不同市场形态对分红减少价格反应的影响分析--牛熊市初后期和长短期视角  

An Study on Differences in the Behavior of Stock Price of Declining Dividends under Varying Market Conditions——Based on Early-later and Long-short Period of Bull-bear Market

作　　者：彭志胜[1,2] 宋福铁[1] 

机构地区：[1]华东理工大学商学院,200237 [2]安徽建筑工业学院管理学院,230601

出　　处：《上海经济研究》2013年第6期121-128,F0003,共9页Shanghai Journal of Economics

基　　金：国家自然科学基金资助项目(11075054);教育部人文社会科学课题(08JC790035);上海市教委科研创新项目(12ZS048)

摘　　要：分红减少的价格反应及其包含的信息内容一直是研究热点,但已有研究没有考虑其他因素特别是市场形态差异对价格反应的影响。与既有研究不同,深入分析牛熊市的不同阶段和不同期限对分红减少的价格反应的影响。研究表明,市场形态差异确实对分红减少的负的价格反应产生显著影响,且牛市的影响大于熊市,牛(熊)市初期的影响大于后期,短牛(熊)市的影响大于长牛(熊)市。对上市公司选择分红减少的时机、平稳股价波动具有借鉴意义。Many studies focus on priee reaction of declining dividends and its information d, but existing studies ignored a probable influence of other factors ns. As different fl＇om existing studies, this paper deep analyses that of bull-bear market influence on price reaction of declining divid market conditions have a significant influenee on negative price g dividends, and market is greate the influence of hull market is greater titan short bull （bear） markel e to listing Corporali（m who will choose dividend reduction ally vying market different slages or different ends. The study verifies, sun＇oL, ndi ng of tile bear market, early period of bull is greater than long. It has special time and stabilize stock price.

关 键 词：牛熊市 初后期 长短期 分红减少 

分 类 号：F830.91[经济管理—金融学]