Financial Analyst Journal, Volume 72, Issue 6, Fourth Quarter 2016

派息有什么作用？

作者：C. Mitchell Conover (University of Richmond)

Gerald R. Jensen (Creighton University)

Marc W. Simpson (University of Toledo)

摘要：本文通过评估派息股票的投资效益，发现了三点主要结论。首先，高派息股的风险最小，其年收益率比非派息股高1.5%。第二，以分红派息为目的的投资者其获益大小取决于投资风格。令人惊讶的是，投资于增长型股票和小盘股的收益更大，这些公司的股票通常被认为从再投资现金流中获益最多。第三，利用价值溢价进行多空管理的经理人应该把注意力放在非派息股票上，因为非派息的小盘价值型股票每月的回报率比非派息的小盘增长型股票高出1%。

What Difference Do Dividends Make?

C. Mitchell Conover (University of Richmond), Gerald R. Jensen (Creighton University), Marc W. Simpson (University of Toledo)

ABSTRACT

We evaluate the investment benefits of dividend-paying stocks and identify three major findings. First, high-dividend payers have the least risk yet return over 1.5% more per year than do nondividend payers. Second, the benefit of targeting dividend payers is conditional on investment style. Surprisingly, the benefit is largest for growth and small-cap stocks, the stocks of companies usually thought to benefit the most from reinvesting their cash flows. Third, long–short managers exploiting the value premium should focus on non-dividend-paying stocks as non-dividend-paying small-cap value stocks return 1% more per month than do non-dividend-paying small-cap growth stocks.

原文链接：

https://www.cfapubs.org/doi/pdf/10.2469/faj.v72.n6.1

翻译：秦秀婷