China's Listed Companies Effect Analysis Of High Send-rotater

With the continuous development of China's securities market, dividend policy has been concerned by more and more theorists and practitioners.Together with the financing policies and investment policies, they constitute the three core elements of modern corporate finance. And the dividend policy is the continuation of the company's financing policies and investment policies.It is the inevitable result of corporate financial management. Do the listed companies get an appropriate dividend policy have a direct impact on the companies themselves, the majority of investors and China's capital market development.Compared with the foreign country's cash based dividend policy, the dividend policy of listed companies in China is very different.They have more diverse policies-a combination of send and transfer dividend, however some non-rational dividend policies such as no distribution, to send ultra-high-capacity dividend is also frequently arises in China's Securities Market.At present the domestic research of irrational policies like high send-rotate dividend is very few and fragmented, thus further research of the high send-ratate—one phenomenon of the non-cash dividend policies will help us get a better understanding the impact on the market of high send-rotate incident and market reaction to the incident.Firstly this article introduces the theory and present research situation of dividend policy at home and abroad; secondly describes the status of implementation of China's dividend policy as well as the phenomena of high send-rotate; then we use the method of event study to analysis of announcement effect of high send-rotate events plan to send and the Ex-dividend day market reaction .Finally, according to the empirical results we get conclusions of this article and corresponding policy recommendations are given from the angles of the investors, listed companies and the regulators.