Does Shareholder's Share Pledge Induce Large Stock Dividends?

The high transfer of listed companies is a unique way of dividends.Although there is no change in the company's operating capacity,it always attracts market attention and causes stock prices to rise in the short term.However,this kind of non-substantial dividends often masks The major shareholders of listed companies reduced their holdings to cover the lifting of bans and other benefits.As a refinancing method for listed companies,equity pledges require the stability of stock prices due to the existence of passive liquidation lines,especially in the process of market volatility and continuous shift of focus.This paper first summarizes the previous studies on the behavior of high dividends,and uses the GEM as the background,using the data from 2015 to 2018,using the event research method to explain the sensitivity of the stock price of listed companies on the GEM to the "large stock dividend" policy.And then add the equity pledge factor based on the previous research,using the Logit model to study the impact of the equity pledge of the GEM listed companies and the controlling shareholder pledge ratio on the probability of publishing the “large stock dividend” policy in the past three years.It is concluded that a large number of equity pledges and a high proportion of equity pledge of the controlling shareholder will increase the probability of the listed company's “large stock dividend” policy,and try to provide relevant supplementary suggestions for the new“high-transfer new regulations”.