A Study On The Excess Income Of Listed Companies' Lockup With High Transfer

In the China stock market,there are several types of non-tradable shares according to their source,such as IPO,non-tradable shares reform and additional offering.At present,there are various types of restricted shares in China's securities market,such as the restricted shares,the restricted shares and the additional restricted shares.Restricted shares are lifted after the end of the lockout period and are free to circulate.In theory,the lifting of the restricted shares may trigger the original shareholders of the large-scale reduction of cash behavior,thus undermining the market supply balance,the impact of stock valuation and investor confidence in holdings.It is always the focus of the concept of speculation in China's securities market,and the excess return phenomenon of high transfer shares has always been the focus of the theoretical and practical circles in our country.Most investors in the market are concerned about the excess returns,While the academic community is also concerned about the relationship between dividend policy and corporate market value.As a branch of dividend policy,it has a certainty of Chinese characteristics.What kind of market effect does the high transfer and how it forms a mechanism is like a mystery for most people? Features of the mystery.And the restriction of the lifting of the ban is often associated with the high transfer,so check the restricted shares of the lifting of the incident with the high transfer to the impact of the stock yield,and analyze the way and the degree of response to the securities market participants are important Practical significance.In order to investigate this issue,this paper studied during the January 2013-2017 year in July,with the reform of non tradable shares before the date within 2 months of release plans high transfer company as the research object,explore high transfer with limited impact on stock returns.The sale ban first introduced the concept and classification of stock can understand on the market,and limit the sale of shares to do descriptive statistics.After a review of the literature on the lifting of the ban,the event study method and effect on high transfer with restricted shares lifted to do empirical test,according to the market environment,lifted the proportion,delivery ratio,financial data,asset size and other aspects classification discussion,and complete ban restricted but not with the company high transfer the cumulative abnormal returns are compared,which can be combined with the related theory and the lifting of the ban the sale of high transfer,summarize and analyze the empirical results.Because of China's high transfer and limited lifting of the ban the sale of mostly single research,but the coordination between them is very much the case.So this paper based on other literatures also introduces the state of the market,the proportion of the lifting of the ban,high transfer proportion,profit per share,rate of return on net assets,earnings per share the price earnings ratio,and the market value of the stock number nine explanatory variables,the regression results found in the [-5,0] period of cumulative abnormal returns are significantly negative,in the period of [0,6] has significant positive cumulative abnormal returns,so this paper chooses piecewise discovery.The stock price in [-5,0],transfer,the proportion of earnings per share and not the distribution of profits and cumulative abnormal returns are negatively related;while in [0,6],the stock price and the company cumulative abnormal returns are positively related to whether are significant.This paper made a reasonable explanation,and Design and make investment strategy.In this paper,with the abnormal return of restricted shares lifted high transfer has put forward some policy suggestions.The purpose is to make more rational investors face high transfer with restricted shares lifted because of the high price,avoid sending high transfer and limit the sale of shares of the lifting of the ban and dramatic fluctuations,so as to promote the optimal allocation of resources of capital market,the securities market of our country is more mature and effective.