中文摘要：

本文以2009～2015年在沪深两市上市的A股公司作为研究样本，实证检验半强制分红政策颁布以后上市公司的现金分红对投资者长期股票投资收益的影响。研究发现，上市公司根据自身现金流和投资机会而主动现金分红与投资者长期股票投资超额收益呈显著的正相关关系，但为了获取再融资资格而被动现金分红与投资者长期股票投资超额收益的相关性不显著，并且被动分红本身还会给投资者长期股票投资超额收益带来负向影响。因此，应构建良好的法律制度和公司内部治理机制，来约束上市公司基于股东利益最大化的原则主动实施合理的现金股利政策。

英文摘要：

This paper takes A-share companies listed in Shanghai and Shenzhen stock markets in 2009-2015 as research samples to test the effect of cash dividend paid by listed companies after the semi-mandatory dividend policy. The results show that cash dividends offered by listed companies in return for investors are positively correlated with excessive returns of investors＇ long-term stock investment. However, the correlation of passive dividend for refinancing and long-term stock investment excessive return was not significant. And the passive dividend itself will also reduce investors＇ long-term excessive return on equity investment. Therefore, we should build a sound legal system and internal corporate governance mechanism to constrain the listed companies to take the initiative to implement a reasonable cash dividend policy on the basis of maximizing the interests of the shareholders.