Research On The Signal Transmission Effect Of Dividend Policy Of Listed Companies In Lithium Battery Industry

The lithium battery industry,as a representative of emerging industries,has fully enjoyed the dividends of the electrification of new energy vehicles.In recent years,the lithium battery industry has developed rapidly and its performance has continued to grow,which is the focus of investors.As one of the important ways for listed companies to convey signals to investors,dividend policy is an important link between investors and enterprises.The information transmission effect of dividend policy can measure investors’ preference for the implementation of dividend policy and the form of dividend distribution.At the same time,enterprise managers can also transmit the information of the company’s development prospects to investors through dividend policy,and form a benign interaction of dividend information with investors to increase investment attraction.Therefore,it is significant to explore whether the dividend distribution policy in China’s lithium battery industry has the information transmission effect and to test the information content of the dividend policy.Based on the theory of signal transmission,this paper selects the dividend policy data of listed companies in the lithium battery industry from 2017 to 2022 as a sample,summarizes the characteristics of the dividend policy in the lithium battery industry,uses the event study method,mean value analysis and contingency table analysis,uses the excess cumulative rate of return in the event window to represent the information transmission effect of the dividend policy,and uses the return on net assets of the company in the next year to measure the company’s future profitability,This paper empirically analyzes the existence and information connotation of signal transmission effect of listed companies in lithium battery industry.The results show that there is a significant information transmission effect in the announcement period of the dividend policy plan of listed companies in the lithium battery industry.The signal transmission effect of different dividend distribution forms is different,and the mixed dividend market reflects more strongly.Moreover,the management of the company does transmit the future earnings of the company to the market through the dividend policy.The company that implements the dividend distribution is better than the company that does not distribute the earnings in the next year.The earnings in the next year under different dividend distribution policies will also have significant differences,and the return on net assets of the pure cash dividend company in the next year is higher.However,there is no significant difference in the income status of the next year under different dividend levels.There is no significant difference in the return on net assets of companies with rising and falling dividend levels.The change of dividend and the income status of the next year are independent.That is to say,the change of dividend level and stock interest cannot reflect the information of the company’s future earnings.The dividend policy of listed companies in the lithium battery industry only has partial information function.Finally,based on the empirical results,the paper summarizes and puts forward suggestions from the company level,the regulatory level and the investor level.Listed companies should pay attention to the signal transmission function of dividend policy,improve information disclosure,and formulate reasonable and stable dividend policy to reflect the company’s development status.The regulatory authorities need to effectively supervise the dividend policy of listed companies.Investors should fully read the dividend policy,avoid blind investment,and cultivate long-term investment philosophy.