本文關(guān)鍵詞： 股利政策 股利支付形式 股利支付連續(xù)性 股利支付增長(zhǎng)率 股價(jià)波動(dòng)　出處：《貴州財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：本文在中國(guó)證券市場(chǎng)逐漸走向成熟，監(jiān)管部門不斷加強(qiáng)監(jiān)管的背景下，通過(guò)中外股利政策的比較和對(duì)中國(guó)股利政策特征的總結(jié)，從我國(guó)股利支付形式、股利支付連續(xù)性和股利支付增長(zhǎng)率三個(gè)方面來(lái)研究分析中國(guó)的股利政策對(duì)股價(jià)波動(dòng)的影響，分析中國(guó)證券市場(chǎng)有效性，，最終為投資者、上市公司管理層和監(jiān)管者提供參考及依據(jù)。 本文主要包含兩個(gè)層次:第一層次：理論分析。主要總結(jié)和梳理了國(guó)內(nèi)外的相關(guān)文獻(xiàn)，首先對(duì)股利政策種類及其影響因素進(jìn)行了概述，然后對(duì)國(guó)外的進(jìn)行了文獻(xiàn)綜述，分析總結(jié)了國(guó)外上市公司股利政策現(xiàn)狀及特點(diǎn)；最后對(duì)國(guó)內(nèi)進(jìn)行了文獻(xiàn)綜述，闡述了國(guó)內(nèi)上市公司股利政策現(xiàn)狀及特點(diǎn)。本文的第二個(gè)層次是數(shù)據(jù)分析，從三個(gè)方面研究股利政策對(duì)股價(jià)波動(dòng)的影響。(1)不同的股利分配方式對(duì)股價(jià)波動(dòng)研究；(3)股利支付連續(xù)性對(duì)股價(jià)波動(dòng)的影響；(3)股利支付股利增長(zhǎng)率對(duì)股價(jià)波動(dòng)的影響。 與之前有關(guān)研究股利政策的市場(chǎng)效應(yīng)的實(shí)證文章相比，本文通過(guò)對(duì)國(guó)內(nèi)外股利政策的比較，分析了我國(guó)股利政策對(duì)股票價(jià)格波動(dòng)影響的研究狀況。通過(guò)對(duì)我國(guó)上市公司股利政策分類及對(duì)股票價(jià)格波動(dòng)影響程度比較，研究不同層次和種類股票的股利政策的市場(chǎng)反應(yīng)；分析了股利支付連續(xù)性、穩(wěn)定性和股利增長(zhǎng)率等因素對(duì)股價(jià)波動(dòng)的影響。本文的創(chuàng)新之處在于：(1)分析的層次和種類更加豐富，其實(shí)用性和適用性更強(qiáng)。(2)增加了股利支付連續(xù)性和股利增長(zhǎng)率等因素對(duì)股價(jià)波動(dòng)的影響。(3)本文的超額收益率的計(jì)算充分考慮了整體行情的多空和行業(yè)因素的影響。 通過(guò)對(duì)不同股利政策支付形式、股利支付連續(xù)性、股利支付增長(zhǎng)率三個(gè)方面研究發(fā)現(xiàn):(1)股票股利對(duì)股價(jià)波動(dòng)影響程度大于混合股利和現(xiàn)金股利，股票股利的累計(jì)超額收益率分布也更為離散，混合股利次之，現(xiàn)金股利累計(jì)超額收益率分布較為集中;(2)間斷性股利支付對(duì)股價(jià)波動(dòng)影響程度大于連續(xù)性股利支付，間斷性股利支付的累計(jì)超額收益率分布比連續(xù)性股利支付更為離散;(3)遞增股利支付對(duì)股價(jià)波動(dòng)影響程度大于零增長(zhǎng)性股利支付，但是明顯小于股票股利和間斷性股利支付，遞增股利支付的累計(jì)超額收益率分布也比零增長(zhǎng)性股利支付更為離散。本文最后在研究結(jié)果基礎(chǔ)上，從投資者、上市公司管理層和監(jiān)管者角度提供的政策建議。
[Abstract]:Under the background of the maturity of China's securities market and the constant strengthening of supervision by the regulatory authorities, through the comparison of Chinese and foreign dividend policies and the summary of the characteristics of China's dividend policy, the paper analyzes the form of dividend payment in China. In order to analyze the impact of dividend policy on stock price fluctuation, to analyze the validity of Chinese stock market, and finally to analyze the investors, in the three aspects of the continuity of dividend payment and the rate of increase of dividend payment. Listed company management and regulators to provide reference and basis. This paper mainly includes two levels: the first level: theoretical analysis. It summarizes and combs the relevant literature at home and abroad, first summarizes the types of dividend policy and its influencing factors, and then summarizes the literature abroad. This paper analyzes and summarizes the current situation and characteristics of dividend policy of foreign listed companies, and finally summarizes the domestic literature review, expounds the current situation and characteristics of dividend policy of domestic listed companies. The second level of this paper is data analysis. This paper studies the effect of dividend policy on stock price fluctuation from three aspects: (1) the effect of different dividend distribution modes on stock price fluctuation; (3) the influence of dividend payment continuity on stock price fluctuation; (3) the effect of dividend dividend growth rate on stock price fluctuation. Compared with the previous empirical research on the market effect of dividend policy, this paper compares the dividend policy at home and abroad. This paper analyzes the research situation of the influence of dividend policy on stock price fluctuation in China. By comparing the classification of dividend policy and the influence degree on stock price fluctuation, the paper studies the market reaction of dividend policy of different levels and kinds of stock. This paper analyzes the influence of dividend payment continuity, stability and dividend growth rate on stock price fluctuation. The innovation of this paper is that the level and variety of the analysis are more abundant. Its practicability and applicability are stronger. 2) it increases the influence of dividend payment continuity and dividend growth rate on stock price fluctuation.) the calculation of excess yield in this paper fully takes into account the influence of the whole market and industry factors. Through the study of different dividend policy payment forms, dividend payment continuity and dividend payment growth rate, it is found that stock dividend has more influence on stock price volatility than mixed dividend and cash dividend. The cumulative excess return distribution of stock dividend is also more discrete, the mixed dividend is the second, and the cumulative excess return distribution of cash dividend is more concentrated than that of continuous dividend payment, and the effect of intermittent dividend payment on stock price fluctuation is greater than that of continuous dividend payment. The cumulative excess return distribution of intermittent dividend payment is more discrete than that of continuous dividend payment) the effect of incremental dividend payment on stock price fluctuation is greater than zero growth dividend payment, but significantly smaller than that of stock dividend and intermittent dividend payment. The cumulative excess return distribution of incremental dividend payment is also more discrete than that of zero growth dividend payment. Finally, based on the research results, this paper provides policy recommendations from the perspective of investors, managers and regulators of listed companies.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F224

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