| During the annual report period,the high stock dividend market has attracted much attention.The high stock dividend of listed companies is widely favored by investors,which causes an investment boom and brings a substantial rise in stock prices,but its essence is the digital adjustment between the accounts related to the owners’ equity of the company.As the implementation of high stock dividend becomes more and more common,the regulatory authorities’ supervision measures for high stock dividend become more and more complete.Under the guidance of the regulatory authorities,listed companies have become more rigorous in the implementation of high stock dividend,and the quality of information disclosure related to high stock devidend has been significantly improved.The market response brought by high stock dividend has become more reasonable,and the overall cooling of speculation caused by it.Therefore,can the gradually standardized high stock dividend play a positive role in the stable development of the stock market?This paper discusses the positive effect of high stock dividend on the stock market from the perspective of stock price crash risk.Based on the motivation principle of high stock dividend implementation and the theory of the cause of stock price crash risk,this paper analyzes the impact of high stock dividend on the stock price crash risk,and discusses the moderating effect of "crash accelerator" institutional investors’ shareholdings in it.On this basis,this paper further analyzes the relationship between the above two in the case of different A-share market sectors or different stock dividend capacities of companies.And this paper conducts a comparative study between ordinary stock dividend and high stock dividend,so as to more comprehensively understand the restraining effect of high stock dividend on the risk of stock price crash.This paper takes A-share listed companies from 2009 to 2018 as samples,and conducts an empirical analysis based on Stata software and fixed effect model.Then individual fixed effect and propensity score matching method were used to alleviate the potential endogeneity problems.Finally,the robustness test adopts the methods of changing the definition of high delivery,changing the calculation method of negative coefficient skewness,and selecting subsamples to perform regression again.The empirical results show that the implementation of high stock dividend by listed companies can significantly suppress the risk of future stock price crash,while the institutional investors are on the contrary.The higher the proportion of their shareholdinds,the greater the probability of future stock price crash.Based on the theoretical analysis,it is believed that the high stock dividend policy conveys the information of the company’s future good operating condition,improves the liquidity of individual stocks,and eases the degree of information asymmetry.Institutional investors,on the other hand,are seekers of short-term interests and have great incentives to conspire with the company’s internal management to make profits.In addition,this paper finds that the inhibition effect of high stock dividend on the risk of future stock price crash is more significant for companies with low proportion of institutional investors’ shareholdings.Furthermore,the different market sectors of A shares and the different stock dividend capacities of the company will not affect the inhibition effect of high stock dividend on the risk of future stock price crash.The comparative study has found that ordinary stock dividend has much less inhibition on stock price crash risk than high stock dividend,which highlights the positive effect of high stock dividend in building a stable and sustained development of the capital market.The conclusions of this paper provide empirical support for the objective view of the impact of high stock dividend in the market and for the supervision and management of high stock dividend,and provide reference basis for the company’s own governance,the guidance of regulatory agencies and the behavior of investors. |
