键 词： | 盈利能力 现金股利 信息内涵 |
The Information Content of Cash Dividend in China |
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| WANG Tao,WEN Zhong-qiao. The Information Content of Cash Dividend in China[J]. Hainan Finance, 2009, 0(5): 43-46 |
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| Authors: | WANG Tao WEN Zhong-qiao |
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| Affiliation: | 1.Sanya Institute;Hainan University;Sanya 572022;China;2.Financial Institute;Anhui university of Finance and Economics;Hefei 233030;China |
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| Abstract: | The dividend signaling theory holds the dividend change presume the profitability variation of the corporation in the future,namely the dividends have the information contends.But at home and abroad,the empirical results analyzed on-ly from the view of profitability are merely inconsistent with the theoretical hypothesis.Therefore,in this paper we examine the information contends of the dividend through the combination of information risk and the future profitability.The empir-ical results indicate the cash... |
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| Keywords: | Profitability Information Risk Cash Dividend Information Contend |
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