市场行情影响投资者的股利偏好吗?
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引用本文:董 竹 1,2,张 欣 2.市场行情影响投资者的股利偏好吗?[J].财经理论与实践,2019,(6):54-62
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作者单位
董 竹 1,2,张 欣 2 (1.吉林大学 数量经济研究中心吉林 长春 130012
2.吉林大学 商学院吉林 长春 130012) 
中文摘要:基于2005-2017年A股上市公司的数据,研究了在不同的市场行情中,投资者对于股利政策的偏好差别。研究发现:对于现金股利而言,在上涨和下跌的市场行情中,投资者更偏好不发放现金股利的上市公司;在平稳行情中,投资者更偏好发放现金股利的上市公司。对于股票股利而言,在上涨行情中,投资者更偏好发放股票股利的上市公司;在下跌行情中,投资者更偏好不发放股票股利的上市公司;在平稳行情中,投资者对于是否发放股票股利没有显著的偏好差异。在上涨和下跌的市场行情中,超能力派现和高送转不会改变投资者的偏好;在平稳行情中,只有正常派现和正常送转才能赢得投资者的青睐,超能力派现行为无益于上市公司,高送转还会损害公司价值。
中文关键词:市场行情  现金股利  股票股利  混合股利
 
Does Market Condition Influence Investors' Dividend Preference in China?
Abstract:Based on the data of A-share listed companies from 2005 to 2017, this paper studies the differences in investor preference for dividend distribution in different market conditions. The study finds that: for cash dividends, investors prefer non-dividend-paying stocks over dividend-paying stocks in inclining markets and declining markets. But in stable market, it is opposite; for stock dividends, in inclining markets, investors prefer dividend-paying stocks over non-dividend-paying stocks. But in declining markets, investors prefer non-dividend-paying stocks over dividend-paying stocks. In stable market, investors have no significant preference differences between dividend-paying stocks and non-dividend-paying stocks; in the inclining markets and declining markets, ultra-ability dividends payout and highly sending turn don't change investors' preference. In the stable market, only the normal cash dividends and normal stock dividends can get the favor of investors. The ultra-ability dividends payouts do not benefit the listed companies, and high delivery will damage the value of the company.
keywords:market situation  cash dividend  stock dividend  mixed dividend
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