Influencing Factors of Highly Send and Transfer Stocks Evidence from Chinese Listed Companies

摘要

Dividends distribution of Chinese listed companies is different from other countries, where exits a particular phenomenon called highly send and transfer stocks especially in growth enterprise (hereinafter referred to with GEM) . This paper empirically investigates the influencing factors of highly send and transfer stocks, and tests hypothesizes of highly send and transfer stocks. Different from current literature, this paper is the first to overall investigate the influencing factors of highly send and transfer stocks, and test different hypothesizes of highly send and transfer stocks to study motivation of Chinese particular economic environment. New findings of this paper are as follows. First, there are five main influencing factors of highly send and transfer stocks: stock price; capital sharer, earnings per share, growth of net profit, and market book ratio. Second, earnings accumulation is fundamental condition of highly send and transfer stocks. Third, five hypothesizes which are "optimal price hypothesis", "price illusion hypothesis", "capital expansion hypothesis", "dividend cater hypothesis" and "signaling hypothesis" of motivation of highly send and transfer stocks are all applicable in Chinese market. These findings have implications for investors to recognize the nature of the dividend policy of Chinese listed companies, and obtain excess returns from highly send and transfer stocks. And for regulators guide the behavior of investors and improve the efficiency of stock market trading.