An Empirical Study Of The High Transfer And Stock Returns Of The Listing Corporation

Since the establishment of Shanghai stock exchange in December 1990, China’s securities market has achieved great success, after a short period of more than20 years of development. In August 17th,2015, China’s securities market listing Corporation has reached 2780, A stock market value has reached194108.80 billion yuan and China’s investor has reached 1.98 billion.Cash dividends and stock dividends are main distribution of dividends, as a special form of stock dividend payment, high transfer is increasingly welcomed by the listing corporation. Since2006, hundreds of listing Corporation put forward the high transfer in the allocation scheme, and the number of listing Corporation using high transfer policies is showing a growing trend.But after the announcement of high transfer plan, the company’s share price performance is not the same, and even very different. Some stocks limit up after opening, and some limit down, and fell continuously within a few days after the announcement of plans. The reason, high transfer company stock price related factors of market fluctuations, the performance of listed companies, stock price trend, previous plans leaked in advance. This paper selected the high transfer listing Corporation in 2014, studied the relationship between stock prices with announcement day and implement day. To study the influencing factors will tell us about the motivation of high transfer listing Corporation, guide investors’ investment direction. At the same time, along with the listing Corporation continue to adopt high transfer policy, remind investors to be alert for listing Corporation with two of the market speculation, or with the executives and major shareholders to sell the stock, or with the incentive object to the exercise conditions, or in order to attract investors to subscribe for shares to launch high transfer program in the process of refinancing.