An Empirical Research About Signaling Hypothesis Of Dividend Policy Based On The Small And Medium-sized Enterprises Bard Under All-circulation

As all known.dividend policy is one of the core financial activities of listed companies.There are so many theories about dividend policy,and the signaling hypothesis is one of the most far-reaching ones. The signaling hypothesis suggests that,through adopting a reasonable dividend policy,the manager of the listed company can transmit the inner information to the outside shareholders and potential investors,especially in the condition of dissymmetry of information.And a high level of dividend payout can help the listed companies acquire funds from the bank at a lower cost.This hypothesis has been proved in the west,and the dividend policy really plays its role in signal transmission.However in China,it is not so effective as in the west due to the split share structure.But untill now.the split structure reform has been finished by five years.Without the effect of the split structure,can the dividend policy be used as a tool to send potential earning informations?The answer to this question can be used to evaluate the effectiveness of the split stucture reform,In order to answer this question,this paper chooses to do a research on the dividend policy of the SME(The small and medium-sized enterprises bard).After analysing the dividend data of the SME,we found that,after the split structure reform,the dividend policy has been used as a tool to send potential information partially.The effect is not so good as the west,because the results show that the unexpected cash dividend is not directly related to the changes of the future earnings.and on the other side,though the stock dividend has caused a obvious fluctuation of the stock price,it dosen’t transmit a signal that the company will develop rapidly.Some investors have a wrong understanding about the stock dividend.Through analysis of the related government policies, we think this phenomenon may have something to do with the increasingly stringent regulations of the cash dividend,which is developed by the China Securities Regulatory Commission((CSRC).In order to protect the interests of the small investors,the CSRC has carried out a regulation,which requires a clear proportion of the cash dividends.If the listed companies cannot meet the requires,the CSRC will cancel their qualifications of public offerings.So to retain qualified of public offering,the listed companies will pay dividends passively.So in conclusion,we think after the reforming of the split structure,the use of the dividend policy as a signal transmission has gradually caused the listed company’s attention,but it needs to be srtengthened in the future. And on the other hand,the investors should adjust their concept of investment to consummate the securities business of our country.