上海股票市场股利政策信息传递效应的实证研究

中国管理科学 ›› 1999, Vol. ›› Issue (3): 56-62.

上海股票市场股利政策信息传递效应的实证研究

陈伟, 刘星, 杨源新

重庆大学工商管理学院重庆 400044

收稿日期:1999-04-30 出版日期:1999-09-28 发布日期:2012-03-06

An Empirical Study on the Signaling Effect of Dividend Policy in Shanghai Stock Market

Chen Wei, Liu Xing, Yang Yuanxin

Scool of Business Administration, Chongqing Uhiversity, Chongqing 400044

Received:1999-04-30 Online:1999-09-28 Published:2012-03-06

摘要/Abstract

摘要： 本文采用累积超额收益法对上海股票市场的股利政策进行实证研究,探讨了沪市股利政策信息传递效应存在性及其特征。实证研究的结论对揭示我国股利政策的信息传递效应和规范发展我国股票市场具有重要的现实意义。

关键词: 累积超额收益法, 股利政策, 信息传递效应

Abstract: In this paper,the authers empirically analyzed the dividend policy of Shanghai stock market by the method of Cumulative Abnormal Return(CAR) and studied the existence aed character of the signaling effect of dividend policy in this market.This study will come into being important practical significance for disclosing the signaling effect of dividend policy of China and standardizing Chinese securities market.

Key words: cumulative abnormal return, dividend policy, signaling effect

陈伟, 刘星, 杨源新. 上海股票市场股利政策信息传递效应的实证研究[J]. 中国管理科学, 1999, (3): 56-62.

Chen Wei, Liu Xing, Yang Yuanxin. An Empirical Study on the Signaling Effect of Dividend Policy in Shanghai Stock Market[J]. Chinese Journal of Management Science, 1999, (3): 56-62.