The Impact Of Dividend Policy On Stock Price

Dividend policy is the radical core in financial management of listed companies. The company operators transfer the business information to investors and attract them to increase further investment through reasonable dividend policy,thus listed companies can raise low-cost funds and investors also can through analyzing the information to choose the appropriate investment strategies. Therefore the study on the dividend policy has great practical significance to listed company and investors.In domestic and overseas areas studies on the marketing effect of dividend policy mainly object to the main board.However,after operating of the Small-and-Medium-sized,the listed companies has emphasized the return more than the main board. Therefore the article launches the research from the small and medium-sized board,the short-term and long-term market effect of different dividend policies are verified by the empirical analysis especially testing the Connotation of cash dividend policy aims at providing beneficial references to the investors and raisers in our Small-and-Medium-sized listed companies.This article includes six parts. The first part is the introduction,which mainly elaborated the background and significance of the study;The second part is the literature review which summarizes the literature at home and abroad on the relationship between dividend policy and stock price;The third part is to analyze current situation and characteristics of dividend distribution on the listing corporation of SME board thus further analysis of listed companies in this situation reasons and get the characteristics of the dividend policy of listed companies in SME board compared to main board.The forth part is the empirical studies of dividend policy affect stock prices of listed companies in SME board during short term.This part mainly adopts event study methods to verify the impact of dividend policies on stock price;The fifth part is the empirical study on the long-term effects,using panel data to run multiple linear regression in stock price under cash dividend and stock dividend;The last part is conclusion and suggestions which in three aspect to to promote the healthy development of small and medium-sized board market.