The Research On The Market Effect And Determinants Of High Ratio Stock Splits In The GEM

Dividend policy is one of the important financial policy of listed companies, and it is also a research hot spot and difficulty spot for scholars at home and abroad. In recent years, the listed companies in our country, especially the listed company in the growth enterprise market are keen to " high ratio stock splits ", which attracted the attention of many scholars, and it is known as the " anomaly " of dividend distribution of listed companies in our country. Domestic scholars mainly use the traditional dividend policy theory to explain the reasons for listed company’s " high ratio stock splits ", the conclusion is mainly same, but from the characteristics of the growth enterprise market itself and some problems of the market itself to research the gem listed company’s " high ratio stock splits " is not much.In reference on the basis of previous studies and using event study method, this paper further divided the gem listed company’s stock dividend into the "super high ratio stock splits " and "high ratio stock splits ", and then study the difference of cumulative abnormal return between the other types of dividend policy, we find that" super high ratio stock splits " and "high ratio stock splits " type of stock dividend can obtain significantly positive cumulative abnormal return during the window period of (-10,10), rather than the stocks which do not have stock dividend can’t have significantly positive cumulative abnormal return during the window period of (-10,10), and the type of" super high ratio stock splits " stocks’cumulative abnormal return significantly greater than the "low ratio stock splits " and "not to send " type stocks, and the " super high ratio stock splits " stocks can also have significantly greater cumulative abnormal return than "high ratio stock splits " type of stock in the molecular window period.Then In this paper, we also use the logistics model to study the factors which influence the listed company’s behavior of "high ratio stock splits" in the gem. In this article, through the study we found that the company’s performance growth rate is faster, and at the end of year the stock price is higher, the gem listed companies are more likely to launch the " high ratio stock splits ", namely the traditional dividend policy of the signal transmission theory, the optimal price range theory can explain the behavior of" high ratio stock splits "in the gem listed company, but the company equity scale is not associated with the possibility of the gem listed companies to launch " high ratio stock splits ", hence the equity expansion hypothesis cannot explain the gem " high ratio stock splits " behavior of listed companies. From the characteristics of the growth enterprise market itself, when announced dividend distribution plan within three months before or after it there is a restricted stock release, the gem listed companies are more likely to launch " high ratio stock splits "scheme, but the growth enterprise market new IPO super raise problem does not affect its high ratio stock splits behavior.As a result, the small and medium-sized investors should maintain a rational understanding to the " high ratio stock splits " behavior of the gem listed companies, although small and medium-sized investors can layout " high ratio stock splits " stock in advance and then have a significantly positive cumulative abnormal return after the announcement, the investors should also be soberly aware that some companies’" high ratio stock splits " policy in the gem is also to cooperate the positions of its shareholders, so the growth enterprise market of the regulators should take measures to prevent the company use the " high ratio stock splits " policy to do the things which infringe the rights and interests of minority shareholders, so as to protect the interests of minority shareholders, promoting a healthy development in the growth enterprise market.