财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2015年
5期
56-61
,共6页
农林板块%半强制性现金分红政策%Fama & MacBeth 时间序列横截面回归法
農林闆塊%半彊製性現金分紅政策%Fama & MacBeth 時間序列橫截麵迴歸法
농림판괴%반강제성현금분홍정책%Fama & MacBeth 시간서렬횡절면회귀법
Agricultural and forestry public companies%Semi-mandatory cash dividend poli-cy%Fama & MacBeth time series cross sectional regression method
运用 Fama & MacBeth 的时间序列横截面回归法,建立计量经济模型,在控制市场风险、公司市场规模和公司账面价值的条件下,分析了中国证监会推出一系列半强制现金分红政策对农林板块上市公司和投资者回报的影响。结果表明,农林板块上市公司在该类政策出台后进行现金分红,并没有出现显著的现金溢价效应,分红政策对投资者回报的影响不显著。
運用 Fama & MacBeth 的時間序列橫截麵迴歸法,建立計量經濟模型,在控製市場風險、公司市場規模和公司賬麵價值的條件下,分析瞭中國證鑑會推齣一繫列半彊製現金分紅政策對農林闆塊上市公司和投資者迴報的影響。結果錶明,農林闆塊上市公司在該類政策齣檯後進行現金分紅,併沒有齣現顯著的現金溢價效應,分紅政策對投資者迴報的影響不顯著。
운용 Fama & MacBeth 적시간서렬횡절면회귀법,건립계량경제모형,재공제시장풍험、공사시장규모화공사장면개치적조건하,분석료중국증감회추출일계렬반강제현금분홍정책대농림판괴상시공사화투자자회보적영향。결과표명,농림판괴상시공사재해류정책출태후진행현금분홍,병몰유출현현저적현금일개효응,분홍정책대투자자회보적영향불현저。
The paper uses the Fama & Macbeth time series cross sectional regression method to con-struct the econometric model.The influence on the agricultural and forestry public companies and return for investors from semi-mandatory cash dividend policies issued by China Securities Regulatory Commission is analyzed under the control of market risk,company market size and company book value.The result illus-trates the fact that the cash dividend by these companies after the policies does not bring significant cash premium effect,which means that the policies of semi-mandatory cash dividend does not influence the inves-tor's return significantly.