新股现金分红后长期表现研究  

The Long-run IPO Performance After Cash Dividend

作　　者：黄祥钟[1] 

机构地区：[1]福州大学管理学院,福州市350002

出　　处：《经济与管理研究》2012年第8期73-81,共9页Research on Economics and Management

基　　金：国家自然科学基金项目“基于已实现测量非参数方法的金融资产跳跃行为研究”(71171056)

摘　　要：本文以2008年底前中国沪深两地上市A股为样本,对新股现金分红后长期表现进行研究。匹配股票差异显著性分析表明,新股上市后三年内现金分红2次和1次分别是判断长期股票收益率和长期净资产收益率的重要分界线。回归分析表明,中国股票分红后长期收益率与新股上市后三年内现金分红次数呈正相关关系;分红后未来净资产收益率与新股上市后三年内分红次数大体也呈正相关关系。研究结论整体上支持新股上市后三年内现金分红次数对股票长期表现具有信号效应的观点。This article conducts an analysis of the long-run performance of IPOs after cash dividend, with a sample of the stocks listed in Shanghai and Shenzhen Stock Exchange before the end of year 2008. The significant tests of difference, using match-stock method, show that twice and once cash dividend after IPOs listed are, respectively, an important bounda- ry of long-run return rate and return of equity. The stocks with cash dividend twice or more have better long-run stock re- turn rate and return of equity than those stocks with cash dividend less than once. The regression analysis shows that the long-run stock return rate and the number of cash dividend times has a positive correlation, and the future return of equity and the number of cash dividend times also has a positive correlation roughly. The research conclusion, in a whole, suppo- ses the point that the number of cash dividend times of IPOs within three years after listed can be a signal of the IPOs＇ long-run performance.

关 键 词：现金分红 长期收益率 净资产收益率 

分 类 号：F275[经济管理—企业管理]