论文部分内容阅读
无论在理论上还是在实践中,上市公司分配政策始终是处于短期利益与长期利益的一对矛盾体中,规范或成熟的市场不一定需要利用分配方案向投资者传递持股信心的信号。然而,面对我国这样一个新兴的不规范市场,利用分配政策向投资者传递企业经营状况信号就显得特别重要。本文试图通过对不同分配方案市场反应特征的分析与比较,来探讨我国证券市场股利分配政策信号的有效性问题。经验分析表明:我国证券市场股利分配政策信号总体上是非有效的,证券市场转轨期特征明显,纯粹的投机渐近被市场摒弃,单纯的股利诱导也是无效的,混合分配成为市场的最爱。
Whether in theory or in practice, the distribution policy of listed companies is always a contradiction between short-term interests and long-term interests. Normative or mature markets do not necessarily need to use distribution plans to transmit signals of stockholding confidence to investors. However, in the face of China’s emerging non-standard market, it is particularly important to use allocation policies to send investors a signal of business conditions. This paper attempts to discuss the validity of dividend policy signals in China’s securities market by analyzing and comparing the market response characteristics of different allocation schemes. The empirical analysis shows that the dividend distribution policy signals in China’s securities market are generally ineffective. The characteristics of the transition period of the securities market are obvious. Pure speculation is gradually abandoned by the market, and pure dividend inducement is also invalid. Mixed distribution has become the market’s favorite.