Research On Excess Returns And Its Influencing Factors Of "High Turnover" Based On Listed Companies On Growth Enterprise Board

Dividend distribution policy as a listed company to coordinate the distribution of profits and retention of the important issues for the short-term and long-term development of the structure will have far-reaching impact.At present,the high transfer dividend policy is more common in the practice of dividend distribution of listed companies in our country.Each financial report year,the high transfer dividend policy will arouse the attention of the market,and it is also the focus of academic attention.This paper will be from the GEM about the high transfer dividend policy whether there is a certain market reaction?What is the theoretical basis for the high transfer dividend policy to market reaction?And what are the factors that cause market reactions?These three aspects of China's GEM market "high transfer" phenomenon to study.Firstly,this paper through the financial media on the "high transfer" dividend policy analysis of the data to verify the "high transfer" whether there is market reaction.The study shows that the[March,December]market for each financial year has a great deal of enthusiasm for "high delivery".At the same time,the dividend policy of listed companies will be in March,December focused on disclosure.Secondly,the capital asset pricing model is used to calculate the expected rate of return of each sample stock,and then the excess rate is deducted by the actual yield.Based on the study,the transfer policy to generate excess returns is a more common phenomenon,and showing a certain regularity:as early as the pre-announcement date 3 days before the market has been a response,single-day excess rate of return is positive,and slow amplification,Until the date of the announcement on the day to reach the maximum.And then fell sharply,until 4 days later,the phenomenon of excess returns basically disappeared.Finally,based on the relevant dividend policy theory,this paper studies the influencing factors that may be included,and obtains the empirical results,the earnings per share,the return on net assets,the turnover ratio of current assets,the undistributed profit per share,Stock capital reserve,net assets per share are linear relationship with the cumulative excess rate of return,and then through the stepwise regression test method to remove the higher correlation indicators,the comprehensive linear equation,the impact of listed companies to drive a high transfer factor per share Income,return on net assets,capital reserve per share,current asset turnover rate,and finally through the T test method to quantify how to get the kind of listed companies to send high transfer is more likely.