The Empirical Research On Dividend Policy Of Small And Medium-sized Listing Corporation Impact Share Price

Dividend policy is dividend distribution policies and strategies that about whether thecompany dividends and for how and when to dividends. It is about to that the shareholders’general meeting or the board of directors takes a more principled approach to all mattersrelated with dividend. It is one of the three basic links of listing Corporation financialactivities. Dividend policy will affect the future development of stock price volatility andlisting Corporation.In June2004, the plate of small and medium-sized enterprises officially opened in theShenzhen Stock Exchange. The number of small and medium-sized plate by listingCorporation reached701in December31,2012. From the initial8to701, the development ofsmall and medium-sized listing Corporation is rapid, which takes minor enterprises to lay theindispensable economic status in the economic development of our country’s economic status.Study on the relationship between the board of small and medium-sized listing Corporationdividend policy and stock price has important significance for the development of small andmedium-sized board listing Corporation in the stock market stable healthy.This paper first described the system basic theory research status at home and abroadlisting Corporation dividend policy dividend policy. Secondly, it is to analyze current situationand characteristics of dividend distribution on the listing Corporation of SME board. Next, Onthe basis of dividend distribution, the sample data during2010-2012, to analyst the data by usingExcel2010and SPSS17.0software analysis, In small and medium-sized plate of dividendpolicy has significant impact on the stock price, at the same time, the author found that therewere significant differences between dividend policy and the relationship between the stockand the motherboard and dividend policy and stock price. This research conclusion: investors ofsmall and medium-sized board are more welcome cash dividends, stock dividend and mixed dividendare not welcome, the investor dose not quite preference for stock dividends and mixeddividend; there is a positive correlation between cash dividend policy and stock price, butstock dividend policy and mixed dividend policy have negative effect on stock prices.