股利多样化策略下的信号效应研究  

A Research on Signaling Effect under the Dividend Diversified Strategy

作　　者：马鹏飞 董竹 MA Pengfei;DONG Zhu(School of Maritime Economics and Management,Dalian Maritime University,Dalian 116026,China;Center for Quantitative Economics,Jilin University,Changchun 130012,China)

机构地区：[1]大连海事大学航运经济与管理学院,辽宁大连116026 [2]吉林大学数量经济研究中心,吉林长春130012

出　　处：《经济经纬》2020年第1期123-131,共9页Economic Survey

基　　金：教育部哲学社会科学研究重大攻关项目(17JZD016)

摘　　要：对我国2007-2016年A股上市公司的股利多样化策略进行分析,从信号内涵与信号接收两方面研究股利的信号效应。研究发现:(1)混合股利与现金股利均具有信号传递效应,且混合股利的信号效应更为显著;(2)既派发年度股利又派发中期股利的信号作用优于仅派发一次股利的信号作用;(3)只有正常派现才满足信号效应的评判标准,异常高股利与微股利均不存在信号效应;(4)股票股利中不含有未来盈利能力提高的信号,且正常股票股利也没有体现出优于"高送转"的信号特征。研究结论支持了监管层对股利监管政策的修订(2008年),解释了未对"高送转"采取实质性限制的潜在原因。This paper researches dividend signaling effects of listed companies in China from 2007 to 2016 in the views of the signal content and the receiving system. The conclusions are:(1)Both mixed dividend and single cash dividend are good signal, but signaling effect of mixed dividend is much efficient than single cash dividend;(2) The signaling function of combining annual dividend and interim dividend is better than once a year dividend;(3) Only normal cash dividend is the benchmark of signal effect, abnormal high cash dividend and abnormal low cash dividend are not;(4) The signaling effect of normal stock dividend is not better than large stock dividend. The research finding supports the 2008 revision of the "semi-mandatory dividend" policy, and explains why CSRC does not impose more stringent restrictions on large stock dividend.

关 键 词：现金股利 股票股利 年度股利 中期股利 信号效应 

分 类 号：F275.4[经济管理—企业管理]