The Research On The Market Effect And Determinants Of Teh Stocks Of Listed Companies "High Ratio Stock Splits" In The SME Board

Dividend policy is one of the financial policies of listed companies,scholars at home and abroad made a lot of research on dividend policy.As early as the 1860s,Gorden,M(1962)and Miller,M.H.(1961)and Lintner,M(1962)conducted a preliminary study of the dividend policy.China’s stock market has been developed for decades,and domestic scholars have done a lot of empirical research on the dividend policy.As one of the dividend-paying policies of listed companies,scholars mainly use the signal transmission theory,optimal price theory and cater to the theory to explain the dividend policy of listed companies and the behavior of "giving up delivery".The research idea of this paper is to use incident research method to study the short-term market reaction of the listed companies in SME board to carry out the behavior of "high ratio stock splits".By reading a large amount of literature,listed companies have seen short-term excess returns after their shares have risen before and after the launch of the"Send-and-Delivery" message.On the basis of previous studies,I subdivide the scheme of "high ratio stock splits" of listed companies in SME board,including super high ratio stock splits,high ratio stock splits,low ratio stock splits and no delivery.Through the research,it is found that the stock of listed companies in SME board can get accumulative excess returns within(-10,,10).On the other hand,small stocks listed companies do not send the stock(-10,10)excess returns negative and not significant.The excess returns of the super high sending and transferring stocks are not significantly different from those of the high sending and the low sending.There is a significant positive excess return on the excessively high yielding and high yielding shares compared with the non-yielding.This article then studies why the small-cap listed companies are so keen on "high ratio stock splits." Using the logistic model to study the factors that affect the "high ratio stock splits" of small and medium listed companies.First of all,starting from the traditional finance,the research results show that the larger the earnings per share of small and medium-sized listed companies,the more likely to carry out "high ratio stock splits",while the listed companies at the end of last year,the stock price and "high ratio stock splits" behavior no significant relationship,indicating that the SME Market,"high ratio stock splits" behavior basically in line with the signal transmission theory,but does not meet the optimal price range theory.Second,the research on the characteristics of the SME board market shows that the smaller the size of the SME board listed companies,the more likely it is to "send off’;the SME board listed companies have the restriction of restricted shares for three months before and after the announcement day,The more likely to be "high ratio stock splits";IPO raised the amount of small-capped listed companies and listed companies "high ratio stock splits" behavior no significant relationship.Although small and medium-sized investors could follow suit to purchase shares of SME board turn "high ratio stock splits",and obtained a certain profit,but to more clearly understand that "high ratio stock splits" is not necessarily in order to strengthen the stock liquidity,SME boards of listed companies is likely to be ahead of cloth good "pit"-SME boards of listed companies in return for shareholders "size",first use"high ratio stock splits" fry high stock prices,coupled with mass underweight executives.The majority of SME investors should be wary of the "high ratio stock splits" market of SME board companies.At the same time,the securities market supervision department should take corresponding measures to reduce the SME boards of listed companies with "high ratio stock splits" underweight,protect the interests of minority shareholders,promoting the healthy development of SME board market.