Correlative Study On Our Companies' Cash Dividend Policy And Investment' Value

Firstly,this dissertation discuss Hesperian interrelated theory,model and positive study founded on MM theory about dividend policy and company value. As well as my country all kinds of theory,model and positive study about these. And on the found of the bonus discount model ,this dissertation try to seek the company's value from its cash dividend policy. It is the company's value that is the corn of the company.Secondly,this dissertation makes up 827 companies as all sorts of swatch from Shanghai securities. We adopt the method of data proof-test to compute the yield. And we compare its yield rate with various rate of integrated index fluctuant. As result,it is proved that the swatch of higher dividend rate and the swatch of continuous as well as higher dividend rate can exceed other swatch. The largest contribute is the dividend rate. From above we can conclude that you can acquire yield from the companies'cash dividend policy. Then which information we will get from the company's cash dividend policy. This dissertation applies sign proof-test,F proof-test,T proof-test,regression analysis,Cumulative Abnormal Return (CAR),pertinence analysis to analyze cash dividend signaling effect. The consequence points out the factors which influence the company's cash policy dividend are important to the company, including the ability of payoff,of development,of stability dividend policy and of the market recognizing for the company. The investor may get important information to invest accurately.Though data proof-test and positive study all prove we may acquire investment value from the companies which adopt cash dividend policy. At the same time,we can gain yield from it. But how does the investor do with the dividend policy. This dissertation applies the investigative questionnaire on the internet. 547 investors are investigated. The result indicates the investors are short of the right invest thinking. And there is much of shorter in our capital market,our supervisor should advert them.Now this dissertation considers the company Foshan Electrical and Lighting as typical case. From the case,I account yield from its cash dividend policy. And I analyze the information that the policy passes. Other companies will get information about how to form steady relation between the company and the investor.Finally,the Dissertation provides some suggestions on regulating listed companies'dividend policy in China.