非现金股利的市场反应实证研究会计学专业论文.docxVIP

浙江大学硕士学位论文 浙江大学硕士学位论文 非现金股利的市场反应实证研究 Abstract Along with the rapid development of Chinese stock market，there are more and more discussions on dividend policy．However,there are relatively few empirical researches about non-cash dividends，SO this paper mainly focuses on the non·cash dividend and aims to discuss the market reaction to the non-cash dividend announcements and have a better understanding of such kind of events． After reviewing the related literatures，this work firstly analyzes the characteristics of operation performance and institutional ownership of the firms that conduct non-cash dividends．Secondly discuss the market reaction to the non-cash dividend announcements in the way of Event Study．Thirdly,based on the existing hypotheses，proposes some assumptions to discuss the factors which affect the market reaction to the non-cash dividends in the way of Regression．Finally proposes suggestions based on the empirical results． The main conclusions of this research are as follows： 1)No matter on which announcement date，the market reacts positively to the non—cash dividend events，especially when such events happen in a bull market； 2)Compared witll the industrial overall performance，the firms that implemented non-cash dividends performed well both in the pre-event and post—event period； 3)The largest post—event increase in institutional ownership occurs in firms that had lower institutional ownership before the event and the market reaction to such events are negatively related to the level of institutional ownership before the event； 41 The market reaction to such events are positively related to cash dividends along wim it，ROE，retained earnings per share and earnings realizations observed after previous event．These findings support the conclusion that the market is not all about noise but USeS various information，such as previous event experience，to interpret the information conveyed by cur