This study tests the opportunistic hypothesis, which suggests that stock splits can be used as misleading signals for price manipulation, enhancing the effectiveness of other financial events such as seasoned equity offerings and bond issuances. The findings are as follows: First, I used logistic regression to analyze the differences in characteristics between mixed and pure stock splits. The results showed that mixed stock split announcements were more common in companies with high information risk, financial risk, agency risk, optimism, and information asymmetry. Second, I analyzed post-split performance. The results showed that, unlike pure stock splits, the long-term stock return of mixed stock splits was -23%. This suggests that mixed stock splits tend to be announced by companies with high opportunism, leading to long-term underperformance. Overall, the empirical results suggest that the motivation for stock splits mixed with financial events is more likely to be opportunistic rather than signaling.