澳洲代写价格:股票股利

澳洲代写价格:股票股利

本文将在部分实证研究的基础上,对上市公司股票价格与股利政策的关系进行研究。在经济情景的背景下,一些金融投资者和专家对公司所遵循的股利政策表示关注。分红政策是最具争议的话题之一。它可以从一些不同的方面进行评估,其中有一些误解。这就要求对股票价格与股利政策之间的关系进行评估,以实现股东财富最大化。这篇文献综述将评估先前的研究人员的主要发现,他们使用了一些模型和理论来研究这种关系。实证数据来自中国和世界其他国家的研究人员。陈晓、陈晓悦和倪凡(1998)研究了1996年以前首次分配股利的上市公司。基于信号理论,他们认为由于初始股利公告引起的市场反应集中在[-2,+3]。

澳洲代写价格:股票股利

此外,他们还发现与股票股利和混合股利相比,现金股利在市场上不太受欢迎。魏刚(1998)利用上市公司在1998年4月30日之前发布的股利分配公告作为研究对象,采用事件研究的方法。他们的研究结果与陈晓、陈晓月和倪凡(1998)的研究结果一致:两项研究都得出结论:市场更倾向于股票红利而非现金股利。此外,魏刚比较分析了市场对上市公司分配股利的反应,公司是否解释了不按年度报告等信息发放股利的原因。根据魏教授的研究,不分配股利的决定会让投资者失望。此外,市场还对上市公司未能派发股息没有给出任何理由感到失望,这将导致反向异常回报。

澳洲代写价格:股票股利

This literature review will be examining the relationship between stock price and dividend policy for companies having listed under the Stock Exchange, based on part empirical researches. In context with economic scenario, a number of financial investors and experts show concern towards the dividend policy followed by the companies. Policy of dividend payment is among the most debatable topic. It can be evaluated from a number of different aspects where there are some misunderstandings. This requires an evaluation between the relationship between stock price and dividend policy for maximizing the wealth of shareholder. This literature review will be evaluating the key findings of previous researchers who performed by the use of a number of models and theories for an investigaton of this relationship. The empirical data has been collected from researchers of China and other countries across the globe.Chen Xiao, Chen Xiaoyue and Ni Fan (1998) studied companies listed before 1996 which have distributed their dividend for the first time. Based on signaling theory, they believed that the response of market due to initial dividend announcement is concentrated in [-2, +3].

澳洲代写价格:股票股利
In addition, they also found out that compared to stock dividend and mix dividend, cash dividend is less popular in the market.Wei Gang (1998) use listed companies which have released their dividend distribution announcement before 30th April, 1998 as subjects of their research, and adopted the approach of event study. The result of their research is in line with that of Chen Xiao, Chen Xiaoyue and Ni Fan (1998): the two research both come to the conclusion that the market prefers stock dividend to cash dividend. In addition, Wei Gang compared and analyzed the market’s response to whether listed companies distribute their dividend, whether the companies explain the reason of not distribute dividend based on information such as annual report. According to Wei’s research, the decision of not distributing dividend will disappoint investors. In addition, the market is also disappointed at those listed companies that do not give any reasons after failing to distribute dividend, which will lead to reverse abnormal return.

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