An Analysis Of The Impact Of Different Types Of Dividend Policies On Market Effect In Financial Listing Corporation

Dividend is the shareholders’ interests from their enterprise’s profit which is distributed according to their own investment amount, the dividend policy refers to the enterprise to develop as the target, the stock price stability as the core, in the balance between the interests of the company’s internal and external related groups, on the basis of the net profit after the extraction of all kinds of provident fund allocation policy. Dividend policy is not only the company’s financing and investment activities of the logical continuation, but also the inevitable result of financial behavior, the appropriate dividend distribution policy can not only establish a good corporate image, but also to stimulate more investors to invest in the entire investment market to add more powerful vitality, and to provide more power for the development of enterprises. China’s securities market started relatively late, is currently in a big reform, there are many problems worth thinking and research, dividend policy is one of them. In real life, the listing Corporation ’s dividend policy is also varied, in some sense, some of the dividend policy really hurt the interests of the shareholders.China’s financial listing Corporation is a special plate, the plate of the listing Corporation has a lot large-cap shares and large amount of equity shares, which affect stock price volatility on the stock market or the capital market is extremely far-reaching, What’s more, this plate is much more favored by secondary market’s investors,whose investment decision is influenced by the dividend policy influence, and our country for this area is very poor, so this paper selects the financial listing Corporation as samples, different types of dividend policy as independent variables, researches the effects of different types of dividend policy on stock price volatility, which is a theory the very important significance and practical significance to China’s capital market.The paper sums up financial listing Corporation’s dividend policy from 2010 to 2014. Then the paper takes the listing Corporation’s dividend policy form 2012 to May 31, 2015 as sample and use the event study method to explore the effect of different types of dividend policy on stock price.The standard deviation(STDEV) of the abnormal return rate of the listing Corporation in the event window is used as an alternative index of the company’s stock price volatility, as the explanatory variable, the financial index of the listing Corporation as the explanatory variable, and constructs a multiple linear regression model, and the influence of the listing Corporation’s financial index on the volatility of the stock price is explored that the different types of dividend policies of listed financial stocks in China have significant impact on the stock price, the financial index of different types of dividend policy is not the same as the regression model of stock price volatility. Investors can through the financial listing Corporation dividend policy type to determine the multiple linear regression model, then through the observation of the relevant financial indicators to determine the relevant financial indicators of the listing Corporation’s stock price volatility, and finally according to their own risk preferences to decide whether to invest in the stock.