Case Study Of "High Stock Dividends" In Tianqi Lithium Corporation

"High stock dividends" is a cyclical hot speculation theme in the A-share market,by observing the situation for years,it is not difficult to find that before the release of every annual report and mid-year report,the "high stock dividends" concept stocks are often sought after by the market speculation.But also every investor wants to grasp the investment opportunities.In essence,the "high stock dividends" does not affect the real interests of investors,nor does it represent the company's profitability,but many investors still on the "high stock dividends" concept stocks rush,there are also many listed companies keen on "high stock dividends" speculation.And the proportion of listed companies to send shares to shareholders keeps breaking records,there even has new third board company announced the "high stock dividends" program for every 10 shares transfer 200 shares,the investors are shocked and meanwhile it also causes the market's attention.What's more,the regulators also attach great importance to the announcement of "high stock dividends",the listed companies are also frequently concerned about the letter.Therefore,the listed companies' "high stock dividends" behavior really worthy of attention and research.A-share market regard "high stock dividends" as a whole concept.The so-called "high stock dividends" in short is to send or transfer shares to shareholders or a proportion of share capital.Since the second half of 2015,the Tianqi lithium corporation's market value from more than 90 billion yuan soared to more than 450 billion yuan,it is really a well-deserved big bull in the second half of 2015.Before 2016,this company never has "high stock dividends" in it's history.The disclosed in the 2015 annual report announced a high-profile "every 10 shares transfer 28 shares," and incurred the department of small company board of Shenzhen Stock Exchange's letter of concern.Before the 2015 annual report of Tianqi lithium corporation release the market has been speculate it to send high expectations,but also benefited from the lithium industry market up to good,the company's development prospects,until the company announced the "high stock dividends" plan,it has aroused great concern in the market.And to the implementation of the company's profit distribution plan in 2015 this round of "high stock dividends" market came to an end.This paper will first explain the background and significance of the topic,through the literature review of the way to sort out the existing research results in the field of dividend distribution and found that foreign research for the "high stock dividends" is relatively less,for the domestic securities market,research in this phenomenon recent years is more popular.Coupled with the lithium plate since the second half of 2015 heat unabated,This article will be through the case study method in-depth analysis of Tianqi lithium corporation in 2015 annual report "high stock dividends" behavior.Mainly to introduce the company's core business and its own industry characteristics,analysis of the company's core competitive advantage and development prospects.Found that the Tianqi lithium corporation in the resources,industry chain and technology have the advantages of leading industry,lithium industry benefit from the national policy support for the new energy industry has development prospects.Followed by exploring the company's annual report 2015 "high stock dividends" behavior of the possible motives,from the external incentives and internal needs of the two aspects to analysis;then through the event research method of the "high stock dividends" of the market reaction analysis,the study of plan pre-disclosure and program implementation the two window period of the company's stock excess rate;Analysis of key financial indicators of the company's performance analysis.The impact of the performance of the theory and the specific practice of combining the conclusions and revelations,wish to give some advice and suggestions to the same industry listed companies,regulators and investors.