The Emperical Research Of Influence Of High Ratio Stock Dividends And Transfer Of Reserve To Common Stocks On The Stock Price Of A-share Listed Companies

As a mean of earning distribution, stock dividends should not influencethe stock price greatly, like cash dividends. But in real market, high ratiostock dividends and transfer of reserve to common stocks always cause highattention, and the stocks will get abnormal return.The thesis analyzed the statistics of stock return after dividend planningannouncement from2001to2012and got the CAR curve, using event studymethod and taking the dividend planning announcement day as event trigger.According to the curve, the abnormal returns in0-30days,120-180days and300-360days after announcement are most significant. The thesis thoughtthe abnormal return in0-30days is caused by the drift of good information,while those in120-180days and300-360days are lead from the expectationof high ratio stock dividends and transfer of reserve to common stocks andinsider dealing. Furthermore, the thesis verified the existence of insiderdealing through hypothesis test in abnormal return of stocks in30days prehigh ratio stock dividends and transfer of reserve to common stocksannouncement. And later the thesis used the Suning case as research object toexplain that refinancing is one of the reasons of high ratio stock dividendsand transfer of reserve to common stocks. Besides, the thesis found the probability of high ratio stock dividends and transfer of reserve to commonstocks will increase greatly after directional add-issuance or stock price goingup. Accordingly, the thesis predicted that providing institutional investorswith a good chance to quit after directional add-issuance and promoting themarket value of listed companies are also the reasons of high ratio stockdividends and transfer of reserve to common stocks. Finally, the thesissupported the above arguments through multiple linear regression.The research is helpful to standardize the market order and guideinvestors to invest rationally. Hope the thesis can promote the information oflisted companies to be clearer and the regulation to be more reasonable.