Event-driven Investment Plan Design Based On The Interactive Effect Of Information Disclosure Quality And Cash Dividends

In recent years,event-driven investment strategies have been favored by more and more stock investors.As an event-driven investment strategy,financialtype events are on the rise.At the same time,China Securities Regulatory Commission attaches great importance to the cash dividends and information disclosure quality of listed companies,and investors also attach great importance to these two financial indicators.Therefore,based on the impact of information disclosure quality and cash dividends on the stock price of listed companies in China,it constructs a financial type event-driven investment plan for short-term investors.Select the relevant stock data,financial data and the information disclosure evaluation data of the Shenzhen Stock Exchange from January 1,2012 to December 31,2017 as a sample,and use the event research method in the selection window(-5 5)Research on the effect of cash dividend announcement.Based on the research in related literatures at home and abroad,the event research method is used to explore the relationship between cash dividends and stock prices of listed companies in China.At the same time,listed companies are classified according to the quality of information disclosure and dividend yield,and the panel data model is used to study the impact of information disclosure quality and cash dividend interaction on stock prices.It is found that for Chinese listed companies,cash dividends will have a significant positive impact on the stock price of listed companies during the cash dividend announcement window(-3,3).The higher the quality of information disclosure of listed companies,the higher the dividend yield of related companies.The higher the quality of information disclosure of listed companies,the lower the cumulative excess return rate between the cash dividend window(-3,3).When the quality of information disclosure of listed companies is poor,the lower the dividend yield,the higher the stock price volatility of the listed companies.The stock price of listed companies with poor quality of information disclosure and low dividend yield is the most volatile.Based on the above findings,the investment plan is designed to purchase continuous cash dividends,poor quality of information disclosure,low dividend yield,large excess return rate in recent years,eliminate traditional industries,and stagnate in the three trading days before the dividend announcement date.New economic concept stocks,high-tech concept stocks,etc.,will be sold on the third trading day after the dividend announcement.