【摘要】：我國(guó)上市公司在進(jìn)行股利分配時(shí),大量采取高送轉(zhuǎn)的方式。本研究通過對(duì)578家上交所A股上市公司高送轉(zhuǎn)對(duì)盈利的信號(hào)效應(yīng)的分析,揭示了高送轉(zhuǎn)與公司盈利之間的關(guān)系。研究結(jié)果顯示,上市公司進(jìn)行高送轉(zhuǎn)對(duì)公司未來的盈利信號(hào)較弱,高送轉(zhuǎn)并不意味著未來盈利的高增長(zhǎng)。只有現(xiàn)金紅利增加的高送轉(zhuǎn)傳遞了上市公司未來業(yè)績(jī)良好的信號(hào),而現(xiàn)金紅利不變和現(xiàn)金紅利減少的高送轉(zhuǎn)不是未來盈利良好的信號(hào)。
[Abstract]:China's listed companies in the dividend distribution, a large number of high-return way. By analyzing the signal effect of 578 A-share listed companies on earnings, this study reveals the relationship between high transmission and earnings. Research results show that the listed companies to carry out a higher earnings signal for the future is weak, high transmission does not mean high future earnings growth. Only the higher transfer of cash dividend sends the signal of good future performance of listed company, while the high transmission of cash dividend and the decrease of cash dividend is not the signal of good future profit.
【作者單位】： 北京大學(xué)經(jīng)濟(jì)學(xué)院;北京大學(xué)軟件與微電子學(xué)院;北京大學(xué)光華天成博士后工作站;
【基金】：國(guó)家社科基金重點(diǎn)項(xiàng)目“我國(guó)中長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)與結(jié)構(gòu)變動(dòng)趨勢(shì)研究”(09AZD013)子課題“上市公司發(fā)展與經(jīng)濟(jì)增長(zhǎng)”
【分類號(hào)】：F832.5

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