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分红减少的价格反应及其包含的信息内容一直是研究热点,但已有研究没有考虑其他因素特别是市场形态差异对价格反应的影响。与既有研究不同,深入分析牛熊市的不同阶段和不同期限对分红减少的价格反应的影响。研究表明,市场形态差异确实对分红减少的负的价格反应产生显著影响,且牛市的影响大于熊市,牛(熊)市初期的影响大于后期,短牛(熊)市的影响大于长牛(熊)市。对上市公司选择分红减少的时机、平稳股价波动具有借鉴意义。
The price response of dividend reduction and the content of the information it contains have always been the research hotspots. However, previous researches did not consider the influence of other factors, especially the market morphological differences on the price response. Different from the existing researches, this paper deeply analyzes the impact of different stages and different periods of the CBBC on the price response of the dividend reduction. The research shows that the market pattern does have a significant impact on the negative price response of the decrease in dividend payout, and the impact of the bull market is greater than that of the bear market. The initial impact of the bull market is greater than that of the late stage. The impact of the short- )city. It is of significance to stabilize the fluctuation of stock prices when the listed companies choose to reduce the dividend.