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本文根据上市公司发布的股利变更公告,提供了一个比之前文献利用年报研究股利市场反应更为“干净”的方法,研究上市公司股利发放的市场反应。本文进一步研究了各种股利发放变动与公司现金流、盈余之间的关系,从而对上市公司股利政策的信号传递效应进行检验。结果发现,我国上市公司的现金股利发放并没有信号传递效应;股票股利发放只是传递了关于公司当期净利润的信息,并没有传递关于公司未来盈余的信息。具体来说,市场对现金股利变更的反应不及对股票股利变更的反应敏感;同时发现,现金股利的变更与公司现金流、盈余之间并没有显著关系,而股票股利的变更则参考了当期净利润的表现。
Based on the announcement of the dividend change announced by the listed company, this article provides a more “clean” way to study the dividend distribution of the listed company than the previous literature. This paper further studies the relationship between the changes of various dividend distributions and the company’s cash flow and earnings, and tests the signal transmission effect of the dividend policy of listed companies. The result shows that cash dividend distribution of listed companies in our country has no signal transmission effect. The issuance of stock dividend only transmits the information about the current net profit of the company and does not transmit the information about the future earnings of the company. Specifically, the market reaction to changes in cash dividends less sensitive to changes in stock dividend; also found that cash dividend changes and the company’s cash flow, there is no significant relationship between earnings, while the stock dividend is changed with reference to the current net Profit performance.