The Study Of China Listed Companies’ Dividend Levels Impact On The Stock Price

Dividend decision-making is the key policy of listed companies.This decision determines the future development scale and development quality of listed companies.Investors are particularly concerned about this.Changes in dividend distribution can affect investors’ investment decisions,which in turn can cause stock market stock price fluctuations.This has had a certain impact on the development of China’s economy.The most important and extensive way to pay dividends is cash dividends.Therefore,it makes sense to study the cash dividends of listed companies.China’s securities market has been in development for decades since its establishment in 1990.In these decades,the dividend payment system in China’s securities market has experienced a period of exploration and improvement,but there are still mature securities markets in the West.A big gap,it shows that the number of listed companies without dividends is still large,the discontinuous instability of dividends and the low average stock dividend rate.These problems will reduce the signal transmission of dividends,resulting in unhealthy stock price.Volatility is not conducive to value investment in the stock market.This requires us to learn from the mature experience of foreign countries,improve China’s dividend policy according to the development of China’s stock market,and then promote the development of China’s stock market and economy.This paper takes the transaction data of the 100 stocks with the highest dividend yield since the listing of China’s listed companies from 2012 to 2018 as the research object,and uses the event research method to empirically study the impact of the recent dividend payment policy and dividend distribution level of China Securities Regulatory Commission on the stock price.The results show that the country’s specific guiding policies and encouraging policies will strengthen and improve the phenomenon of dividend signal transmission in the market.The level of cash dividends can cause fluctuations in the stock price.Finally,based on the results of empirical research,a reasonable dividend payment policy for listed companies is provided,which provides inspiration for investors to choose better investment targets and regulatory departments to formulate and improve relevant laws and regulations.