Empirical Study On The Market Reaction Of Cash Dividend Policy Of Listed Corporation

With the rapid development and improvement of the stock market,the dividend policy has become the important content of affect the market reaction,the cash dividend as a dividend distribution modes,the mode of policy changes will quickly transfer to the stock market,and cause the stock price fluctuation,affect the listed company shareholder returns and so on cash dividend policy and implementation of the results for empirical research has important significance.Listed companies stock dividends and cash dividends and mixed dividend policy on the stock market has an important influence,different dividend policies,for ordinary investors,institutional investors of asset allocation,affect the investment value,different dividend policies of listed public Si Cunzai,development,and growth also has different market reaction.The system analysis the dividend policy at home and abroad and the market reacts to the relevant literature,describes the basic theory of dividend policy,including the form of payment of dividend and dividend policy types,efficient market theory,information transfer theory.On the basis of this,the influence of the cash dividend policy on the common investors and institutional investors is analyzed.In the empirical research papers in light of the nature of the dividend policy will be listed companies were divided into three groups,the pure cash dividend of listed companies for 594 and mixed dividend policy of listed companies for 175 and pure stock dividends of listed companies 68,a total of selected 837 listed companies as a sample,combined with the cash dividend payment of specific situation by the cumulative abnormal return method,through the changes of cash dividend announcement,and the cumulative abnormal return rate,use empirical test to analyze the market reaction on the cash dividend policy.Empirical results show that stock dividend policy is the most popular market,followed by mixed dividend policy,cash dividend policy due to the tax burden and other reasons,the market is relatively low degree of welcome.Stock market traders have higher expectations on the cash dividend,but the cash dividend policy does not meet the expectations of investors,resulting in the market reaction is relatively cool.For different cash dividend payment level,the market reaction has a significant difference,not all of the cash payments have the transfer effect.When the listing Corporation cash payment level is low,after deducting the bonus tax,the investor may obtain the cash is not enough to attract the investor,the market response is cool.