An Empirical Study On The Influence Of A-share Listed Banks' Dividend On Stock Price

Dividend policy is one of the core financial policies of listed companies.It is very important for the long-term development of the company and the attractiveness of investors to know and how the dividend level of the listed company will be.From 2016 to 2018,the listed bank shares,which account for less than 1% of the total number of A shares,contributed an average annual dividend amount of more than 30%.As one of the most important stocks in A-share market,whether the dividend plan of listed banks can meet the market expectation will have a direct impact on the corporate governance and investors' investment behavior.A reasonable dividend policy is not only conducive to maintaining the market value stability and corporate image of listed banks,but also to stimulating investors' investment enthusiasm and achieving win-win results.Based on the theory of dividend correlation,this paper uses literature research,event research and multiple regression analysis to study the impact of the way and level of dividend on the stock price of listed banks.The specific approach is to empirically test the hypothesis proposed by using T-test and multiple regression model from the perspective of short-term impact and long-term impact.The results show that,in the short term,the dividend announcement of the bank stock will have a significant impact on the performance of the stock price in the market,and the positive excess return rate indicates that the dividend delivers a positive signal to the market,meets the market expectations and investors' expectations,and also shows that the current dividend plan of the bank stock is welcomed by the majority of investors.In the long run,the dividend of bank stock has high stability and continuity.The higher the dividend level of bank stock is,the greater the excess return of stock is.The larger the shareholding ratio of the first largest shareholder of bank stock is,the more favorable it is for investors to obtain greater excess return and value-added wealth.Based on the analysis of the empirical research results,this paper puts forward the following suggestions: for listed banks,first of all,we should pay attention to dividend policy and maintain the stability of dividend level.In addition,it is necessary to maintain a high shareholding ratio of the largest shareholder in order to maintain the stability and growth of the market value of listed banks.Finally,we need to pay attention to the confidentiality of important internal information of listed banks,so as to avoid the abnormal changes of stock price caused by the disclosure;for investors in the capital market.First,when choosing bank shares as the investment target,we should focus on the fundamentals of the company,such as the dividend level of the company,the shareholding ratio of major shareholders,etc.Second,we should pay attention to buying stocks at the right time.After all,certain events will affect stock price changes,such as dividends,restrictions on sales and lifting the ban.