股利信号理论

股利信号理论及其在我国的研究现状

Dividend Signal Theory and its Study in China

西方股利信号理论认为，上市公司股利政策能引起股价的波动，具有向市场传递信号的作用，稳定的股利政策具有向市场传递公司经营良好的信息。

According the signaling hypothesis theory , dividend policy can carry the messages of company to the market .

股利信号传递理论是解释股利政策的主流理论之一，该理论认为股利能有效传递公司发展前景的信息。

Signaling theory is one of the main theories of the nature of dividend policy , which holds that dividend can signal corporation 's future earning level to investors effectively .

本文结合信息不对称理论、股利信号传递理论、基金谨慎人原则，现实中上市公司股利政策变化和基金投资风格的变化及前人的研究，提出基金持股与股利政策关系的四个相关假设。

Based on the Asymmetry Information Theory , Signal Transfer Theory of Dividend ," Prudent man " Rule , changes of institutional investment styles and dividend policy of listed company and previous studies , four relative hypotheses are put forward .

随后借助MM理论、股利代理理论、股利信号理论和股东积极主义思想对机构投资者和股利政策之间的关系进行了分析，通过已有文献对国内外学者的研究成果进行了回顾。

Subsequently we analyzed the relationship between institutional investors and dividend policy within the MM theory , dividends agency theory ; dividends signal theory and the idea of " shareholder activism " . Then we get a comment combing through the research results on domestic and foreign literature .

第三章西方股利理论对高派现行为的解释本部分主要从股利信号传递理论、代理成本理论、一鸟在手理论、追随者效应理论等西方股利理论的角度来对高派现行为进行解释。

The third chapter used the western dividend theories to explain this problem , such as signaling hypothesis , Agency Cost Hypothesis , Bird-in-the-hand Theory , Clientele Effect .

研究结果表明现金股利的增加或减少受当期利润的增加或减少的影响较大，而不支持股利信号理论，即股利的变化并不意味着未来盈利的变化。

The conclusion shows that cash dividend was influenced by the future earning evidently , and can 't testify the signal theory .

本文从西方股利理论入手，介绍了由传统学派到现代学派的发展，并详细地阐述了股利信号传递理论。

This paper begins with western dividend theory , introduce the development from original school to modern school , and particularly explain dividend signaling hypothesis .

股利停发是公司股利政策的一种从有到无的质的变化，按照股利政策的信号传递理论，这种变化能向投资者传递信息。

Dividend omissions is a qualified change of the company 's dividend policy . According to the signal theory , this kind of change can provide the investors with some information .

上市公司能否通过制定合适的股利政策，达到提高公司价值的目的？本文利用深市上市公司2001年度与2002年度分红派息数据，运用计量经济学方法，验证了股利的信号传递理论。

Using econometrical methods and listed companies ' dividend data of 2001-2002 from Shenzhen stock market , empirical analysis is fulfilled to testify the signaling theory .