| The signal transmit theory of dividend policy believes dividend is a kind of effective tool that transmits internal information of listed companies. However the security market of our country has some unique characters, such as have stage characteristic, not continuous, dividend payment rate is low and so on.This paper makes studies on this subject by using the combined research of normalized and empirical research method indicate that: Now, on the security market of our country, cash dividend can not become effective signal transmit tool, can not arouse the stock price go up and also investor can not receive abnormal return from it. |
