【摘要】 股利停发是公司股利政策的一种从有到无的质的变化,按照股利政策的信号传递理论,这种变化能向投资者传递信息。本文以1998年以前上市的100家中国上市公司为样本,用累计超常收益法和比较分析法对股利停发的信号传递效应进行了实证研究,结果表明股利停发的宣告的确向投资者传递了信息,而且虽然信息内容的假设没有通过,但是可以确定内容涉及到公司未来经营风险增大、每股收益波动性增大等方面。更多还原

【Abstract】 Dividend omissions is a qualified change of the company’s dividend policy. According to the signal theory, this kind of change can provide the investors with some information. This paper uses listed companiess in Chinese stock market which came into trade before 1998 as samples to study this signal. We find that dividend omissions transmit signal information. And the content of the information, though not certain, includes increases in beta and the variance of actual earnings.更多还原