“高送转”股利分配政策信号传递作用研究

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1、硕丄论文“高送转”股利分配政策信号传递作用研究第2页AbstractStockdividendpoliciesarealwaysconcernedbytheinvestors.Inwesterndevelopedcapitalmarkets,mostscholarsagreeontheopinionthatthedividendpoliciesactasthesignals,whichtransmitthelistedcompany'sinformationtotheinvestors,andrepresentthecorporatemanagement'sexpectationsoffu

2、turereturns.However,fortheChinesestockmarket,theargumentonwhetherthestockdividendscouldberegardedasasignalofthemarketorit'sjustanaccountinggamehasneverstopped.EspeciallygiventhefactsoftheunderdevelopedChinesestockmarket,theshorttradinghistory,thehighlyconcentratedownershipstructure,deficientregula

3、tionsandthehighcorrelationbetweengovernmentpoliciesandthemarket,It'sstilluncertainwhetherthedividendpoliciescouldbetreatedasasignaltothemarket.Thispapertriestoanalyzethesignaleffectofdividendpoliciesbasedonformerstudies.Weuseempiricalanalysisandtheoreticalresearchmethodologytoverifythewealtheffect

4、ofhighdividendpoliciesfromtheperspectiveofinvestors,andcheckwhetherthehighdividendpoliciesarebasedonthecurrentfinancialstatusofthelistedcompanyandwhethertheprofitincreasecouldbesustained.Comparedwithpreviousresearches,ourpaperhasinnovationsofanalysisorientationandmethods.Firstofall,inmostpreviouss

5、tudies,theanalysesarealwaysfocusoncashdividendsormixeddividends.Thereareveryfewresearchesfocusedonstockdividends.Secondly,mostresearchesconsideronlytheshorttermperiodandreachtheconclusionthatthehigh-turnsstockshavehighextrareturnsintheshort-run.Buttheyignorecheckingmidtermandlong-termperformances.

6、Thirdly,theeventstudyhasinborndefects,sowealsocheckthefinancialdatainsteadoftradingdatatomakeourconclusionmorecredible.Basedonourempiricalanalysis,wereachtheconclusionthattheextrareturnsofhigh-tumsareonlysignificantpositiveinshort-termperiod.It'squitesurprisingthattheextrareturnsofhigh-turnsinthem

7、id-termperiodaresignificantnegative，butnotquitesignificantforlong-termperiod.Thisconclusionindicatesthatthehigh-turnsstocksareonlytheaccountinggamesthathelpthebiginvestorstoexploittheotherinvestors.Basedonsustain