The Research On The Market Effect And Motivation Of High Stock Dividends In The China A-share Listed Companies

In recent years,the dividend policy of listed companies has attracted much attention and has received more and more attention from scholars at home and abroad.Different from the dividend distribution methods in mature markets such as the western countries,the dividend distribution methods of listed companies in China are mainly based on stock dividends,and among them,?high stock dividends? shares account for a large proportion.?High stock dividends? means that a large proportion of transfer-to-shares is essentially an internal adjustment of shareholders' equity,and is not a substantive benefit.However,when the annual report is disclosed,the ?high stock dividends? pre-plan announcement will cause fierce market Responsiveness,even the so-called ?high stock dividends? theme has come to speculate.The increasingly fierce situation has forced the regulators to ?extinguish? fire.In 2017,the CSRC repeatedly stated on formal occasions that it was determined to strictly control the behavior of listed companies to ?send high transfers?.Based on various strange phenomena," high stock dividends " is also called "vision" in the dividend distribution of listed companies in China.Most domestic scholars use the theory of traditional dividend policy to explain the reasons for the high-send rotation of the Chinese market,and the conclusions they draw are different.However,they combine traditional,modern and Chinese market characteristics to study the phenomenon of high transfer of listed companies.Not much yet.After referring to relevant research methods and conclusions of past scholars,this paper adopts the event research method to analyze the market effects brought about by the listed companies' high-delivered transfer plan announcements from multiple perspectives,including comparing three different plates(mainboard,GEM).And the difference between the cumulative excess returns and the difference in the ratio of different transmissions.The study found that "high transfer" stocks were able to obtain a significant positive cumulative excess return within a window period of 31 days before and 15 days after the announcement date.It was further found that there was no significant difference in the ?high-send-to-transfer? market effect between the plates,but there was a significant difference in the stock market effects of different delivery-to-transfer ratios.The cumulative excess return per 10 shares sent to stocks of 10 and above was significantly higher than 10 shares are sent to 10 shares or less.At the same time,this article also finds that there is a significant positive excess return before the announcement date,indicating that there is a problem of information leakage.Although it seems that there is a positive excess return in the(-15,15)interval,the excess return is mainly in(-10,0)During this period,small and medium-sized investors who buy after knowing the high transfer information can only maintain the principal after the sale.If they buy after a few days,they will lose money.For small and medium investors,it is not a pie but a trap.Based on the research on the market effect of the listed company's ?high stock dividends?,this article combines the traditional,modern dividend theories and the characteristics of the Chinese market,using the Logistic and Probit models to study the motivation of the listed company's ?high stock dividends?.The research results show that the optimal price range theory,equity expansion theory,signal transmission theory,dividend appeal theory,and interest transfer hypothesis can better explain the phenomenon of high turnover of listed companies in the Chinese market,and the theory of price illusion cannot explain the high prices of listed companies in the Chinese market.Turn behavior.This shows that the high turnover of Chinese listed companies is mainly to improve the liquidity of stocks,pass on information on good corporate operations to investors,expand capital stocks,cater to the needs of stockholders for stock dividends,and obtain relevant benefits.The majority of small and medium-sized investors should note that ?high stock dividends? does not substantially change the profitability of listed companies,and ?high stock dividends r? is often accompanied by the transfer of interests among listed companies,major shareholders,and investment institutions.?high stock dividends? maybe to stimulate the stock price.At the same time,there is an insider trading phenomenon in the ?high stock dividends? market,and most of the excess returns will be captured by these insider traders.However,if many small and medium investors cannot enter the market at the most appropriate time,they will only suffer heavy losses.Therefore,small and medium investors should not follow suit,and they should always stay calm and rational.