Research On The Influence Of Dividend Policy On Company's Stock Price Under Innovation Investment

Dividend policy is the core of enterprise's financial management activities.Reasonable dividend policy can not only improve the company's financial management efficiency,but also make shareholders obtain satisfactory return on investment.In recent years,regulatory authorities have repeatedly stressed that listed companies should strengthen dividend distribution and effectively protect the legitimate rights and interests of investors.Dividend policy reflects the operating conditions and development goals of enterprises,and can provide effective information for investors in an information asymmetry market,affecting investors' investment decisions.Innovation has gradually become the main driving force for economic development.As a new concept of development,innovation has been paid much attention to,and every year the investment has increased steadily.Innovation can enhance the market competitiveness of enterprises and effectively improve the performance and value of enterprises.This paper intends to explore what effect dividend policy will have on the company's stock price and how this effect changes under the background of innovation investment.The paper selects 344 GEM listed companies' data from 2015 to 2017 as the research sample and obtains 1032 sample points.Firstly,the dividend policy,innovation investment and stock price status quo are analyzed.The results show that:(1)the dividend distribution of GEM listed companies is continuous,and cash dividends are mostly paid now,but the overall level of cash dividends is not high;Individual companies that adopt high cash allocation have major shareholders' cash allocation motives;The phenomenon of "high transmission and transfer" exists and improves year by year with time.(2)Most of the companies' innovation investment over the years is basically positive,and the average level of innovation investment is relatively high.(3)The overall level of the GEM company's stock price is affected by the market.The rising market has a greater impact on the stock price of individual stocks,with the stock price showing a "U" distribution.Then through the establishment of models and multiple regression analysis,the relationship between dividend policy and stock price and the moderating effect of innovation investment on dividend policy are studied respectively.The results show that(4)the cash dividend payout level of GEM listed companies is significantly negatively correlated with the stock price,while the stock dividend payout level is significantly positively correlated with the stock price.In further research on the moderating effect of innovation investment,it is found that(5)innovation investment has a positive moderating effect on the relationship between cash dividend and stock price,while the moderating effect on stock dividend is negative.According to the results of this empirical study,I hope that the regulatory agencies can promote the sound dividend policy through the formulation and implementation of laws and regulations.It is suggested that GEM companies should reduce non-compliance and rationally adjust dividend policy.At the same time,it is suggested that investors should perfect their investment concepts and pay appropriate attention to the dividend policy of enterprises.It is hoped that the suggestions will be helpful to regulatory authorities,listed companies and investors and promote the good development of China's Growth Enterprise Market and enterprises.