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在短期炒作盛行的中国股市,现金分红政策能否增强投资者的长期信心?利用2000-2014年的A股上市公司的现金分红事件和相应的二级市场交易数据,运用时间日历组合法和配对法,我们发现了现金分红可以在长期意义上提振投资者信心的证据,在考虑了重大事件影响和变换了基准组合以后,研究结论依然稳健。为了继续扩大现金分红对于稳定股市的正面影响,促进上市公司制定和执行稳定的现金分红政策,鼓励投资者全面认识持续分红股票的投资价值,需要在完善公司治理和制定强有力监管规则方面做出更多努力。
In the short-term speculation in the prevalence of China’s stock market, cash dividend policy can enhance the long-term investor confidence? Use of A-share listed companies in 2000-2014 cash dividends and the corresponding secondary market transaction data, the use of time calendar combination method and matching Law, we find evidence that cash dividends can boost investor confidence in the long run. After considering the impact of major events and changing the benchmark portfolio, the conclusions remain robust. In order to continue to expand the positive impact of cash dividend on stabilizing the stock market, promote the formulation and implementation of stable cash dividend policy by listed companies and encourage investors to fully understand the investment value of the continuous dividend share, it is necessary to improve corporate governance and formulate strong regulatory rules More effort.