Research On Market Effect Of Listed Company's Dividend Policy

Dividend policy is one of core content of financial management in listed companies. On the one hand, It is the extension of financial and investment activities, on the other hand, appropriate dividend policy can set up good company reputation, arouse enthusiasm of many investor to continuous invest and acquire long and stable development opportunities and conditions. Probing the issue has profound theory and practical significance.With the development of securities market, there are more and more listed companies in our country and their dividend policies are very different. But by and large, they have not been regulated formally and very random. For these reasons, I select the issue to study. On the basis of probing many kinds of dividend policy theory, using the empirical research method to probe the market effect of dividend policy on stock price in list companies. Put out my own views and hope it available to decision making of dividend policy in listed companies and investor.The content of this study is been shown as follows:(1) Whether the dividend policy of our list companies effect the price of the stock market or not.(2) What kind of market effect has been caused by different dividend distribution modes?(3) How about the market effect of the dividend policy of different vocation. The study chooses 579-list companies with their dividend distribution of 2001year as specimen; adopt event study method to analyze the market effect of dividend policy. When probing into the market effect of different vocation's dividend policy, choose 330-list companies to analyze by vocation. The result shows:(1) The dividend policy of our list companies affects the price of stock market strongly. Accord with dividend relevant theory.(2) Different dividend distribution modes would cause different market effect.(3) The information of Industry, commerce and colligation list companies welcomed by stock market.At last, according to empirical result, I put out the advice on how to standard dividend distribution of listed companies.