An Empirical Analysis Of The Impact Of High Transfer Event On Stock Returns

Dividend policy is an important part of modern corporate finance.Since 2016,China’s securities market has caused high interest in market participants and regulators.In this paper,the combination of theoretical and empirical research,qualitative analysis and quantitative analysis of the combination of research methods,the theoretical part of the traditional dividend policy and behavioral finance perspective,reference camp asset pricing model,arbitrage pricing model,through time series analysis,multiple linear regression Analysis and other empirical analysis methods,respectively,from the high transfer to the announcement date,the shareholders of the General Assembly on the date of ex-dividend ex-dividend date of the high transfer event over the benefits of changes in the process and the impact of empirical analysis.During the process of excess returns in the course of the event,the change process of the excess returns of the sample,the different plate samples and the different transfer ratios is compared with the three events.The three conclusions are as follows:(1)Event node high transfer dividend policy has a significant positive market response.(2)Different market plate excess returns in the accumulation of volume,flexibility,sustainability are different;(3)The plate class turns outstanding performance,one after another throughout the speculation process,rather than a plate category from beginning to end are outstanding performance;In the study of the influencing factors of accumulated excess returns during the event,the variables are selected according to the fundamentals and the market.The linear regression analysis of the three event nodes is carried out.The main conclusions are as follows:(1)From beginning to end is to determine the size of the excess returns of the crucial factors,indicating that the high transfer of funds to speculation factors larger.(2)The factors that affect the excess returns at different stages are different.On the announcement date of the strongest announcement date,the transfer rate is a significant factor.On the announcement date of the shareholders’ meeting,the fundamentals began to significantly affect the stock price,and the ROE and excess returns In contrast,the traditional dividend theory is contrary to the final dividend in the ex-dividend day,"the right to vote",the stock price has become extremely significant impact on the cumulative excess of the important factors.On the whole,the excess return of the high transfer has its inherent reality deductive logic,the empirical effect is better.In general,the interpretation of the high transfer event has its own specific market logic,is the current immaturity of the objective existence of the market phenomenon.In this paper,investors believe that there may be some high transfer arbitrage opportunities in the current market,but the benefits and risks are coexisting,and listed companies should pay attention to the legitimacy and market impact of the use of high transfer to market value management behavior,As a market regulator and guide the regulators,regulators should be defined in accordance with the law to send high violations of the law and disrupt the behavior of the market order,overweight reduction of key monitoring.