【精品论文】高额现金股利分配的原因分析_基于沧州明珠的案例市场研究分析.pdfVIP

6 3 Vo l . 6 N o . 3 2009 3 Chinese J o ur nal o M anag ement M ar . 2009 ——基于沧州明珠的案例研究 王曼舒　齐寅峰 ( 南开大学商学院) : 运用案例研究方法, 从沧州明珠高额现金股 分配入手, 对我国一些上市公司高额 现金股 政策进行了深入剖析。研究发现, 从 润流和现金流角度分析, 沧州明珠均属于非理 性派现, 但派现后市场反应平淡, 既没有热捧, 也没有负面反应。公司派发高额现金股 根源在 于限售股股东放弃一些对于非限售股股东而言净现值大于零的项目, 从而发放高额现金股 , 达到加快回收其投入资金的目的。 : ; ; ; ; : C93 : A : 1672-884X( 2009) 03-0406-07 The Reasons Why Large Amount of Cash Dividends Distribution Occurred: A Case Study of CANGZHO MINGZH Corporation WA N G M anshu QI Y in eng ( N ankai U niversit y , T ianjin , China) Abstract: U sing case st udy o CA N GZ HOU M IN GZHU Corpo rat io n, the large amount o cash dividend policy o som e l ist ed co rpor ations were researched. It is ound t hat bot h r om angle o t he pr o it low and t he cash lo w , cash dividend pay ment o CA N GZHOU M IN GZ HU Corporat ion is irra- tio nal. But st ock markets response t o t he paym ent was no t intense, neit her catering nor neg ative reac- tio n. T he reasons w hy t he co rpor at ion dist ribut e l ar ge amount o cash dividends st ems ro m share- ho lders w it h limit ation in selling t he sto ck w ho or eit some projects w hose NPV is posit ive or t rad- able share and dist ribut e cash dividends t o realize t heir purpose o speeding up recycling t he unds t hat t hey hav e inv ested in t he cor porat ion . Key words: cash div idends; CA N GZHOU M IN GZH U ; cash lo w ; m ar ket response; model 18 , , : 2007 : 2004