The Corroboration Market Effect Of Earings And Dividings

In recent years, theorists and practitioners pay more attention on also announced earing information and dividend policy. Listed companies reported aearing information and dividend policy can reflect the company's operating condition and stock price have a direct impact, directly related to the stock market's stability and development.In addition, since 2004, China's securities market has undergone great changes in the environment, May 9,2005 share reform began, China's securities market is the gradual elimination of many years, "Small non-" issue,2007 January 1 Japanese companies began to implement new accounting standards, makes the disclosure of accounting information is more the norm. In the new market environment, investors Cash Dividend Pricing information is changed? The company announced a surplus of information will affect investors determine stock prices? Information and earnings in the dividend distribution information reported under the same time, whether this interaction between the two investors in the pricing decision is also taken into account two kinds of information? The issue became academic and practical focus of attention. Therefore, based on full analysis of existing research this article used the sample of Shanghai Stock firms which also declared earingsand, the cash dividend shares information and dividend policy Exchange 2007-2008 reaserch the synergistic effect the study. Test results show that individual earnings and dividends are on stock price information has a significant positive effect. However, in our stock market, profits and dividends on the stock price reaction of the individual information still plays a major role. While investors to make investment decisions to some extent took into account the changes in earnings and dividends, but they are not very focused use of the dividend change information to verify the quality of earnings information changes, the consistency between the two is not significant, the two are the same, and there was no more significant market reaction. From the background of our system, Cash Dividend instability, market speculation darker atmosphere, the lack of institutional factors such as signal transduction mechanisms leading to the possible reasons for these results.