中国沪市a股市场现金股利信号传递效应实证的研究——基于中国股权分置改革实践.pdf

参考文献???????????????????????????。42蝴戆一: 3 万方数据中文摘要现代企业的股利分配政策是公司理财中研究的重要问题之一,企业的股利政策和市场环境、公司治理本身都有很大关系。在西方资本市场上,存在明显的股利信号传递效应,但由于中国特有的股权分置情况,股利政策的信号作用可能不会完全反映出来。2005年中国市场开始股权分置改革,这些政策能否能改善中国资本市场环境,加强股利政策在市场上的信号传递效应,是检验股权改革效果的重要衡量方面。本文根据信息传递假设理论,结合中国特有的股权分置改革事件,对我国沪市A股上市公司的现金股利政策进行实证研究,并从长短期两个角度进行信号传递效应的检验。本文主要从以下几个方面进行:首先,提出了进行该实证研究的目的和意义; 然后,对国内外现金股利信号传递效应的相关文献进行回顾和分类;对中国股权分置改革的相关内容和中国上市公司股权结构的特点进行了阐述;其次,介绍了有效市场理论、信息不对称理论和资本结构理论,利用事件研究法计算短期的超额收益率和累计超额收益率,验证现金股利的信号传递效应,构建多元回归模型检验超额收益率在长期内的信号传递效应,根据实证结果,得出股权分置改革的作用对提高现金股利的信号传递效应并不明显,现金股利的信号传递效应与公司的治理表现有一些显著关系;最后,对实证结果进行总结和反思,针对我国资本市场的特殊性,提出如何进一步保护投资者利益的建议和对策。关键词: 现金股利信号传递股权分置改革资本市场 4 万方数据 Abstract Dividend distribution policy,as one ofthe most important topics incorporate finance,is closely related to market environment and corporate western capital market,there exists distinct dividend signaling ,as for China,the dividend signaling effect may be not fully reflected because of itsown shareholder structure was until 2005 China had started the reform of shareholder the policy willcontribute to improve the Chinese capital market environment and strengthen the dividend signaling effect,is important intesting the effect ofshareholder structure refOrm. Based on the information transfer hypothesis and considering the unique shareholder structure reform paper triestoconduct an empirical study ofcash dividend policy ofthe A—share panies inShanghai security market, and testthe signaling effect from the perspective of both short and long term. The paper structured from the following four ,it’S the introduction ofempirical study,including the research objectives and significance. Secondly,it makes a review and classification of relevant Iiterature about cash dividend signaling effect at home and aboard,and elaborates the main characteristics of panies’shareholder structure,also the shareholder structure ,it introduces efficient market