Research On Irrational Dividend Policy Of Listed Companies In China

As China's stock market develops,We have achieved amazing results in succession,New prblems are closely followed.The most obvious problem in these new problems is the irrational characteristics of dividend policies of lited companies.However,dividend distribution is an important part of the property policy of listed companies,It's been a lot of attention.Whether the dividend policy is used is reasonable,It may directly affect the future trend of the comany.Yet the proper dividend policy has become an indispensable part of the listed comany.However,the dividend distribution of China's listed companies is compared with the rational dividend policy in the western capital market,Some“irrational”situations are particularly prominent.The traditional dividend theory cannot be used to explain accurately,So we need to study sdividend policy.In addition,this year,China's securities regulatory commission(CSRC)has been in the area of meger and reorganization of listed companies in the“worst-hit areas”,Expand to “high transfer”,“equity structure change”,“major investment decision”,“important contract signing”,“significant profit and loss”and other fields,Insider trading has been hard hit seberal links,since2016,The CSRC launched a preliminary investigation into the insider trading of 386 pieces,an ivestigation into 117 cases,administrative penalty on 122 cases of insider trading,the public securrity organ is transferred to 23.Under the SFC inspection and enforcement continuous high pressure situation,insider trading accounted for 24% of all cases,down from 51% of the previous high.The overall situation of insider trading has been somewhat curbed,insider information about insider trading cases gradually dwindled,passing insder trading is becoming the main type.preliminary statistics,the insider trading of the official case investigation since 2016,the legal insider accounts for about 30 percent of insider trading,insider trading accounts for nearly 70 percent of insider trading through relatives,classmates and business partners.insider trading severely erodes the principles of openness,faimess and impartiality in capital markets,serious infringement on the interests of large and small investors.the transmission type insider dealing with the main characteristics of leaking and probing insede information,further extension of insider trading illegal profit chain,to conceal the illegal nature of speculation by insider information,it encorages irrational behavior such as detective news and speculation,serious impact on market order and market paticipants' investment confidence,we will severely impair the functioning of the capital market,it was always been the focus of the regulatory enforcement of securities markets.This parper USES the case study method,the sample comparison comparison method and the nonparametric test to conduct the empirical srudy,from january 1,2013 to December 31,2014,30 companies were selected from high delivery and high cash dividends,and 30 companies that have normal dividend distribution,the main business income and net profit of the main business of 2015 and 2016 were respectively tested,and compare it,come to the conclusion,the existence of irrational dividend policy exists in listed companies in china.