股息率与股票收益:基于中国股市经验证据的研究  

Dividend Rate and Stock Returns:Evidence from China Stock Market

作　　者：熊海斌[1] 杨帆[1] 

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《商业研究》2013年第8期151-156,共6页Commercial Research

摘　　要：本文检验了中国股市股息率与股票收益之间的关系,通过研究依照股息率大小划分的五个投资组合,发现高股息率的股票拥有较高的风险调整收益,除一月外,其它各月股息率与股票收益之间的正相关性都很明显;公司规模的大小并不影响其股息率与股票收益之间的正相关关系;公司价值并非决定股息率效应的关键因素。This paper examined the relation between dividend rate and stock returns in the China stock market.For five portfolios ranked by the dividend rate,we find that stocks with higher dividend rate earn higher risk-adjusted returns.Interestingly,the positive relation between dividend rate and stock returns is common in all months except January in the China stock market,and is observed in both large-firm and small-firm stocks.The corporate value is not the key factors determining dividend rate effect.

关 键 词：股息收益率 股票收益 风险调整收益 

分 类 号：F830.9[经济管理—金融学]