文献类型：期刊文献

中文题名：分红政策与股票收益波动的关系

英文题名：The Relationship between Dividend Policy and Stock Return Volatility

作者：彭志胜[1,2];宋福铁[1]

机构：[1]华东理工大学商学院,上海200237;[2]安徽建筑大学管理学院,安徽合肥230601

年份：2014

卷号：32

期号：7

起止页码：34

中文期刊名：系统工程

外文期刊名：Systems Engineering

收录：CSTPCD;;北大核心:【北大核心2011】；CSSCI:【CSSCI2014_2016】；CSCD:【CSCD2013_2014】；

基金：国家自然科学基金资助项目(71371073);教育部人文社会科学研究项目(08JC790035);上海市教委科研创新项目(12ZS048)

语种：中文

中文关键词：分红政策;收益波动;股利收益率;股利支付率

外文关键词：Dividend Policy;;Returns Volatility;;Dividend Yield;;Payout Ratio

摘要：利用2007~2012年国际、国内面板数据,基于股票收益波动率与股利收益率(或股利支付率)及其二次项的关系,实证分析了股票收益波动与分红政策之间的关系。研究发现,现金分红与收益波动之间存在显著负相关关系,但这一关系存在临界水平(股利支付率约为46.62%)。这表明提高分红水平可降低市场波动,但对公司不加区分强制分红无助于降低市场波动。最后,区分不同行业、不同公司提出的差异性分红策略对监管者制订分红政策平抑股市波动、提高投资者回报、增强投资者保护具有借鉴意义。
This paper uses 2007-2012 international and domestic panel data to empirically analyze the relationship between stock return volatility and dividend policy,based on the relation among stock returns volatility,dividend yield( payout ratio) and quadratic term of dividend yield( payout ratio). We find that returns volatility is significantly negatively correlated with cash dividends. However,there is a critical level in this relationship( dividend payout ratio at about 46. 62%). The results indicate that increasing cash dividends can reduce market volatility,but it is helpless in reducing market volatility if companies are compulsorily required to pay large dividends indiscriminatingly. Finally,different policy recommendations according to different industries and companies are significant for regulators to make policy to stabilize the stock market fluctuations,increase the investor's returns and strengthen investor's protection.