A Research On Cash Dividend Policy Of Listed Companies Based On The Signaling Theory

As one of the three pillars of corporate finance theory's dividend policy, the company financing and investment activities, the logical continuation of financial behavior is the inevitable result of the company. Reasonable dividend policy, on the one hand can provide low-cost sources of funding, on the other hand to establish a good corporate image and attract potential investors and creditors, investors, the company continued to arouse the enthusiasm of investors for the company creating long-term and stable development conditions and opportunities. At present, China's stock market, the cash dividend is an effective signaling mechanism? Recent years, many scholars of the cash dividend policy of listed companies in the role of information transfer has been studied, most of them from before and after the stock dividend declared abnormal returns will be point of view, obtained the cash dividend policy of listed companies have a role in signaling the conclusion, however, the cash dividend policy for the transfer of the information is true and what information is valid and has not passed a consensus.Given this background, this paper focus on two aspects of theory and empirical cash dividend policies of listed companies to start elaboration and argumentation. First of all, this theory from the start of cash dividend, fully absorbed in the results of previous studies were summarized and its induction, it is concluded that revelation, as the basis for empirical study below; Secondly, our cash dividend policy of listed companies summarized the current situation; Third, Cash Dividend policy test the authenticity of information transfer from the empirical level, in-depth study concluded that: the cash dividend policy changes and future profitability nothing to do with the level of cash dividends can be passed to the outside world a listing the profitability of the company change the past and the current capacity and operating status information. Finally this chapter the key findings in the previous chapter basis, further summarized, summarized the role of signal transduction to enhance and improve our cash dividend policy of listed companies in the proposal.