Empirical Study On Dividend Signal Transduction Within Listed Companies Of China

After carding Western theories of dividend policy, this paper test signal transduction dividend applicability in China by using the actual data in a way of quantitative analysis. This article uses the event methodology to conduct the empirical study, takes the object of study by 2002-2006 year's Shanghai stock market going on the market A stock's dividend assignment behavior, by the dividend plan announced that the date has the date as the event, and designated after dividend plan announcement the other day, each 30 days for the event window time, inspect our country"To be listed's"dividend policy whether do transmit the company to gain the information, as well as the dividend policy have what kind of market effect two aspect contents.The research conclusion indicated our country to be listed's dividend policy transmitted the information which the related company gained, the dividend change with the company has worked as time income change existence remarkable correlational dependence, but the future income change's relevance will not be remarkable; The dividend change affects the stock price/company value truly, the different dividend form affects differently to accumulation superior earnings (CAR), in dividend plan announcement the other day 10 days to latter 16 day of accumulation superior earnings with cash dividends change direction basic consistent, but after the dividend plan announced the other day, each in 10 days increased the capital stock with the stock dividends and the capital in cash extension the change direction to be different, in the event window time other time's accumulation superior earnings and the dividend change basic were not remarkable; The stock dividends and the capital in cash extension increases the capital stock form existence obvious vicariousness.