Research On The Influence Of Gree Dividend Policy On Stock Price

In developed capital market,cash dividend is the main way for listed companies to repay shareholders.With the development of China's capital market,cash dividend policy is becoming more and more important.In his speech in 2017,liu shiyu,chairman of the SFC,stressed that the need to constantly regulate the cash dividend distribution of listed companies should be repaid with tangible benefits.This paper takes cash dividend policy as the research object and adopts case study method to analyze the influence of cash dividend policy of gree electric appliances on the company's stock price.Firstly,the research background and research significance are summarized,and the research methods and framework of this paper are introduced.And then a brief introduction to the basic operation situation of gree electric appliances and the general situation of the dividend distribution since listing,analysis of gree electric appliances in the home appliance market position in the industry,and the whole cash dividends of the home appliance industry to do the contrast.Second life cycle theory,according to the dividend of gree electric appliances and Qingdao haier dividend distribution situation and the growth conditions were analyzed,and discover the dividend distribution situation of gree electric appliances in accordance with its characteristics in the mature period.At the same time,the Granger causality test and event method are used to verify the influence of cash dividend on the long-term and short-term stock price.Empirical research shows that cash dividend is an important reason for stock price rise,both in the long run and short term.Then,according to the theory of signal transmission,"a bird in the hand",the paper analyzes the reasons for the influence of the cash dividend policy of gree electric appliances on the company's share price.According to the results of case analysis,sum up experience,to provide reference for other listed companies,such as securities regulators to perfect the related system better,build an increasingly perfect capital market are proposed.