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股利政策是现代公司理财的三大核心内容之一,它是公司融资、投资活动的延续,是其理财行为的必然结果。本文采用事件研究法对我国上市公司股利政策的信息内涵进行实证研究,以1997-2004年度上海证券交易所上市的A股股票的股利分配行为为研究对象,考察我国上市公司的股利政策是否传递了信息、传递了怎样的信息这两个方面的内容;同时,针对不同的股利支付方式进行了信息传递的敏感性测试。
Dividend policy is one of the three core elements of modern corporate finance. It is a continuation of corporate financing and investment activities and is the inevitable result of its financial behavior. In this paper, an empirical research is carried out on the information content of the dividend policy of listed companies in our country. Based on the dividend distribution of A shares listed on the Shanghai Stock Exchange during 1997-2004, this paper examines whether the dividend policy of listed companies in our country is passed Information, and what kind of information is delivered. At the same time, sensitivity tests of information delivery are carried out according to different dividend payment methods.