| In recent years,high stock dividend policy has become a hot spot in China's financial market and has been sought after by listed companies and investors.However,in essence,high stock dividend is only an internal structural adjustment of the shareholders' rights and interests,which means that there has been no change in the fundamentals of the company.The high stock dividends policy only brings false prosperity to investors.Therefore,it is necessary to study the phenomenon of irrational shares transfer.This article focuses on the two aspects of high stock dividends policy.First,this article uses event analysis to study the excess return of announcement day of dividend plan and the ex-dividend day from 2006 to 2016.This part can explain why high stock dividends policy become the investing point.Then we use the logistic model to analyze the motivation of the high stock dividends policy from 2013 to 2016.This section mainly studies the several hypotheses' applicability,which includes signal transmission hypothesis,the equity expansion hypothesis,the dividend-to-cater to the hypothesis,and the most suitable application.Through two parts of the study,we explore why the high stock dividends have become the hot pursuit of listed companies and investors in China.The main conclusions of this paper are as follows.First,from the study on the excess return of high stock dividends,we can find that high stock dividend will still generate excess returns,no matter in different sections,different market conditions,different delivery ratio of the sample,although it will not cause the value change of company.Secondly,as for why the listed companies make high stock dividend policy,the empirical results in this paper can explain the hypothesis of signal transmission theory,dividend-pay theory and optimal price range theory,and the theory of capital expansion.Finally,based on the above conclusion,this paper put forward corresponding suggestions from the aspects of investors,listed companies and regulators. |
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