Abstract:Taking the A-share listed companies whose stock dividends have changed since 2003 to 2009 as the sample, empirical analysis has been done on the dividend changes signaling earnings. The results show that, on one hand, profitability ability, development ability, capital management and solvency ability improved after dividend changed, however, overall, there was a time lag, usually one quarter, when the financial effect happened; on the other hand, this kind of financial effect is positively related with the intensity of the dividend change. And the financial effect is also positively related with the profitability ability and growth ability. |