A Case Study On The "High Stock Dividends" Of Dasheng Culture

For many years,"High stock dividends" has been a hot spot for speculation in China's A-share market.Its essence is the adjustment of the internal structure of the company's shareholders' equity.It cannot actually change the value of the enterprise and the level of profitability,and it will not have a practical impact on investor returns.However,after the announcement of the "High stock dividends" announcement by listed companies,it is still sought after by many individual investors,which has led to more and more listed companies adopting the "High stock dividends" program.However,the operating conditions of the companies that have launched the "High stock dividends" program are mixed,some of them are confident of their business performance and future prospects to improve their strength in the capital market;and some of them use it to carry out market value management,so "High stock dividends" is often accompanied by corporate equity pledge,additional stock issuance and reduction of behavior.Investors might blindly pursue companies that carry "High stock dividends" and cause damage to their own interests.Therefore,the phenomenon of "High stock dividends" in China's listed companies deserves further study.However,the existing research lacks the research on the typical case of "High stock dividends" that combines equity pledge and "High stock dividends",so this paper chooses Dasheng Culture as the most fundamental motivation for "High stock dividends" to prevent equity pledge A typical case of "10 to 30" with a clear short-term stability goal is the research object.Based on signal transfer theory,dividend catering theory and price illusion theory,combined with the general motivation of "High stock dividends" of listed companies in China's A-share market,this paper uses the literature research method,case analysis method and event research method to discuss the main motivation,event responded to the market and the impact on financial performance,whether the company can fill the right.The main conclusions of this paper are as follows: Firstly,Dasheng Culture has the basic conditions for "High stock dividends",so the main reasons are indeed to enhance liquidity and expand the company's equity.Secondly,based on the signal transfer theory,market value management theory and dividend catering theory,preventing the liquidation of the stock pledges.Thirdly,there is an abnormal return during the "High stock dividends" event window,which brings short-term wealth effects to the company.Fourthly,the company's "High stock dividends" does not have operating performance as a support.After "High stock dividends",the performance changed,and the company failed to fill in the rights.Through the study of typical cases of "High stock dividends",it has certain significance for other listed companies to reasonably formulate and use the "High stock dividends" plan;investors and regulators should be alert to the "High stock dividends" under the pledge state of high proportion of equity,and listed companies rationally realize that the positive impact of " High stock dividends " is not long-term.