中国A股市场与股民的投资行为——基于1990—2010年上市公司分红的实证分析

摘要

中国A股市场行情与宏观经济形势走向不相吻合，出现大起大落的起伏现象。影响股市波动的因素有很多，分红政策作为重要因素之一，对稳定股市行情和正确引导股民投资行为起着重要作用。完善的分红制度，有利于培养投资者的投资信心，使长期持有的投资预期替代目前短期赚取差价的投机行为，使股民的收益与宏观经济相挂钩，真正凸显分红机制的核心地位，成为维护A股市场稳定的一个关键因素。%China＇ s Astock market quotation does not correspond to the macroeconomic situation and fluctuates drastically. Among the many influential factors, bonus rules prove to be a major one in that they play an important role in both stabilizing the stock market quotation and guiding investors＇ investment behavior. Wellestablished bonus rules are beneficial for strengthening investors＇ confidence, replacing the current shortterm speculation behavior aiming at a profit margin for buyandhold investment anticipation, hooking up investors＇ earn with macroeconomy The core role of the shareout bonus system should therefore be highlighted, making it a key factor in maintaining the Astock market＇s stability