An Empirical Study On The Impact Of Dividend Policy Of Chinese Textiles And Garment Listed Companies On The Stock Price

Dividend policy is one of the three major activities of modern corporate finance management and has long been closely followed by management and investors.At the management level,they mainly consider the future development needs of the company and look forward to more profits to stay in the enterprise.When faced with opportunities,they are cheaper and do not need to look at others' faces.However,shareholders do not think so.On the one hand,some shareholders rely on dividends to receive income.On the other hand,dividend policy is regarded as a signaling to the outside world to disclose the internal operating conditions of the company.In the future,the company's development trend will be conveyed to the internal Value signals,investors and as part of the purchase or sale of stock reference for reference.Therefore,the dividend policy is not something management can do whatever it wants.In the aspect of dividend distribution,excellent listed companies can meet the development needs of the company and at the same time meet the expected interests of the shareholders so as to make due contributions to the long-term value of the company so as to maximize the overall value of the company.Textile and garment industry,is an overall slow development of the traditional industries,has gone through the golden age.At present,the industry generally develops sluggishness with limited growth and lacks the necessary market capitalization management.In particular,the dividend policy has never been taken seriously.When a company issues dividends,what types of dividends to send,and how much to send,there has been a lack of clear guidance.Dividend policies are often intermittent and lacking a clear plan.However,the dividend policy is a bridge between listed companies and investors.The distribution of specific interests is related to the interests of investment and the interests of the enterprises themselves.If higher cash dividends are paid,the interests of some shareholders will be met and the stock price will rise.However,this may lead to the lack of the necessary funds when enterprises encounter suitable proects,which will affect the future and development of the enterprises.If,in turn,the company does not issue cash dividends,it guarantees the possibility of corruption despite its well-funded capital.It often sends out wrong signals to mislead investors that its business may be badly managed and the share price may fall sharply.Therefore,the textile and garment industry listed company for the company dividend policy formulation,related to the company's stock price,but also affect the company's future development.This article includes a total of six sections.The first part is the introduction,which mainly introduces the background and significance of the topic selection,and defines the framework of essay writing.Finally,it also mentions the innovation and inadequacies of the essay.The second part is related literature review.This paper summarizes the related research results and literature about dividend distribution policy and stock price both at home and abroad,summarizes the actuality of capital market in our country,and focuses on the signal transmission effect of our country's researchers on the dividend policy.The third part is based on the relevant theoretical analysis.It introduces the related concepts,expounds the limiting factors of dividend policy and the influencing factors of stock price,and emphatically introduces the traditional theory and modern theory of dividend policy.The fourth part is to introduce the current situation of dividend distribution of China's textile and apparel industry listed companies,through descriptive statistics,analysis of the current situation,show the trend.The fifth part is the empirical research on the impact of dividend policy on stock price.First introduce the empirical design,including research assumptions,research methods,the establishment of the model and the sample and other matters.And carries out descriptive analysis and T-test on the performance of dividend distribution policies under different dividend policy,and finally draws a conclusion.The sixth part is the suggestion and the insufficiency,puts forward the related suggestion to the textile and apparel industry listed company,and sums up the shortcoming of this article.By using the method of event research,this paper chooses the sample data from 2012 to 2016 and makes a research.It concludes that for listed companies in the textile and apparel industry,investors prefer stock dividends rather than cash dividends,while for mixed dividend holders,Attitude characteristics.In addition,dividend policy has been drawn,especially the date of the announcement,the stock price has a significant anomalous impact.