半强制现金分红政策对农林上市公司投资者回报的影响

摘要

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。%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.