|本期目录/Table of Contents|

[1]向锐,李琪琦.中国投资者股利偏好行为的实证分析[J].长安大学学报(社科版),2006,8(03):53-58.
　XIANG Rui,LI Qi-qi.Empirical analysis on the market effect of the dividend bias of China's investors[J].Journal of Chang＇an University(Social Science Edition),2006,8(03):53-58.
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中国投资者股利偏好行为的实证分析 (PDF)
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《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

卷:
第8卷
期数:
2006年03期
页码:
53-58
栏目:
交通运输与经济
出版日期:
2006-09-20

文章信息/Info

Title:
Empirical analysis on the market effect of the dividend bias of China's investors
作者:
向锐; 李琪琦
西南财经大学会计学院,四川成都　610074
Author(s):
XIANG Rui;  LI Qi-qi
School of Accounting, Southwest University of Finance and Economics, Chengdu 610074, Sichuan, China
关键词:
经济学; 证券投资者; 股利政策; 市场效应; 股利偏好; 实证分析
Keywords:
economics;  security investor;  dividend policy;  market effect;  bias to dividend;  empirical analysis
分类号:
F830. 59
DOI:
-
文献标志码:
A
摘要:
运用超额收益法对深圳和上海证券市场的股利政策市场效应进行实证研究,探析不同类型 股利的市场效应及投资者行为。结果表明,中国证券投资者在投资决策过程由于受心理因素的影 响,对于不同类型的股利政策做出了不同的市场反应,并表现出一定的股利偏好行为,即证券投资 者对现金股利政策,尤其稳定的现金股利政策表现出明显的喜好行为,而对于不分配股利政策却表 现出了漠视效应行为。
Abstract:
This article uses the method of cumulative abnormal return(CAR)——— one type of the case research technique to analyze the market effect of dividend policy in Shenzhen and Shanghai stock markets. This article also analyzes the different market effects caused by different types of dividend policy as well as the investors' behavior. Empirical result shows that security investors in China have different reaction to different types of dividend policy in the decision-making process as a result of psychological factors, and they display much bias to dividend. The result indicates that investors have an inclination for the cash dividend, in particular, for the continual cash dividend, and that they ignore the effect of non-cash dividend.

参考文献/References:

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备注/Memo

备注/Memo:
收稿日期:2006-03-28
作者简介:向　锐(1973-),男,重庆奉节人,经济学博士研究生。
更新日期/Last Update: 2006-09-20