股利政策与股价波动:来自越南工业企业的经验证据

Man Minh Cao
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摘要

本研究以新兴国家越南为研究对象,运用相关分析及基于普通最小二乘模型和稳健模型的线性回归,探讨股价波动与股利政策两个关键特征——股利收益率和派息率之间的关系。该研究的样本包括67家工业公司,这些公司在2015年至2019年的5年期间在胡志明证券交易所公开上市。最初的回归模型结合了一些控制变量,如规模、债务、增长和收益波动。实证结果表明,股利政策的两个关键特征——股利收益率和股利支付率与股价波动呈显著负相关。此外,股价波动与盈余波动之间存在正相关关系。增长、规模和债务这三个因素对公司股价变化的影响微不足道。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
DIVIDEND POLICY AND SHARE PRICE VOLATILITY: EMPIRICAL EVIDENCE FROM INDUSTRIAL COMPANIES IN VIETNAM
This study investigates the relationship between share price volatility and two key features of dividend policy, dividend yield and payout ratio, in the emerging country of Vietnam by applying correlation analysis and linear regressions based on Ordinary Least Square model and robust model. The sample of the research included 67 industrial companies, which are listed publicly on the Ho Chi Minh Stock Exchange in the 5-year period, starting from 2015 to 2019. The original regression model was combined with some control variables like size, debt, growth and earning volatility. The empirical outcomes show that two key features of dividend policy, dividend yield and dividend payout ratio, and share price volatility were significantly negatively correlated. Moreover, a positive correlation between share price volatility and earning volatility was found. Growth, size and debt are three factors that had negligible impact on changes in a firm’s share prices.
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