The Study Of Abnormal Returns On High Stock Dividends Policy

High stock dividend policy as a special form of dividend policy has been the stock market storm themes in recent years.It attracts investors turned to high returns,but ignore the secrets hidden behind in this phenomenon of abnormal returns.Why do some companies choose this higher allocation scheme?What dose this program can bring and how to divide the market effect?What dose it can bring to China's capital markets for reference value through the listed company's dividend policy?Research on these issues,we reveal the answer.Chosen in the year 2014-2015,including boards,junior block,gem,a total of 233 public company,the article uses event study method for high stock dividend policy to make abnormal return analysis.looking at the larger economic environment,it has obvious differences between 2014 and 2015.In this context,this article research the abnormal return of market effect,cause and effect factors on high stock dividend policy,and typical cases were selected for case studies,to identify common characteristics of listed companies.In the course of construction of econometric models,this article make research by the means of auto-select model for the first time.the company dividend policy is the choice of senior management,includes personal information what those who do not control and can not observe.Of course,in addition,the self-choice model to try to avoid the regression equation ?inconsistent parameter estimates.Through analysis the influencing factors of the abnormal return high stock dividend policy,the article draws the following conclusions preliminary:First,in the overall analysis of the sample data,results show abnormal returns and positive excess returns on plan announcement day;Second,the economic environment has great market effect on high dividends policy;Third,market effects between different plates is slightly different due to different economic backgrounds;Forth,different transfer levels also make different degrees of abnormal returns;Finally,the reason why listed companies choose high dividend policy mainly are signaling interval,optimal prices,dividends to meet expanding theory and equity;Last,the influence factor mainly are undistributed profits and capital reserve fund,and private information from the selection behavior.In addition to the above simple conclusion,this paper also illustrates shortcomings,and combined with the actual situation of China's securities market,we conclude this paper with some indicative suggestions according to investors,listed companies and regulators.