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.

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摘要： 本文以我国2003—2015年A股公司为样本，考察了公司“高送转”与股价崩盘风险之间的关系。研究发现，公司“高送转”能够有效抑制股价崩盘风险，相对于创业板，主板公司“高送转”抑制股价崩盘风险的作用更为显著。而且，“高送转”对于股价崩盘风险的抑制作用并不受公司财务状况和减持情况的影响，该抑制作用的期限超过了我国投资者平均持股时间。本文有助于加深人们对于“高送转”经济后果的认识。

关键词: 高送转 , 股价崩盘风险 , 主板 , 创业板