Abstract This paper researches dividend signaling effects of listed companies in China from 2007 to 2016 in the views of the signal content and the receiving system. The conclusions are: (1)Both mixed dividend and single cash dividend are good signal, but signaling effect of mixed dividend is much efficient than single cash dividend; (2) The signaling function of combining annual dividend and interim dividend is better than once a year dividend; (3) Only normal cash dividend is the benchmark of signal effect, abnormal high cash dividend and abnormal low cash dividend are not; (4) The signaling effect of normal stock dividend is not better than large stock dividend. The research finding supports the 2008 revision of the “semi-mandatory dividend” policy, and explains why CSRC does not impose more stringent restrictions on large stock dividend.
2020, Vol. 37 
