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《International Business》 2007-04
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Empirical Study on the Information Meaning of the Dividend/Payout Policy for Chinese Listed Companies

XU Shi-zhi ZHANG Zheng  
This paper tries to review the theoretical studies and empirical evidences regarding dividend/payout policy,and perform an empirical study of the information content of dividend/payout policy in China. This paper selects 311 listed companies on Shanghai Stock Exchange to test the correlation between changes in dividend of the listed companies and the fluctuation of the stock price and their earnings. There were 1984 events between 1997 and 2004,which include three states: dividend increase,decrease and holding the line. Empirical result shows: 1)After announcement of a change in dividend,especial cash dividend,stock price changes in the same direction with the dividend. 2)The changes in dividend do give the information regarding the current year's earnings.
【CateGory Index】: F275;F224
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