上海金融
上海金融
상해금융
Shanghai Finance
2008年
11期
35~39
,共null页
商业银行 竞争 股利分配 信号传递 关联影响
商業銀行 競爭 股利分配 信號傳遞 關聯影響
상업은행 경쟁 고리분배 신호전체 관련영향
Commercial Bank; Competition; Dividend Distribution; Contagion Effect; Correlation Effect
我国商业银行面临的竞争逐渐加剧。在这样的背景下,商业银行上市后,其股利分配具有非常强烈的信号传递效应,而且,商业银行的股利变动对其他银行的股价行为具有关联影响。另外,新上市银行的首次股利分配的时机选择可以表明银行质量的高低。为了争取在资本市场的竞争优势.我国商业银行上市后需要注重股利分配的信息传递效果,采取平稳的股利分配策略,新上市银行则需要尽快启动股利分配。
我國商業銀行麵臨的競爭逐漸加劇。在這樣的揹景下,商業銀行上市後,其股利分配具有非常彊烈的信號傳遞效應,而且,商業銀行的股利變動對其他銀行的股價行為具有關聯影響。另外,新上市銀行的首次股利分配的時機選擇可以錶明銀行質量的高低。為瞭爭取在資本市場的競爭優勢.我國商業銀行上市後需要註重股利分配的信息傳遞效果,採取平穩的股利分配策略,新上市銀行則需要儘快啟動股利分配。
아국상업은행면림적경쟁축점가극。재저양적배경하,상업은행상시후,기고리분배구유비상강렬적신호전체효응,이차,상업은행적고리변동대기타은행적고개행위구유관련영향。령외,신상시은행적수차고리분배적시궤선택가이표명은행질량적고저。위료쟁취재자본시장적경쟁우세.아국상업은행상시후수요주중고리분배적신식전체효과,채취평은적고리분배책략,신상시은행칙수요진쾌계동고리분배。
The competition among Chinese commercial banks grows increasingly fierce. Under this circumstance, the dividend policy of commercial banks after IPO would convey strong information. And changes in one bank's dividend level would affect other bank's stock price. Moreover, the timing of first dividend distribution is vital to newly listed commercial banks, and it reveals the quality of commercial banks. China's banks should weigh their dividend policy's effect, and announce stable dividend policy. For newly listed banks, setting up dividend policy should be the priority.