過去文獻中，討論股票分割多半著重於公司基於自身需求，包含宣告未來成長機會和增進在外股數流通效果，但此些目的皆未考量同產業其他對手的動態；然而越競爭的產業中，競爭對手彼此影響的可能性越大，因此試圖結合此一觀點，去探討公司宣告股票分割的決定，是否會受同產業其他競爭對手的影響。
本研究提供足夠的證據，顯示競爭對手若不是同產業中第一個進行股票分割的宣告，則其獲得的異常報酬將會顯著少於第一個宣告者；此一現象，同時足夠誘發公司在面臨同產業競爭對手宣告股票分割時，同時跟進做股票分割的宣告，即便原本的情況並沒有此一需求，也可能考量股價影響，而做此一回應。

In the previous research, stock split events are considered as a financial event to increase the liquidity of company’s outstanding shares. Also there is another way to explain why the company does the stock split declaration. They think the declaration would be considered as a signal to tell the market there would be a growth opportunity in the future. The signal also raises the company’s stock price which lots of research show the evidence.
We also try to figure out the motivation of company doing its stock split and stand in a different perspective to explain. We find the evidence that might drive the company does its stock splits but not really come from its own need.

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