| 事件窗口 | 股利支付组 | 股利不支付组 | CAR差值的t值检验 | ||
| AAR(%) | CAR(%) | AAR(%) | CAR(%) | 支付——不支付 | |
| T=-5 | 0.0201 | 0.0201 | -0.0016 | -0.0016 | |
| T=-4 | 0.0081 | 0.0282 | 0.018 | 0.0162 | |
| T=-3 | 0.0096 | 0.0378 | 0.0049 | 0.0211 | |
| T=-2 | -0.0096 | 0.0282 | 0.0149 | 0.0360 | |
| T=-1 | 0.0241 | 0.0523 | 0.0156 | 0.0516 | |
| T=0 | 0.0057 | 0.0580 | 0.0077 | 0.0593 | |
| T=1 | 0.0345 | 0.0925 | 0.0560 | 0.0560 | |
| T=2 | 0.0017 | 0.0942 | 0.0076 | 0.0636 | |
| T=3 | -0.0225 | 0.0718 | 0.0076 | 0.0712 | |
| T=4 | 0.0152 | 0.0870 | -0.0059 | 0.0653 | |
| T=5 | -0.0236 | 0.0634 | -0.0083 | 0.0570 | |




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