摘要：现阶段，我国股票市场仍处于半成熟状态，研究股利政策对股价的影响，有助于上市企业良性快速发展，中国证券市场机制的更快成熟完善。本文通过实证研究，针对创业板企业在股利宣告日前后股价变动的异常收益率进行了数据建模，论证分析了股利政策对股价的影响，发现中国证券市场下的两者关系与国外完全相反，我国股票股利分配方式对于股价有正相关作用，而现金股利分配方式对于股价升降产生负相关作用。而相关建议的提出则能够规范我国针对于股利政策制定的相关制度，有效的提高我国市场的有效性，促使企业规模的良性扩张，促进我国证券市场的健康长足发展。69904

毕业论文关键词：股利政策；股价；事件研究法；累计超额收益率

An empirical study on the influence of the pidend policy of the Chinese listing Corporation on the stock price

ABSTRACT：At this stage, China's stock market is still in the state of semi mature, to study the impact of pidend policy on stock price, in listed companies healthy and rapid development, China securities market mechanism is faster to mature and perfect. This paper through empirical study, using event study method and data model for GEM companies pidend declared price changes in the days before and after the excess return rates argumentation analysis of the influence of pidend policy on stock price, found that China's securities markets and the relationship with foreign exactly the opposite, our country stock pidend distribution for the stock price has positive influence, and cash pidend distribution for the stock price movements produce negative influence.And suggestion is put forward to standardize the needle for pidend policy system, effectively improve the effectiveness of China's market, promote the healthy expansion of enterprise scale, promote the rapid development of our securities market healthy.

Key Words: pidend policy;share price;  event study methodology;  Cumulative Abnormal Return

目    录

    摘要 I

ABSTRACT II

目    录 III

一、 绪论 1

（一）研究背景及目的 1

（二）研究意义 1

（三）论文研究方法与框架结构 2

二、国内外文献综述 3

（一）国外研究成果 3

（二）国内研究成果 3

三、股利政策对股价影响的理论分析 5

（一）股利政策 5

（二）股票价格 6

（三）股利政策对股价影响的基础理论分析 6

四、创业板股利政策对股价影响的实证研究 8

（一）创业板的界定和上市条件 8

（二）创业板股利的分配现状 8

（三）实证研究的研究设计 9

（四）实证分析 10

五、结论和建议 16

（一）研究结论 16

（二）政策建议 16

参考文献 18

一、绪论

    （一）研究背景及目的