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As a decision crucial to every public company, dividend payout policy affects the confidence of investors in a company. At present, “stock split” has been a popular topic regarding the distribution of dividends, and has attracted much attention from investors and researchers whether it is taken as a driver to corporate finance or a way for managers and major shareholders to cash out at high prices. However, it has been often criticized for the frequent “unhealthy” practice, and subjected to the stringent supervision of China Securities Regulatory Commission recently. With reference to the SZSE Component Index, this paper presents an empirical study on the public companies in the sector of “stock split” in 2016. As revealed in the results of this empirical study, the announcement on the “stock split” preplan released by public companies in China A-share market has never exerted any effect on their share prices, but the “stock split” execution announcement can affect their share prices for a short period. However, excess return is positive before the execution announcement is released, but turns negative after it is released. By analyzing the causes for such phenomenon, this paper intends to provide advices for investors in their decisions and for securities regulatory authority in its regulatory practice.

Impacts of “Stock Split” on Rate of Stock Return in China A-share Market