【摘要】 披露股东回报规划旨在增强上市公司现金分红透明度和稳定投资者预期，由此可能影响资本市场定价效率。本文通过手工搜集2012—2023年A股上市公司披露的股东回报规划数据，从股价同步性视角实证考察了上市公司自愿披露股东回报规划对其股票定价效率的影响。研究发现，上市公司披露股东回报规划能够显著降低股价同步性，且股东回报规划中承诺优先现金分红、设置的分红约束条件越多，其对股价同步性的影响越为显著。机制检验表明，披露股东回报规划能通过改善资本市场信息环境和吸引投资者关注而降低股价同步性。特别地，当媒体关注较多、长期机构投资者持股比例较高以及股市处于熊市状态时，披露股东回报规划对股价同步性的抑制作用更加显著。此外，披露股东回报规划能通过抑制公司股价同步性而提升市场价值。更多还原

【Abstract】 Disclosing shareholder return plans aims to enhance the transparency of cash dividends by listed companies and stabilize investor expectations, thereby potentially influencing the pricing efficiency of capital markets. This study empirically examines the impact of voluntary disclosure of shareholder return plans on stock pricing efficiency from the perspective of stock price synchrony. We manually collect shareholder return plan data disclosed by A-share listed companies from 2012 to 2023.. Findings reveal that disclosure of shareholder return plans significantly reduces stock price synchrony. Moreover, the impact is more pronounced when plans commit to prioritizing cash dividends and include more constraints on dividend distribution. Mechanism tests indicate that such disclosures reduce stock price synchrony by improving the information environment in capital markets and attracting investor attention. Specifically, the dampening effect on stock price synchrony is more pronounced when media coverage is high, the proportion of holdings by long-term institutional investors is large, and the stock market is in a bear market. Furthermore, disclosing shareholder return plans enhances corporate market value by suppressing stock price synchrony.更多还原