Analysis On The Influence Of Dividend Policy On Stock Price Of Small And Medium-sized Board Listed Companies

Dividend policy refers to a guideline and policy adopted by a listed company to decide whether to distribute dividends to investors in this year,how to distribute dividends,how much dividends to be distributed and when to distribute dividends in this year oin the basis of relevant national laws and regulations and the company's articles of association.Due to the existence of the problem of asymmetric information,investors in the stock market cannot be directly effective understanding to the company's operating and financial conditions,such as internal information,and dividend policy is based on the company's profits,so the dividend policy to a certain extent,can be sent to investors on the market company operating and financial conditions of the various information.By observing the company's dividend policy,investors can indirectly judge various information inside the company,and then decide whether to buy or hold the company's stock based on this information,which will have a certain impact on the company's stock price.At present.China's securities market is still in an immature stage due to its late start,and domestic research on the relationship between dividend policy and stock price is concentrated on listed companies on the main board,while the equity capital of listed companies on the small and medium-sized board is small,and the stock price is vulnerable to external manipulation and influence,which is quite different from the main board market.Therefore,it is of great significance to study the relationship between dividend policies and stock prices of small and medium-sized listed companies in order to activate China's securities market.implement effective supervision on government departments,formulate reasonable dividend policies for listed companies and make rational investment by investors.Firstly,this paper introduces the background,significance,contents and methods of the research,and briefly sorts out the relevant literature on dividend policy at home and abroad,so as to point out the research direction of this paper.Secondly,it elaborates the related concepts and theoretical basis of the relationship between dividend policy and stock price,laying a foundation for the following content.Then,this paper studies the current situation of dividend distribution of small and medium-sized board listed companies in the five vears from 2013 to 2017.and further finds out the characteristics of dividend distribution of small and medium-sized board listed companies.Starting with the characteristics of dividend distribution on the small and medium-sized board,this paper proposes the research hypothesis and adopts the event research method to conduct an empirical study on the dividend distribution data of the small and medium-sized board listed companies from 2008 to 2017.This paper analyzes whether the dividend policy of small and medium-sized board listed companies has influence on the stock price,compares the difference of the influence of different dividend distribution methods and different equity concentration on the stock price,and USES T statistical test method to test them respectively.At last,this paper summarizes the relevant conclusions obtained in this paper,and then puts forward relevant Suggestions for investors,managers of listed companies and government agencies respectively according to the conclusions.