上市公司再融资与股利政策的市场反应实证研究  

The Empirical Study on Market Reaction of Listed Companies towards Refinancing and Dividend Policy

作　　者：田宝新[1,2] 王建琼[1] 

机构地区：[1]西南交通大学,四川成都610031 [2]国务院国有资产监督管理委员会,北京100053

出　　处：《中国软科学》2016年第7期117-124,共8页China Soft Science

基　　金：国家社会科学基金项目(11XGL001)

摘　　要：再融资和股利政策,对于现代上市公司的运营和发展具有至关重要的作用。本文从市场反应的角度和投资者角度,以我国近年来在股利分配前有近期再融资行为的上市公司为研究对象,分析了近期再融资与股利政策的相互关系,并对再融资与股利政策的市场反应进行了研究。结果表明:(1)我国投资者更偏好股票股利而不是现金股利;(2)近期再融资对股利政策的市场反应有显著影响;(3)再融资与股利政策对市场产生显著的交互影响。Dividend policy and refinancing are both significant for the operation and development of all the listed company. This paper studied the relationship between the recently refinancing and the market reaction of the dividend policy of the listed company. And it is studied that dividend policy and the refinancing effect on the reaction of the market from a market view in this paper. The results show that （ 1 ） the investors are more inclined to stock dividends in our country. （2） The refinancing has a significant impact on the market reaction of dividend policy （ 3 ） the refinancing and dividend policy have a significant interactive influence on the market.

关 键 词：近期再融资 股利政策 市场反应 

分 类 号：F273.4[经济管理—企业管理]