Research On The Influencing Factors Of Listed Companies "High Level Of Stock Dividend Splits" In China's SME Board.

Dividend distribution of Listed Companies in China has long been attached importance to stock dividend and stock splits instead of cash dividends.The high proportion of stock dividend and stock splits will attract investors' intrests when listed companies disclosure annual reports and notice in March and April.In May 2004,China's Shenzhen Stock Exchange formally established the small and medium enterprise board,the main purpose of this establishment is to provide financing platform and more financing channels for medium and small enterprises.As the end of 2016,the total number of small and medium sized listed companies is 822.Regardless of growth,profitability,companies in SME borad has maintained a relatively high level of the companies in main board market.Compared with China's main board listed companies,the SME board listed company's overall cash dividend payment level and high share dividend ratio is higher than the motherboard.Based on the above facts,this paper chooses the "the high proportion of stock dividend and stock splits" behavior of small and medium-sized listed companies as the research object,and focuses on the influencing factors of "the high proportion of stock dividend and stock splits" introduced by small and medium-sized listed companies.Firstly,the paper analyzes the behavior of listed companies,then combined with the actual situation of China's small and medium-sized board,describes the characteristics of China's small and medium-sized board dividend distribution,analyzes the influencing factors of "the high proportion of stock dividend and stock splits" behavior.This paper selected the "high proportion of stock dividend and stock splits" panel data of listed companies in China Shenzhen Stock Exchange small board from year 2012 to 2015.The data is divided into high proportion of 10 shares for every 10 shares or more high transfer group and transferred every 10 shares of 5-10 shares of the low level high transfer group.I use the regression analysis logit model and analyze the related factors such as stock price,stock size and equity scale.The model examines the relationship between the probability of the implementation of the "high proportion of stock dividend and stock splits" of the listed company and the proportion of the major shareholders,the share price,the size of the share capital and the transferability of the listed companies.This paper finds that the implement of"high transfer" and transfer ability and the size of the capital were negatively correlated,which indicated that the company will choose a high proportion of sample group to expand the share capital.The proportion of shares which large shareholders hold and executives in the high proportion of the higher sample group was positively correlated,indicating that a high proportion of "high proportion of stock dividend and stock splits" and the interests of large shareholders have a certain relationship between the transfer.In view of the problems found in the empirical research,this paper puts forward the corresponding suggestions and prospects for the "high transfer" of small and medium-sized listed companies from the following three aspects.First,improve the information disclosure.Second,increase the dividend policy of listed companies.Third,refine the supervision of the shareholders of the regulatory mechanism.This paper analyzes the dividend policy of small and medium-sized board,studies the specific situation of the implementation of cash,stock dividend and transfer policy of small and medium-sized listed companies and analyzes the influencing factors of "the high proportion of stock dividend and stock splits",which is helpful to develop small and medium-sized board's regulatory policy.