关键词: 高送转 , 股价崩盘风险 , 主板 , 创业板

Abstract:  Based on the sample of Chinese listed companies during period 20032015, this paper studies the impact of high stock dividends on stock price crash risk. It arrives at the empirical results that high stock dividends could decrease stock price crash risk. Through further analysis, we find that the high stock dividends of growth enterprise market listed companies is not effective against the stock price collapse risk relative to the main board listed companies. On the one hand, the inhibitory effect of high stock dividends on the stock price crash risk is not affected by the companys financial situation or the reduction of the stock market. On the other hand, the duration of the impact of high stock dividends on stock price crash is far more than the average length of time that a Chinese investor holds any given stocks. Our findings enrich the research of the economic consequences of high stock dividends.

Key words: