發(fā)布時間：2018-01-30 13:28

  本文關鍵詞： 現(xiàn)金股利政策 動量效應 處置效應 信號傳遞理論　出處：《南京理工大學》2017年碩士論文　論文類型：學位論文

【摘要】：我國創(chuàng)業(yè)板市場自2009年成立以來就在我國股票市場體系中扮演了非常重要的角色。作為創(chuàng)新型和高科技型企業(yè)上市籌資的重要途徑之一,創(chuàng)業(yè)板市場本應具有"高技術、高成長、高收益"的特征,但實際情況卻是創(chuàng)業(yè)板的"三高"逐漸演變成了"高發(fā)行價、高市盈率、高超募額",加之無漲跌幅限制的高波動率,創(chuàng)業(yè)板市場成為各方投機者逐利的熱土。這顯然與創(chuàng)業(yè)板創(chuàng)立初衷背道而馳。本文認為,要扭轉(zhuǎn)創(chuàng)業(yè)板市場的發(fā)展誤區(qū),首先要深入發(fā)掘創(chuàng)業(yè)板種種問題背后的深層次原因。而創(chuàng)業(yè)板存在的問題之一就是其遠超主板和國外創(chuàng)業(yè)板市場的高現(xiàn)金股利分配,這一行為是傳統(tǒng)股利理論無法解釋的。本研究突破傳統(tǒng)"結(jié)構(gòu)-行為-績效"范式,從股票市場表現(xiàn)入手分析創(chuàng)業(yè)板上市公司的高現(xiàn)金股利政策動因及其后續(xù)效果,基于行為股利理論和信號傳遞理論,創(chuàng)建股價走勢模型與股利決策模型,分析了創(chuàng)業(yè)板動量效應的存在性、創(chuàng)業(yè)板上市公司高現(xiàn)金股利政策動因和現(xiàn)金股利公告的市場反應的一系列問題,實證分析結(jié)果表明,創(chuàng)業(yè)板股價走勢存在動量效應,股票市場表現(xiàn)可顯著解釋創(chuàng)業(yè)板高現(xiàn)金股利政策,并且現(xiàn)金股利公告前后股票市場表現(xiàn)存在顯著差異。由此可以得到的推斷是,創(chuàng)業(yè)板上市公司決策者在制定現(xiàn)金股利政策時具有明顯市場導向,現(xiàn)金股利政策在一定時期內(nèi)有改變股票市場表現(xiàn)的作用。本文的研究結(jié)論可應用于國內(nèi)行為股利理論和股利信號傳遞理論的進一步研究,也可為創(chuàng)業(yè)板市場相關參與方的股利分配或投資決策提供借鑒。推動創(chuàng)業(yè)板制度構(gòu)架的完善,引導創(chuàng)業(yè)板功能進一步提升。
[Abstract]:Since the establishment of gem in 2009, gem has played a very important role in the stock market system of our country, as one of the important ways for innovative and high-tech enterprises to go public and raise funds. The gem market should have the characteristics of "high technology, high growth, high income", but the actual situation is that the "three high" of the gem has gradually evolved into "high issue price, high price-earnings ratio, superb amount raised". In addition, with the high volatility without the limit of fluctuation, the gem market has become a hot land for speculators to pursue profits. This obviously runs counter to the original intention of the gem. This paper believes that the development of the gem market should be reversed. First of all, it is necessary to explore the deep reasons behind the various problems of the gem. One of the problems of the gem is that it far exceeds the high cash dividend distribution of the main board and the foreign gem market. This behavior can not be explained by the traditional dividend theory. This study breaks through the traditional "structure-behavior-performance" paradigm. Starting with the performance of the stock market, this paper analyzes the motivation of high cash dividend policy and its follow-up effect of gem listed companies. Based on behavioral dividend theory and signal transmission theory, the paper establishes stock price trend model and dividend decision model. This paper analyzes the existence of momentum effect of gem, the motivation of high cash dividend policy of gem listed companies and a series of problems in the market reaction of cash dividend announcement. The empirical analysis results show that. There is momentum effect in the trend of gem stock price. The performance of the stock market can explain the high cash dividend policy of gem significantly, and there are significant differences in the performance of the stock market before and after the announcement of cash dividend. The decision-makers of gem listed companies have obvious market orientation when making cash dividend policy. Cash dividend policy can change the performance of stock market in a certain period of time. The conclusion of this paper can be applied to the further study of domestic behavior dividend theory and dividend signaling theory. It can also provide reference for the dividend distribution or investment decision of the relevant participants in the gem market, promote the perfection of the gem system framework, and guide the gem to further enhance its function.
【學位授予單位】：南京理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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