代写被抓：股利政策分析
Lyv Changjiang和Wang Kemin(1999)利用Lint模型，利用1998年中国上市公司实施股利政策的数据，分析股利政策相关因素对股市的影响。根据他们的研究，国有和法人持股比例越高，公司分红越少。此外，公司规模越大，股东权益比率越高，流动性越大。最后，在这种情况下，公司的股息支付水平会更高。李长青(2001)利用了1995年至1998年在上海和深圳证券交易所上市的公司的上市日期。通过对累积异常收益率、符号检验和回归检验的研究，剔除股权和股份分配的抽样数据，分析了股利政策的单项效应。
代写被抓：股利政策分析
根据李的研究，作为一个信号，股利政策可以引起上市公司股价的变化。然而，这不会影响公司的盈利能力。本文排除了股权和股权配置的可能性，发现股利政策的变化会导致股价的显著变化，这也意味着即使引入了股权和股权配置方案。不会妨碍投资者正确评估股利政策变化所传递的市场信息。本文的不足之处在于李长青没有考虑不同股利政策引起的不同市场反应。因此，李的论文没有区分股票股利、现金股利和现金股利和现金股利的混合。
代写被抓：股利政策分析
With the help of Lint Model, Lyv Changjiang and Wang Kemin (1999) made use of the data of Chinese listed companies implementing dividend policy in 1998 to analyze dividend policy related factors’ influence on stock market. According to their research, the larger holding ratio state-owned and legal person share are, the less dividend the company will distribute. In addition, the larger the company’s scale is, the higher and more mobile shareholders’ equity ratio will be. Finally, in such scenarios, the higher level the company’s dividend payment will be. Li Changqing (2001) made use of the date between 1995 and 1998 of those companies getting listed before 1995 in Shanghai and Shenzhen Stock Exchange. Through studying cumulative abnormal return rate, sign test and regression test, and after eliminating sampling data of into equity and allocation of shares, Li analyzed the singling effect of dividend policies.
代写被抓：股利政策分析
According to Li’s research, as a signal, dividend policy can cause change in stock price of listed companies. However, it will not affect the company’s profitability. This paper has ruled out into equity and allocation of shares, and found out that the change of dividend policy will lead to significant change in stock price, which also means that even though into equity and allocation of shares plans are introduced. It will not impede investors from correctly evaluating the market information conveyed by the change of dividend policies. The inefficiency of this paper lies in that Li Changqing did not take different market reactions caused by different dividend policies into consideration. Therefore, Li’s paper did not distinguish stock dividend, cash dividend and a mix of cash dividend and cash dividend.