Influence Of Cash Dividends Change To The Listed Companies' Share Price

Dividend policy is the core fiscal policy of listed companies.The distribution of dividends affects the company's own refinancing and business decisions,and it also affects investors' investment choices.In the mature stock market,cash dividends are considered to be an important way for listed companies to return investors.China's stock market started lately.Some listed companies use the stock market as a tool for low-cost direct financing and lack awareness of investors' returns.At the same time,Chinese investors pay more attention to short-term capital gains,while ignoring cash dividends and long-term value investment.In recent years,the national regulatory agencies have successively issued semi-mandatory dividend policies to urge listed companies to issue dividends.This article first introduces the related concepts of dividends,summarizes the basic theory of dividends,and reviews the domestic and foreign status of dividend research.Then,it analyzes the characteristics and system of cash dividend distribution of listed companies in China.On this basis,this paper conducts empirical research,uses event research methods and short-balanced panel data to study the impact of cash dividend changes on stock prices,using the T-test and regression analysis to verify the hypothesis.Conclusion are as follows:(1)Chinese listed companies are less willing to cash dividends.(2)The cash dividend payment level is relatively low.(3)Differences in cash dividends among companies in different industries are relatively large.(4)Among the three boards,the dividend distribution of the small and medium-sized boards is the best,and the dividend payment stability of the main board is the best.The overall cash dividends of listed companies on small and medium-sized board and GEM are not only low but also have a downward trend.(5)For China's A-share listed companies,there has been a significant change in the stock price on the announcement date of the dividend plan.(6)For Main Board listed companies,changes in cash dividends will cause positive changes in stock prices;for small and medium-sized listed companies and GEM listed companies,cash dividend changes will not cause stock prices change.