中小企业板股利信号传递效应研究  

Research on Dividend Signaling Effect of the SME Board

作　　者：王长虹[1] 

机构地区：[1]广东培正学院经济学系,广东广州510830

出　　处：《广东金融学院学报》2012年第6期39-48,103,共11页Journal of Guangdong University of Finance

摘　　要：以中小企业板2004～2011年数据为基础,以实证分析的方法研究各种类型的股利信号传递效应。研究结果表明:各类股利信号传递效应以预期效应为主,并通过持续效应或修正效应得到确认、加强或修正;在中小企业板市场上,不分配和纯现金股利不具有信号传递功能,纯股票股利和混合股利具有信号传递功能,低比例纯股票股利和低比例混合股利不具有信号传递功能;同时,高盈利能力公司不发放股票股利则不具有信号传递功能。This paper empirically studies the market effect of firm＇ s dividend policy on SME Board with the data in the period of 2004-2011 ,and comparatively analyzes the dividend signaling effect of all kinds of dividend. The results state that the dividend signaling effect of all kinds of dividends is primarily composed of expected effect which is confirmed, enhanced or revised through sustained effect or revised effect;on SME Board,no dividend and pure cash dividend don＇t have signaling function, pure stock dividend and compound divi- dend have signaling function, lower ratio stock dividend and lower ratio compound dividend don＇t have signaling function;there is dividend puzzle on SME Board：＂ Why higher profitability company doesn＇ t have signaling function when it doesn＇ t distribute stock dividend？＂

关 键 词：股利信号理论 预期效应 持续效应 修正效应 中小企业板股利之谜 

分 类 号：F830.91[经济管理—金融学]