China Non-financial Listed Companies Cash Dividend Policy Signal Empirical Study Of Transfer Effect

In the context of strong financial supervision,the China Securities Regulatory Commission has also issued a series of regulations to strengthen the supervision of the cash dividends of listed companies.For example,linking the cash dividends of listed companies to refinancing qualifications requires the listed companies to pay attention to cash dividends.The new supervisors have voiced their support for dividend-paying listed companies,and they have to deal with the "iron cock" that does not pay dividends.It is worth in-depth discussion on how the current state of cash dividends in the capital market is,whether there is a signal transmission effect and how investors have an attitude toward cash dividends.This article selects non-financial listed companies listed on the Shanghai and Shenzhen A-shares from 1997 to 2016 as the research object,and conducts empirical research on the signaling effects of cash dividend policy through the methods of statistical classification and event research,and finally concludes that China's non-financial The listed company's cash dividend policy has a signaling effect that not only reflects current business conditions but also reflects future business conditions.At the same time,the implementation of the semi-mandatory dividend policy has a positive effect on the signaling effect of the cash dividend policy.Market investment The author also recognizes the signaling effect of cash dividends.The study finds that the cash dividends of listed companies increase and the income of the next year increases.Conversely,cash dividends decrease and the income of the next year decreases.However,there is no strong positive correlation between the increase in dividends and the increase in future income;the income of listed companies increases.The cash dividends of the year increased.Conversely,the decrease in income reduced the cash dividends of the year.The greater the increase in income,the greater the increase in the dividends of listed companies in the current year.Conversely,the greater the decrease in income,the more the reduction in the dividends of listed companies in the current year.After the implementation of the semi-mandatory dividend policy,the cash dividend signalling function is more significant,and the cash dividend policy can convey more information;the cash dividends payment level will increase from the 6 days before the dividend issuance announcement to the 20 days after the dividend issuance announcement date;The company's stock can obtain a large cumulative excess return,and the listed company's stock with a reduced level of cash dividend payment can obtain a small cumulative excess return,and the cumulative excess return of the listed company's stock whose cash dividend payment level does not change can be obtained.Between the two.Based on the empirical analysis of this article,at the end of the paper,the listed company's management formulates the dividend policy and puts forward corresponding suggestions.It also provides investors with a new method for mining the company' s potential value.At the same time,it puts forward the direction that can be perfected for the regulatory authorities to formulate regulatory measures.