股利政策的股东财富效应:来自中国股市的经验证据

国内现有文献关于上市公司股利政策的研究,主要集中在股利政策的信号传递理论、代理成本理论和影响因素三个方面,对上市公司通过股利分配实现股东高回报率的股东财富效应研究较少,而国外从税收政策变化和税负差异的角度研究股利政策财富效应并不适合中国的情况。为此,本文基于我国上市公司股权分置的特殊治理结构,以2003-2004年所有分配股利的上市公司为样本,实证检验了我国上市公司股利政策的股东财富效应。研究表明,分配现金股利使非流通股股东实现高回报率,流通股股东获得股票股利的较高短期收益率。

Shareholder Wealth Effect of Dividend Policy: An Empirical Evidence from Chinese Security Markets

Domestic literature in existence on dividend policy focuses on three fields: signaling theory, agency cost theory and influencing factors. There is little study on Shareholder wealth Effect that listed companies help shareholders get high investment return rate by divi- dend policy. It is unfit to us that other countries studied shareholder wealth effect by the changes and differences of tax policy. So, this pa- per researches shareholder wealth effect of dividend policy in Chinese equity separate market, and tests it by using listed companies which distributed dividends in 2003 and 2004 as a sample. The result shows that non-circulated shareholders get high return rate by cash dividends, and circulated shareholders high return rate by stock dividends.