essay代写：股市交易研究
essay代写：股市交易研究
黄娟娟和沈一峰(2007)研究了1994年和2005年上海证券交易所和深圳证券交易所所有上市公司的数据。他们补充了上市公司股权结构的特点，该结构基于哈佛大学的贝克和纽约大学的沃格勒提出的股利迎合理论。他们排除了样本中数据缺失的公司，ST或PT上市公司，净资产为负的公司，上市时间不足一年的公司(截至2015年12月底)。根据他们的研究，在股权高度集中的上市公司中，管理者主要是为了迎合强势投资者的口味而制定股利政策，而忽视了小股东的偏好。他们的研究支持了股利迎合理论。根据这一理论，上市公司进行利益分配的原因是上市公司管理层在制定股利政策时会考虑改变投资者的需求。
essay代写：股市交易研究
何涛，陈秀月(2003)利用上海证券交易所和深圳证券交易所所有上市公司1995年和2001年的数据进行研究分析。他和陈对中国股票市场广泛存在的股票分配行为动机和共同储备资本化进行了实证研究。他们认为上市公司的股票分配会导致股票数量的增加和股票价格的下降，这与美国股票市场的股票分红和股票分割等类似。因此，他们检验了现有的“信号假说”和“流动性假说”是否也适用于中国市场。他们的研究结果表明，这两个假设不能很好地解释中国市场的股票分布和资本化行为。根据股票分配和资本化前后股价的变化，提出了“价格错觉假说”。
essay代写：股市交易研究
Huang Juanjuan and Shen Yifeng (2007) studied the data of all listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during 1994 and 2005. They added the characteristics of listed companies’ equity structure based on catering theory of dividend proposed by Baker from Harvard and Wurgler from New York University. They excluded from the sample those companies whose data is missing, ST or PT listed companies, companies with negative net assets, companies getting listed for less than one year (by the end of Dec., 2015). According to their research, in those listed companies with highly concentrated equity, managers mainly make dividend polices to cater for the taste of strong investors, while the preference of those minor shareholders are usually neglected. Their research supported catering theory of dividend. According to this theory, the reason why listed companies distribute their interest is that the management level of listed companies will consider changing the needs of investors while making dividend policies.
essay代写：股市交易研究
He Tao, Chen Xioyue (2003) used all listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange for research, analyzing their data during 1995 and 2001. He and Chen conduced empirical research on the behavior motive of stock distribution and capitalizing common reserves widely existing in Chinese stock market. They believe that listed company’s stock distribution will lead to the increase in number of stock and decrease in stock price, which is similar to stock dividend and stock split in American stock market etc.. Therefore, they examined whether the existing “signaling hypothesis” and “mobility hypothesis” are also suitable to Chinese market. The result of their research showed that these two hypotheses cannot well explain the stock distribution and capitalizing behavior in Chinese market. According to the change of stock price before and after stock distribution and capitalizing, their paper put forward the“price delusion hypothesis”.
