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1、·ABSTRACTDividendpolicyasthecoreofthecompany'sfinancialmanagement,andhowtoproperlydevelopthecompany'sdividendpolicyisimportantandeffectivemeanstoensurethatinvestmentandfinancingandothereconomicactivitiesarecontinuedeffective.Smallplatesasmulti-levelcapitalmarketsysteminadistincti
2、ve,irreplaceablelevelofindependence,itslistedcompany'sdividendpolicy,willdeliverthecompany'sfundamentalsofinformation,impactonthestockpricesynchronicity.Byresearchingtherelevanttheoryandcombingliterature,thisarticledefinesandsummarizesthedividendpolicyandstockpricesynchronicityof
3、relatedconcepts,andit’sstudysampleisthesmallplatesoflistedcompaniesfrom2006to2013,then,itanalysestheimpactofdividendpolicyonstockpricesynchronicityusingempiricalmethods,bothfromthedividendpolicycontinuityanddividendpayment.Theempiricalresultsshowthat:(1)Continuousandstabledividen
4、dpolicycaneffectivelyreducethestockpricesynchronicity,butdiscontinuousdividendpolicyhasnosignificanteffectonthestockpricesynchronicity.Thisillustratesthecontinuousandstabledividends,enablinginvestorstodirectlysharethecompany'snetprofitandachievetheinvestmentobjective,ultimately,r
5、eturnoninvestment.Moreover,thecontinuousandstabledividendpolicycanbesuppressedinvestors’sexcessivespeculationtosomeextentandwillhelpguideinvestorspaymoreattentiontothecompany'sfundamentalsinformation,thusmakessharepricecontainsmoreinformationonthecompany'squalities,andultimatelyt
6、oreducethestockpricesynchronicity.(2)Cashdividendsandstockdividendscouldreducestockpricesynchronicity,andtheimpactofcashdividendsonthestockpricesynchronicitymoresignificant,indicatingthatthecashdividendsandstockdividendscanpassinformationonthecompany'squalitiestotheoutside,,thela
7、stbeinggraduallyabsorbedbythecompany'sshareprice,whichreducesthestockpricesynchronicity.Meanwhile,thepapergotthefollowingrevelation:(1)Long-termstabledividendpolicyconveyssignalofhealthydevelopment..Therefore,executivesoflistedcompaniesshouldpayattentiontothereasonsforthecompany'
8、sstockpricechangesduetodifferencesindivi
