股息再投资的股价复权设置及收益率影响实证  

The Settings of Adjusted Stock Price Based on Dividend Reinvestment and An Empirical Study on the Impact of Returns

作　　者：王建文[1] 王强 WANG Jian-wen;WANG Qiang(School of Management,Hefei University of Technology,Hefei 230009,China)

机构地区：[1]合肥工业大学管理学院,安徽合肥230009

出　　处：《华东经济管理》2018年第11期166-172,共7页East China Economic Management

基　　金：国家社会科学基金一般项目(15BJY008)

摘　　要：现金股息再投资不仅影响到股票投资总收益,还影响到前后复权价的计算,文章利用项目评价的内部收益率(IRR)和外部收益率(ERR)对股票再投资收益进行计算具有合理性,也能得出股票相对真实的前后复权价。文章对股票除息复权价进行分析计算后,以A股市场部分公司2014-2016年数据为样本,基于文中的内部收益率与股息率的相关性进行论证,发现只有当股息率超过某个"阀值"时,股票收益率才与股息率正相关,这说明低股息率的股票投资收益受更多复杂因素影响。Cash dividend reinvestment not only affects the total returns of stock investment,but also affects the calculation of forward and backward adjusted stock price.It is reasonable for the paper to apply the internal rate of return(IRR)and the external rate of return(ERR)from the project evaluation to calculate the returns of dividend reinvestment,in this way,the paper also gains the relatively real forward and backward adjusted stock price.After analyzing and calculating the adjusted stock price,and based on the data of some companies in A-share market from 2014 to 2016,the paper demonstrates the correlation between IRR and dividend rate.The results show that only when the dividend rate exceeds a“threshold value”,the stock return is positively correlated with the dividend rate,which indicates that the returns of stocks with low dividend rate is affected by more complex factors.

关 键 词：现金股息 复权价 IRR ERR 股息率 

分 类 号：F830.91[经济管理—金融学]