上市公司高派现的动因及市场反应分析

Analysis of the Motivations for High Dividend Payouts of Listed Companies and Market Reactions

摘要: 随着我国资本市场的不断发展，证监会出台半强制分红政策，上市公司高派现行为明显上升。在此背景下，基于信号传递理论，本文以2017年和2020年异常高派现的江铃汽车为例，探析其行为动因，并采用事件研究法，测算江铃汽车在宣布分红后的异常收益率和累计异常收益率，其计算结果表明，江铃汽车2017年高派现的行为产生了良好的市场反应，但2020年高派现的行为则产生了十分消极的反应。

Abstract: With the continuous development of China’s capital market, the China Securities Regulatory Commission has introduced a semi-mandatory dividend policy, and the proportion of high dividends paid by listed companies has risen significantly. Against this background, based on the signal transmission theory, this paper takes Jiangling Motors, which had abnormally high dividend payouts in 2017 and 2020, as an example to explore its behavioral motivations. By using the event study method, it calculates the abnormal rate of return and the cumulative abnormal rate of return of Jiangling Motors after announcing dividends. The calculation results show that the high dividend payout behavior of Jiangling Motors in 2017 generated a good market response. However, the high dividend payout in 2020 generated a very negative response.