中文摘要：

分红减少的价格反应及其包含的信息内容一直是研究热点，但已有研究没有考虑其他因素特别是市场形态差异对价格反应的影响。与既有研究不同，深入分析牛熊市的不同阶段和不同期限对分红减少的价格反应的影响。研究表明，市场形态差异确实对分红减少的负的价格反应产生显著影响，且牛市的影响大于熊市，牛（熊）市初期的影响大于后期，短牛（熊）市的影响大于长牛（熊）市。对上市公司选择分红减少的时机、平稳股价波动具有借鉴意义。

英文摘要：

Many studies focus on priee reaction of declining dividends and its information d, but existing studies ignored a probable influence of other factors ns. As different fl＇om existing studies, this paper deep analyses that of bull-bear market influence on price reaction of declining divid market conditions have a significant influenee on negative price g dividends, and market is greate the influence of hull market is greater titan short bull （bear） markel e to listing Corporali（m who will choose dividend reduction ally vying market different slages or different ends. The study verifies, sun＇oL, ndi ng of tile bear market, early period of bull is greater than long. It has special time and stabilize stock price.