The Motivation Of High Stock Dividends And The Impact On Stock Price

The "high stock dividends" theme has been in the speculation of the Chinese stock market for a long time.In essence,it is only an accounting digital game,but in the Chinese A-share market,it can always play a significant role in pushing up the stock price.It is true that there are investors' irrational investment behaviors here,but listed companies ignore the development status of enterprises,drill the loopholes in supervision,irresponsibly overturned,and then cooperate with major shareholders to reduce the interests of small and medium-sized investors.Based on the analysis of Zhengyuan wisdom,this paper,based on the traditional signal transmission theory,combined with the company's operating conditions,growth and other conditions,found that it does not have the ability to transfer.In light of the actual situation,it is reasonable to speculate that Zhengyuan Wisdom implements "high stock dividends" to help major shareholders reduce their holdings and ease the risk of liquidation of controlling shareholders' equity pledge.The event research method is used to empirically study the performance of the stock price near the announcement date,confirming the existence of this abnormal rate of return,and pointing out the characteristics of the supervision from the characteristics of the abnormal rate of return,and then how to improve the supervision of the regulator.The system provides targeted opinions and provides a basis for how small and medium-sized investors can identify the rationality of "high stock dividends".From the perspective of corporate governance,it points out the importance and specific measures for improving the internal control mechanism.