Research On The Motivation Of “Hight-Turns” Of Chinese Listing Corporation

In recent years,China's stock market “High-turns” phenomenon intensified,research on" High-turns "phenomenon has become a hotspot of Economic Research "High-turns" is essentially the interests of the shareholders of internal structure adjustment,it will not bring any substantial returns to investors,but it has received favorable for the market,it is impossible to explain the traditional financial theory.This paper takes the motivation of China's listing Corporation "High-turns" as the research object,systematically expounded China's securities market "High-turns" development and current situation.Then makes a theoretical analysis from the low price stock preference hypothesis,equity expansion hypothesis,with additional stock issurance hypothesis and signaling hypothesis of several aspects of the listing Corporation the motivation of "High-turns".Finally by constructing a Logit model,using China's 2010~2014 Shanghai and Shenzhen two city listing Corporation data from the stock price,price premium index,equity scale,additional matters and the rate of return on net assets of several factors in motivation theory hypothesis to make empirical analysis,the results show that the main motivation of China's stock market listing Corporation "High-turns” is to reduce the price to obtain a low premium,expanded equity to increase stock liquidity,to prevent the opponent's hostile takeover and cooperate with the secondary offerings.