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With the continuous development of China's securities market , the dividend policy is more and more the concern of the theoretical and practical circles , its financing policy , investment policy together constitute the three core elements of modern corporate finance , is a continuation of the company financing policy , investment policy , is the inevitable result of its financial management . The listed company 's dividend policy is appropriate or not a direct impact on the development of the company itself , the majority of investors and our capital markets . Mainly with foreign cash dividends dividend policy , the dividend policy of listed companies in China is more diverse - send , transfer , combined to send , however, is not assigned , the high turn sent as well as the high cash dividend irrational dividend policy in China's securities market also frequent . Send high turn this kind of irrational dividend policy is less than the fragmented high to send transfer phenomena in non-cash dividend policy , and therefore further research will help us to a better understanding of the high turn sent event the market the impact , and the market reaction to this event . This paper first introduces the theory and research status of dividend policy at home and abroad ; Secondly, the status of implementation , and high turn sent phenomenon of our dividend policy ; then high turn sent the event the plan announcement effect and the ex-dividend date event study market reaction ; final the empirical results are given conclusions and given the appropriate policy recommendations from the three perspectives of investors , listed companies and regulatory authorities .
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