Positive Research On Signal Delivering Effect Of Dividend Policy Of Listed Companies In Shanghai Stock Market

Nowadays, information permeated in every aspect of people's lives. Stock price is the result of the cross-action of various kinds of information, and the dividend policy is one of them. Because of the commonness of asymmetric information, company managers try to deliver the insider information which they know, and the investors manager to analyze the company's true value through the dividend policy. Therefore, during the formation and development process of the theories of modern dividend policy, nearly all the scholarship approach launched is about the information of dividend.This paper exploits the signal delivering effect of the dividend policy of the listed companies based on the approach of western theories of the dividend during the transformation of our economic system using empirical approach method. As the beginning, the paper looks back the fruits on signal delivering effect of the dividend policy, including foreign literatures and domestic literatures. On this base, this paper concludes which the means, models, conclusion domestic scholar have used and got on this part. Then paper bright hypothesis forwards. First part is to test which types of signal will be transferred with the announcement of all kinds of dividend policy. Paper will use 60 samples from Shanghai Stock Market as four groups to test first hypothesis by One-Sample T Test。The Second part is to test whether announcement of dividend policy will bright stock price fluctuating, and investors can got AR and CAR. Model used here is random coefficient regression model. To test the CAR of samples by One-Sample T Test can know announcement of dividend policy can make stock price fluctuate. And Independent-Samples T Test among four sample groups can test whether there is great difference among the mean difference of AR of four sample groups. WhetherΔβof four sample groups regressed by random coefficient regression model is equal to 0 or not is the next hypothesis to be test. Then paper will analyze the factors making announcement of dividend policy bright stock price fluctuating. The end of paper will summarize the defect of this positive.