关键词: 股利平滑,资本市场稳定,股价崩盘风险,股票错误定价

Abstract: Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2004 to 2016, this paper conducts an empirical test of the impact of dividend smoothing on the stability of China’s capital market. The findings show that dividend smoothing has a positive effect on stabilizing the capital market, of which the mechanism of action is that dividend smoothing has a signal effect and can alleviate the agency problem. Further research reveals that dividend smoothing can significantly reduce the risk of stock price collapse and stock mispricing of listed companies. The conclusions of the study have certain implications for the relevant departments to implement the regulation on dividend distribution of listed companies.

Key words: dividend smoothing; capital market stability; stock price collapse risk; stock mispricing