An Empirical Research Of The Listed Corporation's Stock Dividend Effect Based On The Signaling Game

Dividend policy of the Listed Corporation is always concerned by the investors because the changes of dividend policy are always related to the gain and loss of them. But for the reason of the objective existence of information asymmetry(including the uncertainty of information transfer direction and the inequality of information content), so the company's management has a natural advantage of information relative to external investors and the external investors can get information about the company's actual operating conditions and profitability only by the way of the understanding of company's business decisions and financial indicators. In the study of western mature securities market, the academic circles generally believe that dividend policy has the signal transmission function, to a large extent,can show the company's management to the company's future development. Different from the Western securities market, the dividend policy of our country is restricted by the laws and regulations of the securities regulatory commission, and the “catering” characteristic is more obvious. Thus the authenticity and effectiveness of dividend policy signalization has been questioned to a great extent. However, in the existing research, the special research on the function of the stock dividend signalization is relatively few. Accordingly the research of this paper is to focus on this field. We choose the declarations of Chinese listed companies' stock dividends as the research object, and analysis of this declarations effectiveness to improve the problem of asymmetric information between management and investors. Finally this paper try to provide more reasonable guidance for investors to choose investment targets based on the research.The main contents of this paper are as follows: first, review the theory of stock dividend policy research and introduce the domestic and foreign literature on the declarations of the stock dividend. The above work lays a theoretical foundation for the research of this paper.Secondly, it discusses the dividend distribution policy and the related research situation and existing problems in our country, and the stock dividend policy is the key point and thefoothold of the research. In addition, the reasons for the limited role of stock dividend policy in the transfer of Listing Corporation operating conditions and development prospects are discussed, and taking the information asymmetry between investors, management and listing Corporation as the starting point, the adverse selection of investors is analyzed in the three part. Finally, the signal transmission game model is established, the separating equilibrium and pooling equilibrium, semi separating equilibrium among the three is to management and investors for both sides in the game of incomplete information dynamic game possible, so for the three equilibrium conditions and forms accordingly into category analysis. This article from the three aspects as the starting point, put forward the relevant research hypotheses and conclusions, and then through the empirical analysis of the hypothesis for further testing, and finally make a summary and put forward relevant policy recommendations.In the game analysis, we can see that, under certain conditions, the listing Corporation's stock dividend announcement can release and transmit the signal to the market. The empirical study of this paper also confirmed that the listing Corporation's stock dividend announcement behavior usually brings the abnormal fluctuation of the company's stock price, the performance of the first abnormal decline after the abnormal rise, and finally in the twenty-fourth days before and after the peace. This shows that the listing Corporation's stock dividend announcement behavior of the transfer of some information to help investors make a choice. At the same time, it is found that the main factors affecting the intensity of market fluctuation are the demand of refinancing, the proportion of the transfer, the value of the enterprise and the age of the company.The main innovation of this paper lies in the following aspects: first, in order to transfer the information asymmetry as assumptions signal is constructed transfer game model, and for stock market effect of dividend policy research methods, we choose comprehensive use the event study method and multiple linear regression analysis. The equilibrium of the model analysis showed that the stock dividend policy of listed companies to the relevant enterprises operating status information transfer certain effect, namely the transfer of information to convey the actual operating state of the enterprise. In order to ensure the statistics this conclusion was in accordance with the law, this paper has an empirical test verified thishypothesis. Second, this paper through the study found listed companies refinancing demand and stock dividend send turn is positively related to the percentage, and market reaction is positively related to the intensity, indicating that refinancing demand condition is listed companies to develop stock dividend distribution policy of the important influence factors,and market efficiency should be the strength of the important influence factors. Listing Corporation stock dividend behavior can pass the relevant information on the status of enterprise financing needs, and the attention of the investors.Compared with the existing related research, this paper is more concerned about the motivation and significance of the listing Corporation stock dividend policy. Game equilibrium results and empirical test showed that the listed company stock dividend policy can indeed enterprises of the actual operating conditions of the transmission of information,and it is helpful in the management of effective transfer of information about the company's future development prospects and it allows the company to get the effective financing convenience also helped to help investors to make investment decisions. Finally, the research of this paper try to make a good reference value for the development of more reasonable stock dividend policy and regulation.