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本文采用事件分析法对股票股利分配前后的上市公司股票是否存在超额回报率进行事件分析,从而提出相应的事件驱动投资策略。本文挑选出在2015年实行股票股利分配政策共77家上市公司。对其在实施股票红利的预案公告日和股权登记日两个时点是否存在短期超额收益进行分析并给出结论和投资建议。
In this paper, event analysis method is used to analyze whether there is excess return rate in the stocks of listed companies before and after the stock dividend distribution, and then put forward the corresponding event-driven investment strategy. This article picks out a total of 77 listed companies that implemented the dividend distribution policy in 2015. Analyze the existence of short-term excess returns at the announcement date of the stock dividend plan and the stock registration date two times and give the conclusion and investment advice.