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gao fen hong gao zeng chang lv zao leng yu jiu jing wei he ji yu gui zhou mao tai gu li fen pei de an li
Author(s): 
Pages: 94-97
Year: Issue:  31
Journal: Finance and Accounting Monthly

Keyword:  茅台酒公司高分红高增长超额收益率;
Abstract: 贵州茅台是国内不多见的坚持多年不仅派现而且高派现的绩优上市公司。但本文对贵州茅台历年股利分配事件研究后发现,贵州茅台的高派现并未受到市场的热捧,而其股利的高增长还引起了公司股价显著为负的累计超额收益。通过对这一异常现象的分析发现,A股最慷慨的分红大户——贵州茅台历年平均分红水平实际上并不高,而其股利支付水平也不稳定,加之其主要投资者更看重资本利得而非股利收益等原因导致了这一分红异常效应。
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