The Research On The Relationship Between High Stock Dividend Announcement And Stock Prices

The announcement of stock dividends is strongly sought after by the market.To a certain extent,dividend policy is closely connected with the company's financing policy,investment policy.Companies may be based on meet the requir ements of the future to expand its capital by paying low dividend policy.On the contrary,companies pay high dividends may be poor in company's future growth by paying low dividend policy.In this case,the dividend become the company "by-products" to the investment and financing policy For this reason,some researchers directly to the dividend policy as a part of the company's financing policy.This article selects the listed companies with high stock dividends in 2015 on the basis of the traditional dividend theory and modern dividend theory as the foundation.According to the profit situation and the characteristics of the plate,the sample can be divided into six groups using the fractal theory as the basis of innovation,We comprehensive analysis the market abnormal reaction and the main factors influencing the abnormal returns during the event day using event study(traditional method and hybrid-method).This article concluded that there are abnormal returns in the gem,small and medium-sized board,main board before high stock dividends announcement.Through statistical inspection,there are situation of information leakage before announcement day about the three big plate.In the case of the profit growth,average abnormal return is generally higher than the profits of the plates to reduce.We can accurately calculate the price of the cumulative abnormal return rate by introducing the nonlinear prediction principle to the event study.At the same time,using the market research about high stock dividends,we can study the dividend distribution of abnormal returns according the classified industry,market value and substantial shareholder reducing holding-shares.This paper selects representative years of investigation 2015,comparative analyzing the abnormal reaction and the factors of impacting the abnormal returns using the event study method(hybrid-method and traditional-method).In the study of industry,non-metallic mineral and software information technology services have higher abnormal returns,and computers,communications and equipment manufacturing industry is the lowest cumulative abnormal returns.In the study of market value,the stock's abnormal return whose market value is more than 10 billion is si gnificantly greater than those which are less than 10 billion.From the perspective of the reduction of major shareholders,the cumulative abnormal returns of listed companies with the reduction plan in the coming year will be greater than those without the reduction plan in the whole event window.For investors,we hope send them rational investment basis about stocks provide and reduce the investment risk.For the listed company,we hope provide valuable theory basis about the dividend policy.For regulators,we hope provide the standardize a bout how to protect the interests of investors and provide the basis of the regulation.