A Research On Investment Strategy Based On The Announcement Effect Of High Stock Dividend Policy

As a hot spot in the stock market for several years,high stock dividend policy has been sought after by companies and investors.The so-called high stock dividend,refers to the bonus shares or transfer a large proportion of the stock,the general to send every 10 shares and more than 5 shares as the standard.For listed companies,high stock dividend is essentially an internal adjustment of shareholders' equity,and there is no substantial impact on profitability.For investors,after the transfer of shares held by the increase,but after the share price will be adjusted accordingly,the total value of shares has not changed.Can be said that "high send" is a listed company with investors to play a word game,nevertheless,scholar research and historical experience still shows that the yield of this plate in a specific period of time is far higher than the broader market,a reasonable investment Sent to the concept of stocks can indeed bring huge profits for investors.So,at which time the high transfer stock has a positive excess return?What are the characteristics of a company that implements a high transfer program?How can we build an investment strategy that maximizes revenue?These are worthy of study.In the first part of this paper,the listed companies of the A-Share market in 2014-2016 are selected,including center daily news and annual report,and 744 stock is suspended after the announcement,744 stocks are selected as samples,event study method is used to investigate the stock price of companies before and after announcement.The second part of this paper,based on the above conclusion,selects each capital reserve,total stock,stock,time,latest closing factors,and the six variables as factors affecting high.the high model is established to predict the stock of high announcement and to observe the risk and income of the portfolio.The conclusion of this paper is as follows:first,the high plan announcement event can bring significant excess income,but the performance of the bull and bear market is greater.In the bull market announcement day,the announcement day,the announcement after the three time period of the excess returns are very considerable,and the market announcement after the basic does not have excess returns,the total return is far lower than the bull market.Second,the higher the capital reserve,the higher the profit per share,the lower the latest closing price,the lower the total stock,the smaller the listed time,the higher the probability of high transmission is,the third,the stock of the turn.At the same time,the stock portfolio has the relative excess return of 24.91(compared with the Shanghai and Shenzhen 300 index),which proves the value of the model.In general,the study of this paper uncovers the characteristics of the stock from the plate of high stock dividend policy,which has a guiding significance to investor's actual combat.