Research on Information Effects of China's Listed Companies' Dividend Policy

Basing on dividend signaling theory, our study explains the motivation of corporate dividend payment. It explains how to choose in controlling shareholders to maximize their own interests and utilization of dividend policy to send signals to maximize the enterprise value. It studies the dividend policy running rule and mechanism of listed companies. By using event study, we choose the high-frequency data of stock trading to explore the change of market information asymmetry before and after dividend announcements. Taken together, our study provides some policy suggestions based on the results.