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Volume 9,Issue 8

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11 September 2025
The Impact of Cash Dividend Ratio on Stock Pricing: An Empirical Study of A-share Companies with High Dividend Payout
Jiazhong Feng
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1 University of Warwick, Coventry, CV4 7AL, United Kingdom,
PBES 2025 , 8(4), 466–473; https://doi.org/10.26689/pbes.v8i4.11936
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Abstract

This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024, with an average dividend yield of at least 3%, as the sample. Using a panel data model, the effect of the cash dividend ratio on stock pricing was analyzed. The empirical results indicated a significant positive relationship between the cash dividend ratio and stock price. Furthermore, stocks with high dividend payouts demonstrated greater resilience during macroeconomic downturns, while notable differences were observed across industries. These findings provide a theoretical foundation for investors in making informed decisions and offer practical guidance for listed companies in formulating effective dividend policies.

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