摘要
以2014年中国沪深两市A股上市公司为样本,实证分析了股票收益率波动与分红政策及财务绩效的相关性。研究表明,股利收益率与股票收益率波动存在显著的负相关性,而股利支付率与股票收益率波动不存在显著的相关性。对于分红的公司,财务绩效与股票收益率波动存在显著的相关性;而对于不分红的公司,财务绩效与股票收益率波动的相关性较弱。这表明提高股利收益率有助于降低股票收益率波动,而改变股利支付率并不能显著影响股票收益率波动。相较于不分红的公司,投资者对分红的公司基本面信息关注更多。
This article conducts an empirical analysis of the relationship among stock return volatility, dividend policy and financial performance with a sample of A-shares from Shanghai and Shenzhen Stock Exchange in 2014. The results show that there is a significant negative relationship between stock return volatility and divi- dend yield, but no significant relationship between stock return volatility and dividend payout ratio hsa been discovered. For companies with dividends, the relationship between stock return volatility and financial per- formance is significant, but for companies without dividends, the relationship between stock return volatility and financial performance is weak. It indicates that increasing dividend yield can reduce stock return volatility, but changing dividend payout ratio cannot have a significant influence on stock return volatility. Compared with companies without dividend, the investors pay more attention to the fundamental information of companies with dividends.
出处
《大连理工大学学报（社会科学版）》
CSSCI
2017年第2期52-58,共7页
Journal of Dalian University of Technology(Social Sciences)
基金
国家自然科学基金项目:"危机情景下公众风险感知的动态评价与调控策略研究"(71373250)
安徽省哲学社科基金项目:"皖江城市带协同发展评估研究"(12020503033)
关键词
股票收益率
分红政策
财务绩效
stock return
dividend policy
financial performance.
作者简介
李海东（1966-），女，山东汶上人，副教授，博士，主要从事会计与金融、可持续发展研究
张韩（1990-），男，湖北南漳人，中国科学技术大学管理学院硕士研究生，研究方向为风险管理，E-mail：zhydhcg@mail．ustc．edu．cn。
