Research On The Dividend Policy Of The Listed Company In Small-and-Middle-Sized Enterprises Board

Dividend policy is one of the three hard cores in Finance activities of Modern Corporate; it's the connection between investors and companies. Through the formulation and implement of the dividend policy, investors can acquire the potential information of the listed companies besides certain returns on investment. Investors could make use of this information in order to improve their investment tactic. Therefore, research on the dividend policy of the listed companies does have important theoretic and practical significance.Research on the dividend policy has a long history in the west. Many scholars did research on dividend policy with signaling hypothesis. In our country, scholars began theirs research on this area from 90's last century. They considered the situation of our country during the research, and the conclusions are fruitful. This paper begins with dividend policy of the listed company, bases on the signaling hypothesis, and selects a new board in our stock market which named Small-and-Middle-Sized Enterprises Board to be the research sample, then analyzes its stock transactions data in order to verify the signaling hypothesis in this board. This paper is divided into five parts below:The first part is foreword which introduces the background and significance of the research, the innovation spots, the thinking and the framework of this paper. The second part defines several correlative conceptions of dividend policy, then selects the signaling hypothesis to be the research elements and reviews great deal of literature on the theoretical study and empirical analysis both in domestic and abroad. The third part is qualitative and partial quantitative analysis in the present situation of the dividend policy in Small-and-Middle-Sized Enterprises Board, the purpose is to discover the problems in it and what the reason are; The fourth part is the empirical part, through which we get some meaningful conclusions, they are as follows: first, the cash dividends do transfer some information to the market; second, different cash dividend policy can lead to different market reactions and in the case of the cash dividend decrease, the market reactions are influenced by the change of the earnings; third, accumulation fund turning to increase subscribed capital is more popular than pure cash dividend. The last part is conclusions and suggestions; this part is based on the forward study, generalizes all the conclusions acquired in this paper; next, this part gives some suggestions such as treating their dividend policy reasoningly and making it suitable for their development .The aim is to direct listed companies to formulate their dividend policy and make theirs corporate governance much better.