本文以2007-2015年上海证券交易所和深圳证券交易所制造业全部A股为研究对象,对股利政策对股票价格的影响进行统计分析和实证检验.结果发现:样本公司之间的资本利得、股票回报率差别较大;股利政策的影响因素中,每股现金股利、资本利得、股票回报率和所有制结构对股票价格有显著的正面影响;而现金股利分配率对股票价格有显著的负面影响影响.%Taking listed companies in Shanghai and Shenzhen stock exchange from 2007 to 2015 in manufacturing all A shares as the research object, this paper makes a descriptive statistical analysis, correlation analysis and regression analysis on the influence of dividend policy on stock price from using the sample data. The results showed that the capital gains, stock returns of the sample firms are different;about the factors that influencing the dividend policy, the cash dividend per share, capital gains, stock returns and the ownership structure has a significant positive impact on the stock price;and the cash dividend rate has a significant negative impact on the stock price effect.
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