The Impact Of The First Distribution Of Cash Dividends On Stock Price Of Listed Companies

For listed companies,dividend policy is one of the most important financial policies in the company.A reasonable dividend policy can play a positive role for the long-term development of the company.For the investors in the market,the dividend policy of the listed company is the reference of the investment decision,and it is also the focus of its attention.For western scholars,dividend policy is also a hot topic of their research.In various forms of dividend policy,cash dividend is one of the most important ways of paying dividends,more and more attention is paid by listed companies,regulators and investors.Based on the related data of the listed shares in 2016,this paper studies the impact of the initial distribution of cash dividends on the stock price from the short-term and long-term perspective,using the related data of the listed new shares in 2016 as the research sample.The results show that,from the short-term impact on the stock price,the higher the proportion of the listed companies' first distribution of cash dividends,the greater the fluctuation of the average excess rate of return of the Sample Firms,the more obvious the stock price is,the higher the level of payment is,the higher the level of payment for the listed company for the first time.The smaller the long-term volatility of the stock price,it is concluded that the cash dividend of the listed companies is beneficial to the stability of the stock price fluctuation.In addition,the scale of the listed companies,the debt paying ability and the ownership concentration will also significantly affect the volatility of the stock price.Finally,according to the results of this study,it provides a reference for the listed companies to formulate reasonable cash dividend policy for the first time.It provides a theoretical basis for the regulatory departments to formulate and perfect the relevant laws and regulations for listed companies,and also provides help for investors to find good investment objects in the stock market.