| 现金股利信号传递效应实证分析 |
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| 引用本文： | 熊伟,胡俊娣. 现金股利信号传递效应实证分析[J]. 商业研究, 2003, 0(4): 94-96,20 |
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| 作者姓名： | 熊伟 胡俊娣 |
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| 作者单位： | 华中科技大学管理学院,湖北,武汉,430074 |
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| 摘 要： | 股票的价格往往受到一些非系统风险因素如股票的盈利公告或分配预案等等的影响。然而 ,在我国股票市场上 ,股利是否是一种有效的信号传递机制 ?在利用深圳股票市场的数据对派发现金股利的股票的市场反应作了实证检验之后 ,得出的结果表明 :目前 ,在我国股票市场上 ,现金股利不能成为有效的信号传递工具 ,不能引起公司股票价格的升高 ,投资者也不能由此获得超额收益。
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| 关 键 词： | 现金股利 信号传递 实证研究 |
| 文章编号： | 1001-148X(2003)04-0094-03 |
An Empirical Study of Signaling Effect of Cash Dividend |
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| Abstract: | Stock prices are greatly affected by such unsystematic factors as earnings and cash dividend announcement. Whether dividend policy can act as an effective signaling mechanism remains in China a question. On the base of investigating the impact of cash dividend announcement on stock prices by an empirical study of the data from ShenZhen stock Exchange, this paper concluds that cash dividend can not transfer any valuable information as a signal of a prosperous prospect and investors can not acquire extra earning. |
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| Keywords: | cash dividend signaling effect empirical study |
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