中文摘要：

本文采用累计分红融资比指标从长期视角测度分红回报,考察累计分红回报较高的上市公司其市场价值是否显著异于其他公司,并检验中国投资者的短期价格投机与长期价值投资的行为倾向。研究发现：累积分红回报较高的上市公司其市场价值显著较高,表明中国投资者重视长期价值投资;股改前后分红回报均对公司价值有显著的非线性影响,股改前二者间是倒U型关系,之后则为J型关系,股改改变了分红回报与公司价值的关系;分红政策调整同样改变了分红回报对公司价值的影响,政策调整后分红回报对公司价值的影响更大。

英文摘要：

This paper proposes and uses an indicator- the ratio of the cumulative dividends to the cumulative amount of financing to measure the long term dividend returns,then investigates whether the firm value of higher cumulative dividends is significantly different from other companies and testes that the investment behavior of Chinese investors is short- term speculation or long- term value investment. The study finds that more cumulative dividends a company shares,the higher market value it has,which indicates that Chinese investors appreciate value investment. Further,our study shows that dividend returns always have significantly non- linear effect on the firm value no matter the reform happened or not. To be specific,before the reform it is inverted U- shaped relationship between dividend returns and the firm value,whether after the reform it is J- shaped relationship,in other words,the reform has changed the relationship between dividend returns and the firm value. Dividend policy adjustment also has changed the effect of the dividend returns on the value of the company,after which it has a greater impact on the firm value.