股利理論模型分析及其我國(guó)的實(shí)證分析.pdf

1、北方交通大學(xué)碩士學(xué)位論文股利理論模型分析及其我國(guó)的實(shí)證分析姓名：王剛申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：工商管理指導(dǎo)教師：馬忠2001.2.1殷犖j疆論模整分析及其在我國(guó)的實(shí)證分析ABSTRAC誓ThisarticlefirstanalyzesthethreemaintheoriesondividendandexpatriatesthetheoryofdividendsignalingtransmissionThentheauthorconduct

2、sempiricalanalysisoilthetheoryofdividendsignalingtransmissionbasedontherandomcoemcientregressionmethodwhichhasnotbeenadoptedindomesticresearchThemethodanalyzesdividendsignalingbyusingcross—sectiontime—seriesdataandintrod

3、ucesfactorswhichinfluencetheBriskofthelistedcompaniesforeandafterthedividendannouncementwhiletheconlmonlyusedaccumulativetransnormalyieldratiomethodandyieldcomparisonmethoddonottakethesefactorsintoaccountTheresultsofthea

4、rticlesupportthetheoryofdividendsignalingtransmissiontoalargeextent。Themajorconclusionsinclude：First。thereisobviouspositiveornegativeaccumulativetransnormalyieldratioforeandafterthedividendannouncementwhichdemonstratesth

5、attheinformationeffectsofdividendpolicydoexistinChinesemarketSecondthevariationofaccumalativetransnormalyieldratiocomplieswiththevariationofdividend。Thisillustratesthatpeopleusuallydeemdividendincreaseaspositivesignalsan

6、dnon—distributionasnegativesignalsThird，thestockdividendandthehybriddividend(thecombinationofstockdividendandcashdividend)inthedomesticmarkethavestrongersighalingtransmissioneffectsbecausetheaccumulativetransnormalyieldr

7、atiointhesetwogroupsismuchhigherthanthatinthecashgroupHowever，foreignstudiesshowthatcashdividendhasgreatersignalingtransmissioneffect。F烈啦。theineachgroupBchangesafterthedividendannouncementanditsvariationcomplieswimthediv