The Comparative Study On Analysis Of China,the United States,Britain And France In Sending Shares

Sending stocks also calls the stock dividend, refers to adopt distributed free of charge to the original shareholder of the joint-stock company, the behavior of the stock. The retained earnings of listed companies to equity account, including the surplus reserve and undistributed profit retained earnings. Due to the preference of listed companies in China to send shares less out dividends, Britain and France’s preference bonuses and rarely sent shares of listed companies, listed companies in the United States be fond of a stock split, so in this paper, sending shares of stock offering, dividends, stock split are collectively referred to as stock feeding behavior. Sent shares in the stock market is a very popular word, companies to send contains a lot of meaning, different people to send shares behavior has a different explanation. When the Chinese listed companies stock feeding behavior, its stock price often can appear drastic fluctuations, so the stock feeding behavior is of great significance for investors."Signal theory" thought, the company to send strands hinted that the company’s future will be high growth. According to this theory, the choice of investors will be more active to send shares of the company to invest. However, China’s stock market because of the delisting system is not strict and long-term existence massive hype performance difference phenomenon, the company sent shares information even if there is no implied the future performance of high growth, the random sending shares of the company wouldn’t be punished by the market mechanism. So send stocks signal theory is not suitable for China’s stock market. This paper will send stock data of China’s listed companies and the United States, Britain, France sent stocks data comparison and contrast to send shares after the difference of profit growth, seeking argument "send signal theory" how much is suitable for China’s stock market. And discussed to explain a significant share of the random sending shares is China market average earnings per share one of the reasons for the low and high average p/e ratio.The capital market should be developed to serve the entity economy development, to help listing Corporation better, but also to allow investors to enjoy the benefits of the company growth. Listing Corporation should give shareholders enjoy real benefits. While China’s listing Corporation have too much stock dividend instead of cash dividend, we create high growth, high returns to investors continue to buy the illusion, the shares of the company. The real effects of this behavior has long been distorted the market, so that we no longer really concern the listing Corporation value how, and let the speculation, the insider information crazy runs amuck in the city, this behavior has fuelled speculation in the capital market, stock dividend behavior is too frequent, too much damage to the real value of the company, let do not reflect the company’s share price. Through the research we can find that, Chinese listing Corporation common equity growth and net profit growth slow phenomenon, there is such a problem, often Dividend Equity Growth too fast, and the profit growth can not keep up, leading to the company’s earnings per share has not diluted earnings per share, continuous variable low. In the developed capital market, when the listed appear this kind of circumstance will be subjected to institutional investors, aversion, and abandoned. Listing Corporation are likely to face a great risk of delisting. But China is not a severe punishment system, many of the company’s share price is very low, the stock market of China was rubbish everywhere, seriously affecting the interests of investors. China listing Corporation exists a bonus phenomenon, while the regulatory punitive measures not harsh, but also indirectly indulgence of listing Corporation this disorderly dividend behavior.By comparing the listing Corporation and the United States, Britain and France to participate in the bonus, we can draw such a conclusion:the bonus "signal" theory and the optimal price interval theory does not apply in china. Although China’s listing Corporation announced dividend, stock prices in the next few days there are signs of rising, but I think this is speculation based on message, but does not have the effect of earnings forecast. Participate in the bonus from the listing Corporation in for the next few years, we can find that, the share price of the listing Corporation with the change of the market index, the company’s future profitability has not been effectively support.In Europe and the United States listing Corporation, although also can to a certain extent, and the market index with convergence, but had the bonus is guaranteed in the next few years of earnings, and stock price performance is relatively stable and not because the index declines and price fluctuation perversely.