Financial Analysts Journal· VOL72,NO.6· November/December 2016

股息产生什么价值？

作者：Te-Feng Chen (Hong Kong Polytechnic University), San-Lin Chung (National Taiwan University), Wei-Che Tsai (National Sun Yat-sen University)

摘要：我们评估了股息支付股票的投资收益并且确定了三个主要发现。首先，高股息支付股票的风险最小，然而其年回报率比不支付股息的股票多1.5%。第二，从股息支付股票中获利是以投资者的投资风格为前提。令人惊讶的是，成长股和小盘股的获利最大，这类公司的股票通常被认为从现金流再投资中获益最多。第三，利用价值溢价构建多空策略的管理者应该关注不支付股息的股票，因为不支付股息的小盘价值股每月回报率比不支付股息的小盘成长股多1%。

What Difference Do Dividends Make?

Te-Feng Chen (Hong Kong Polytechnic University), San-Lin Chung (National Taiwan University), Wei-Che Tsai (National Sun Yat-sen University)

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

翻译：赵胜旺