| 中国上市公司股利停发信号传递效应实证研究 |
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| 引用本文： | 龚晶,张柏振,董雪艳. 中国上市公司股利停发信号传递效应实证研究[J]. 山东农业大学学报(社会科学版), 2004, 6(1): 54-57 |
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| 作者姓名： | 龚晶 张柏振 董雪艳 |
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| 作者单位： | 1. 山东农业大学经济管理学院,山东,泰安,271018
2. 山东省泰安市国有资产经营有限公司,山东,泰安,271000 |
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| 摘 要： | 股利停发是公司股利政策的一种从有到无的质的变化,按照股利政策的信号传递理论,这种变化能向投资者传递信息。本文以1998年以前上市的100家中国上市公司为样本,用累计超常收益法和比较分析法对股利停发的信号传递效应进行了实证研究,结果表明股利停发的宣告的确向投资者传递了信息,而且虽然信息内容的假设没有通过,但是可以确定内容涉及到公司未来经营风险增大、每股收益波动性增大等方面。
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| 关 键 词： | 股利停发 信号传递效应 超常收益 比较分析 |
| 文章编号： | 1008-8091(2004)01-0054-04 |
| 修稿时间： | 2003-09-15 |
Positive study on signal effect of dividend omissions of Chinese listed companies |
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| GONG Jing,DONG Xue-yan. Positive study on signal effect of dividend omissions of Chinese listed companies[J]. Journal of Shandong Agricultural University, 2004, 6(1): 54-57 |
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| Authors: | GONG Jing DONG Xue-yan |
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| Affiliation: | GONG Jing~1,DONG Xue-yan~ |
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| Abstract: | Dividend omissions is a qualified change of the company's dividend policy. According to the signal theory, this kind of change can provide the investors with some information. This paper uses listed companiess in Chinese stock market which came into trade before 1998 as samples to study this signal. We find that dividend omissions transmit signal information. And the content of the information, though not certain, includes increases in beta and the variance of actual earnings. |
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| Keywords: | dividend omissions signal effect abnormal return comparison method |
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