A stock split has the effect of reducing the par value per share and the number of shares outstanding.

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A stock split actually does not reduce the number of shares outstanding; rather, it increases them. When a company declares a stock split, it increases the number of shares that are in circulation by issuing more shares to current shareholders. The par value per share is indeed typically reduced, as the total par value of the company remains the same.For example, in a 2-for-1 stock split, each share that an investor holds is split into two shares. If the original par value was $1.00 per share, after the split, the par value would be $0.50 per share. However, the shareholder would now hold twice as many shares. So if they originally had 100 shares, after the split, they would have 200 shares, each with a par value of $0.50.
The overall effect of a stock split is to make shares more affordable and attractive to a broader base of investors without changing the underlying value of the company. The market capitalization of the company (the total value of all shares) remains the same, as the reduction in par value per share is offset by the increase in the number of shares outstanding.

A Stock Split Has the Effect of Reducing the Par