The Empirical Research On The Market Effect Of Stock Dividend

In recent years, as our securities market in the rush of non-tradable share reform era, the full circulation gradually entered,the market concept profiteering phenomenon has became a trend. In high speed development, as a result of the irrational caused by asymmetric information, including the phenomenon is spreads, high dividend-paying behavior is popular in the market one of the concepts. In a research report of HUATAI United securities, high dividend-paying phenomena are interpreted as a kind of signal, it can be made by the financial position of the company and the management behavior speculate that and pay dividend, after the announcement of the market behavior of this signal to apathy, this paper response immediately to take this irrational market atmosphere, in China securities market with the high paying phenomenon of empirical research to test this irrational behavior of the significant, and the occurrence of such behavior the influence factors of the inference and interpretation.In this paper, firstly, we will introduce the research background, significance and the structure of the paper elaborates and planning, on the basis of the theoretical part this start, combining research purpose, theoretical overview is divided into four parts altogether respectively, the dividend theory, signal transmission theory, stock dividend theory and dividend to cater to the theory were introduced, and literature review of part mainly signals theory and dividend to cater to the domestic and foreign relevant empirical analysis of the theory of classified and summarized. Then, in the analysis theory and related literatures dividends, based on the basis of 2008,2009,the two years of stock dividend of samples, and act as the first sample group, to (-7,+7) time interval on the phenomenon of signal transmission of statistical test, on the basis of affect stock dividend distribution factors affecting the empirical analysis, and separately to the factors directional additional inspection and analysis of the special empirical results, through the analysis, further inspection directional seasoned investors would not affect stock dividend judgment, and constructs the regression model behavior inspection.Through the analysis and research results above, this paper summarized that Chinese stock dividend does not exist signaling phenomenon, this signal to the form of information asymmetry. Its main reflected in embodied in the signal is released, and appears before the market reaction after the announcement is not obvious, but instead the market for the analysis of the factors affecting the reaction can be seen in the importance of directional seasoned behavior, but only the directional seasoned behavior actually high dividends company dividends conduct explained, and cannot explain the existence of the company dividends behavior.This paper mainly explains the stock dividend behavior of the impact of markets, relative to the previous dividend policy related literatures, this paper mainly research object is stock dividend behavior, it and other dividends behavior have substaintial distinction, it is listed companies, the important means, the refinancing in relation to the company's long-term development; In addition, this paper first will influence the company directional seasoned actor as the factors into dividends.