上市公司“高送转”行为高收益动因分析

Analysis ofthe high yield of "High delivery to the stock" of listed companies

本文通过2016年上市公司"高送转"数据为样本,利用事件研究法,从"高送转"公告效应出发研究导致"高送转"产生高收益的原因。研究结果证明,中国"高送股"股票的高收益不是利好信号正确传递的结果,只是上市公司迎合投资者非理性投资需求的结果。

This paper analyzes＂ high delivery to the stock ＂ announcement effect and the reasons of the high yield by using the ＂ high delivery to the stock ＂ data of the listed companies in 2016, and using the event research method. The results show that the high yield of high-delivery stocks is not the result of the positive transmission of good signals, but the listed companies to meet the irrational investment demand of investors.