民营上市公司现金股利信号传递效应实证研究  

The Empirical Analysis on Signal Effect of Cash Dividend Policy of Chinese Private Listed Companies

作　　者：夏新平[1] 崔吉勇[1] 余明桂[1] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074

出　　处：《商业研究》2006年第10期125-128,共4页Commercial Research

摘　　要：系统考察股利分配预案公告日我国民营上市公司现金股利信息的信号传递效应,并在研究方法上对我国当前该领域研究中所存在的缺陷进行了弥补。在严格控制了盈余信息、公司规模等因素后,分别对2001-2003年度我国民营上市公司股利分配预案公告日前后样本(除送、配方案之外)的“纯”现金股利分配预案的市场反应进行了分析。结果发现,股利分配预案公告日前后,民营上市公司发放现金股利并没有受到市场排斥,其超常收益显著为正。This papex investigates the signal effect of cash dividend of private listed company in China in different affairs days. It makes up the existing faults in current study method in this field. After controlling the factors such as surplus infonnation, company scale etc. strictly, this research analyses the market reaction to the pure cash dividend of private listed company on shares allotment announcement. The result indicates that before and after the dividend announcement, cash dividend is well aecepteid by market and the CAR is significantly positive.

关 键 词：现金股利 超常收益 信号传递效应 

分 类 号：F830.9[经济管理—金融学]