本文關(guān)鍵詞：上市公司股利政策市場效應(yīng)的實(shí)證研究　出處：《南京大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股利政策 市場效應(yīng) 超額收益 實(shí)證研究

【摘要】：股利政策是公司將稅后所得在股東與留存收益之間進(jìn)行分配的決策,作為公司投資與籌資活動的延續(xù),它一方面反映了公司在過去一段時期內(nèi)的經(jīng)營成果,另一方面預(yù)示著公司未來的發(fā)展戰(zhàn)略以及增長潛力。同時,股利作為回報(bào)投資者的一種重要方式,股利政策的變化直接影響股東的經(jīng)濟(jì)利益,它會改變投資者對公司未來價值的預(yù)期,從而影響公司的市場價值,其市場效應(yīng)具體體現(xiàn)在股利政策在公告發(fā)布以及實(shí)施前后,公司股價因此而產(chǎn)生的變動。 國內(nèi)外許多學(xué)者的研究表明,上市公司股利政策的制定與實(shí)施是能夠?qū)ζ涔蓛r產(chǎn)生影響的,具體到中國股市,股利政策的市場效應(yīng)會有怎樣的表現(xiàn)呢?本文選取了跨越一個牛熊周期,以2006年至2010年間滬深A(yù)股歷年共5955家上市公司的股利分配預(yù)案為樣本,通過比較不同的股利政策對股價產(chǎn)生的市場影響,運(yùn)用T檢驗(yàn)方法進(jìn)行顯著性檢驗(yàn)。結(jié)果發(fā)現(xiàn)：一、股利政策具有市場效應(yīng),不同的股利政策對上市公司股價的影響具有差異；二、分紅股利政策在短期能夠較顯著地推動股價的上揚(yáng)；三、高比例分紅方案相對于低比例分紅方案對股價的影響并不顯著；四、股權(quán)登記日當(dāng)日及前兩天股利政策無明顯的市場效應(yīng)；五、配股方案對上市公司股價能產(chǎn)生正面影響。 本文共四章,主要內(nèi)容為： 第一章,導(dǎo)論。闡述了本文的選題背景、研究目的與意義、研究的主要內(nèi)容以及總體結(jié)構(gòu)安排、研究的思路和方法。 第二章,相關(guān)文獻(xiàn)回顧與中國上市公司股利分配政策現(xiàn)狀。首先對國內(nèi)外有關(guān)股利政策的理論進(jìn)行了綜述,其次回顧了近幾年A股市場上市公司股利分配的發(fā)展歷程,最后對現(xiàn)狀進(jìn)行了分析。 第三章,實(shí)證檢驗(yàn)。本章提出本文的研究假設(shè),確定了實(shí)證研究方法,對選擇的樣本進(jìn)行了分析處理,選取其中分紅、配股以及采取不同比例分紅方案的上市公司在股利政策公告期間和股權(quán)登記日前期的股價信息作為研究對象,整理得出最終進(jìn)行分析所需的數(shù)據(jù)。 第四章,研究結(jié)論與啟示。對整理出的數(shù)據(jù)運(yùn)用EXCEL與SPSS統(tǒng)計(jì)軟件進(jìn)行T檢驗(yàn)分析,基于研究結(jié)果,針對性的對上市公司股利政策的制定、投資者的投資決策以及市場監(jiān)管方式提出了一些建議。
[Abstract]:Dividend policy is a decision to distribute after-tax income between shareholders and retained earnings, as a continuation of the company's investment and fund-raising activities. On the one hand, it reflects the company's operating results in the past period. On the other hand, it indicates the future development strategy and growth potential of the company. At the same time, dividend as an important way to return investors, dividend policy changes directly affect the economic interests of shareholders. It will change the investor's expectation of the company's future value, thus affect the company's market value. Its market effect is embodied in the stock price changes before and after the announcement and implementation of the dividend policy. Many scholars at home and abroad show that the formulation and implementation of dividend policy of listed companies can have an impact on their stock prices, specifically to the Chinese stock market, how will the market effect of dividend policy performance? In this paper, we choose the stock dividend distribution plan of 5955 listed companies from 2006 to 2010 to sample. By comparing the market impact of different dividend policies on the stock price, T test method is used to test the significance. The results show that: first, dividend policy has market effect. Different dividend policies have different effects on the stock price of listed companies; Second, dividend dividend policy can significantly promote the rise of stock price in the short term; Thirdly, the effect of the high proportion bonus scheme on the stock price is not significant compared with the low proportion dividend scheme. Fourthly, the dividend policy has no obvious market effect on the day of share registration and the two days before; Fifth, the rights issue scheme can have a positive impact on the share price of listed companies. There are four chapters in this paper. The main contents are as follows: The first chapter, introduction, describes the background, purpose and significance of this paper, the main contents of the study, the overall structure of the arrangement, research ideas and methods. The second chapter reviews the relevant literature and the status quo of dividend distribution policy of listed companies in China. First of all the domestic and foreign theories about dividend policy are summarized. Secondly, the paper reviews the development of dividend distribution of A-share listed companies in recent years, and finally analyzes the present situation. Chapter three, empirical test. This chapter puts forward the research hypothesis of this paper, determines the empirical research method, analyzes the selected samples, and selects the dividend. The stock price information of the rights issue and the listed companies adopting different proportion dividend scheme during the dividend policy announcement period and the early days of the share registration date is taken as the research object to collate the data needed for the final analysis. Chapter 4th, research conclusions and inspiration. Using EXCEL and SPSS statistical software T-test analysis, based on the research results, targeted to the listed companies dividend policy formulation. The investor's investment decision and the market supervision way put forward some suggestions.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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