Research On The Influence Of Institutional Environmental Factors On The High-stock-splits Decision Of The Listed Companies In The Domestic A-share Market

Dividend policy is a very important part of the company financial strategy,and the dividend distribution is the most direct return to each investor.Rational investors will choose whether to invest or not according to the company’s dividend situation.And whether the company will pay dividends or not,how to pay dividends,what factors inside and outside of the company have affected the company dividend,these have attracted the attention of scholars all over the world.China’s securities market has a special institutional background,unlike the mature securities market abroad,cash dividend is not popular with investors,but in 2008-2015,high-stock-splits was very prevalent.The existing research on the influencing factors of dividend policy of listed companies will mainly start from the perspective of corporate characteristics and governance environment,but the stock market of our country is a typical policy market,when the environment in which the company is located changes,The financial decisions of listed companies will also change,so we should also add institutional environment factors when considering the factors that affect the dividend decision of listed companies.Therefore,this paper attempts to explore the internal relationship between the institutional environment factors and the high-stock-splits decision of the company,so as to find a feasible way to optimize the dividend of the company.Based on the factors of institutional environment,this paper uses the data of AShare listed companies from 2008 to 2017 as the research samples,and discusses how the institutional environmental factors in China affect the high-stock-splits decision of listed companies.This paper first expounds the research background of the theme "Institutional environment and high-stock-splits ",and then theoretically combs the two themes of "institutional environment and high-stock-splits ",and then analyzes the institutional environment in China and puts forward some questions.And next describe the present situation of high-stock-splits of listed companies in China.This paper makes a quantitative comparative analysis of those companies from different property rights and different listed sectors,Then it empirically tests the overall environmental factors of the system and their influence on the high-stock-splits decision of the company,reveals the mechanism behind it,and finally summarizes the article,writing down the conclusions,suggestions,shortcomings and prospects of the study.The main conclusion of this paper is that the better the market environment in China,the higher the willingness to pay and the level of payment of listed companies,which may be caused by the speculative atmosphere in the market.The high-stock-splits decision-making of companies listed in different sectors is different.The high-stocksplits willingness and payment level of listed companies on GEM are higher than that of MB and SME companies.According to the overall analysis of the company’s equity structure factors and high-stock-splits decision-making,the higher the shareholding ratio of listed investors in China,the higher the willingness and payment level of the company,which indicates the proportion of institutional investors.It has been rising in recent years,but its overall proportion is still not high enough,and it has not brought enough positive influence to the decision-making of listed companies.The high willingness to send and payment of state-owned listed companies in China is lower than that of private listed companies.Finally,the regulatory effect on high delivery at 2016 is very obvious,indicating that China’s stock market is indeed an obvious policy city.The overall research results also indicate that the ultimate effect of supervision depends on the integrity of regulatory policies.