会计盈余信息含量与股利信息含量关系的实证研究  

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

作　　者：宋玉[1,2] 李卓[3] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]南京理工大学经济管理学院,江苏南京210094 [3]中国人民银行南京分行,江苏南京210004

出　　处：《财贸研究》2008年第5期116-122,共7页Finance and Trade Research

基　　金：南京理工大学经济管理学院青年教师科研扶持基金(JGQN0702)的阶段性成果

摘　　要：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。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.

关 键 词：会计盈余 现金股利 信息含量 确证效应 

分 类 号：F275[经济管理—企业管理]