Author(s)

Zhirong Shen and Ya Zhu

Corresponding Author

Ya Zhu

Abstract

With the rapid development of high-tech enterprises, how to attract more investors to invest in such enterprises is particularly important,And a key criterion of investors' investment judgment is dividend policy. Enterprises believe that cash dividend distribution can send a signal to investors that enterprises have good cash flow and profitability, so as to promote the rise in stock prices. In order to verify the rationality of this view,this paper takes high-tech enterprises listed in Shanghai and shenzhen stock markets as samples,and takes the stock return rate on the ex - dividend day as the standard to measure the stock price fluctuation to explore the influence of cash dividend policy on stock price. The research results show that the return on stocks of such enterprises will be negative when they distribute cash dividends as dividend policy, which indicates that investors do not prefer the distribution of cash dividends,and the stock price will fall on the date of ex-dividend.

Keywords

High-tech enterprise;Cash dividend policy;Dividend policy; Stock yield