﻿ 现金分红对股价有影响吗？ Does Cash Dividends Have an Impact on Stock Prices?

Finance
Vol. 09  No. 03 ( 2019 ), Article ID: 30057 , 6 pages
10.12677/FIN.2019.93019

Does Cash Dividends Have an Impact on Stock Prices?

Lisha Liu, Jie Ma, Yuanyuan Wang

School of Economics, Hangzhou Dianzi University, Hangzhou Zhejiang

Email: 769359474@qq.com

Received: Apr. 8th, 2019; accepted: Apr. 23rd, 2019; published: Apr. 30th, 2019

ABSTRACT

Around the occurrence in 2017of distribution of cash dividends appearing in the A shares listed on the Shanghai Stock Exchange, by the calculation of the abnormal return rate of sample stocks before and after the announcement date, empirical analysis of the stock market reaction to the incident is conducted according to event research method. Empirical results show that the stock price of all sample companies that publish cash dividend announcements in the market has risen sharply. Accordingly, recommendations are made to formulate a dividend policy for regulators.

Keywords:Event Study Method, Cash Dividend, Stock Price Effect

Email: 769359474@qq.com

1. 引言

2. 样本选取

Table 1. Cash Dividend Event in Shanghai Stock Market in 2017

3. 实证分析

3.1. 研究窗口的确定

3.2. 正常收益的确定

(1)

Table 2. Estimates of alpha and beta

3.3. 超常收益的计算与分析

$A{R}_{it}={R}_{it}-E\left({R}_{it}\right)$ (2)

$AAR=\frac{1}{N}\sum A{R}_{it}$ (3)

$CAAR=\sum AA{R}_{t}$ (4)

Figure 1. The change curves of AAR and CAAR

4. 结论与建议

1) 上市公司的现金分红，被认为体现了上市公司的经营能力和水平。大多数投资者往往会对该事件抱有积极的预期，股票交易市价也会因此上升。

2) 我国的证券市场发展并不成熟，大部分投资者投资股票的动机是为了获取短期的利益，并不打算长期持股。因此，现金分红事件对大部分投资者来说充满了吸引力。

Does Cash Dividends Have an Impact on Stock Prices?[J]. 金融, 2019, 09(03): 164-169. https://doi.org/10.12677/FIN.2019.93019

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