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Shareholder wealth effect of dividend policy: Empirical evidence from the Chinese securities market

Abstract

Based on the special separated equity management structure of the listed companies in China and using a sample of the listed companies with distributed dividend in 2003 and 2004, this paper tests the shareholder wealth effects of dividend policy in Chinese separated equity market. Results show that shareholders of non-circulating stock get a high return rate by cash dividends, and circulating shareholders obtain a high short-term return rate by stock dividends.

摘要

基于我国上市公司股权分置的特殊治理结构, 以2003–2004年所有分配股利的上市公司为样本, 实证检验我国上市公司股利政策的股东财富效应, 发现: 分配现金股利使非流通股股东实现高回报率, 而流通股股东获得股 票股利的较高短期收益率。

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Correspondence to Yi Yanxin.

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Translated from Nankai Guanli Pinglun 南开管理评论 (Nankai Business Review), 2006, 9(2): 4–10

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Yi, Y., Ke, D. & Zhang, X. Shareholder wealth effect of dividend policy: Empirical evidence from the Chinese securities market. Front. Bus. Res. China 1, 437–455 (2007). https://doi.org/10.1007/s11782-007-0026-8

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  • DOI: https://doi.org/10.1007/s11782-007-0026-8

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