强化现金分红政策的合理性之实证研究——基于投资者回报视角  

The Rationality Research of the Cash Dividend Policy:Based on the Perspective of the Investors'Returns

作　　者：张婷[1] 于瑾[1] 吕东锴[1] 

机构地区：[1]对外经济贸易大学国际经贸学院,北京10029

出　　处：《证券市场导报》2013年第4期67-72,共6页Securities Market Herald

基　　金：2011年度教育部人文社会科学研究规划基金项目"新兴市场金融的理论与实证研究"(项目编号:11YJA790195)]

摘　　要：本文以2003年1月至2010年12月所有A股为研究样本,实证检验现金分红政策的合理性。研究发现,针对所有A股的现金红利溢价并不存在,只有高市值和高E/P值的股票存在显著的现金红利溢价,说明针对所有上市公司推行半强制分红政策并不能提高投资者回报,针对不同类型的上市公司政策应有所差异。结合当前政策出台的股市环境,本文将市场分为繁荣和萧条两种状态,发现市场萧条时,绝大多数类型上市公司的现金红利溢价均显著为正,说明在当前股市萧条环境下出台半强制现金分红政策有其合理性,但仅是一种短期迎合投资者的行为。This paper chose all listed A-share companies from January 2003 to December 2010 as the sample, and verified the rationality of the cash dividend policy. The study found that the cash dividend premium for all A-shares did not exist, and the premium only existed for high market value stocks and high E/P stocks, indicating that the cash dividend policy for all stocks can not increase investors＇ return, and making a targeted policy was necessary. This paper further divided the market conditions into the bull and bear markets, and found that cash dividend premium was significantly positive for the most types of stocks in the bear market, indicating that the introduction of semi-mandatory dividend policy in the bear markets was reasonable, but it was only a behavior to fit short- term investors

关 键 词：半强制现金分红 现金红利溢价 市值 股票风格 

分 类 号：F830[经济管理—金融学]