Research On Investment Strategy Of Highly Convertible Stock

In recent years,with the development of economy and the continuous optimization of capital market structure,China's stock market has grown rapidly.Various conceptual stocks have emerged one after another.High-delivery concept stocks have become one of the most popular subject stocks for their rich return on investment.The essence of the so-called "high transfer" is to distribute stock dividends to shareholders.When annual reports are densely disclosed,Gao Seng-zhuang concept stocks become the target of crazy speculation by investors of all walks of life.In this case,many listed companies have joined the high-transfer camp,many of which lack performance support and hope to use the high-transfer speculation to convey benefits to major shareholders.In view of this,in order to eliminate this market chaos as far as possible,China has issued a series of laws and regulations to strictly supervise the implementation of high transfer behavior of listed companies.Even so,the market chaos can not be completely eradicated.Therefore,in order to help investors get positive returns when investing in high-delivery stock,this paper focuses on the main factors affecting the return of high-delivery stock investment,and puts forward long-term and short-term investment strategies for investors with different maturity preferences.This paper is divided into six parts:the first part is the introduction,including the research background and significance,domestic and foreign related research literature,research methods and content,and the innovation of this paper;the second part is the related theory,first introduced the four ways of dividend distribution and then combed the traditional and modern related dividend theory.In addition,from the perspective of behavioral finance,this paper explains why investors have a special preference for high-speed stock transfer.Finally,it introduces three methods of enterprise value evaluation,aiming at providing a theoretical basis for the following long-term empirical research.The third part is the research on the mechanism of the high-speed transfer event on stock price.This part mainly introduces the concept of high-speed transfer and the definition of long-term and short-term investment strategy,and analyses the mechanism of the long-term and short-term investment strategy of high-speed transfer stock.The fourth part is the empirical research design.This chapter introduces the selection of sample data,processing methods,hypothetical conditions and puts forward the design ideas of long-term and short-term investment strategies.The fifth part is an empirical study on the influencing factors of stock investment strategy based on high-speed transfer event.This chapter carries out short-term empirical research and long-term empirical research on the basis of the research design of the previous chapter.In the short-term empirical research the cumulative excess return rate is taken as the research object,and in the long-term empirical research,the change multiple of enterprise value is taken as the research object,and the factors affecting the size are determined separately,which lays a good foundation for the construction of the long-term and short-term investment strategy in the next chapter.Chapter 6 is about the construction of stock investment strategy based on high delivery and transfer events.Firstly,this chapter summarizes the empirical research of the previous chapter,and then puts forward the long-term and short-term investment strategies of high-delivery stock transfer according to the empirical research results,and verifies them.