Research On High Transfer Behavior From The Perspective Of Investor Protection

The annual dividend distribution of listed companies is undoubtedly the concern of every investor,and the phenomenon of high transfer in dividend distribution is a hot spot in the hot spot.Every year,due to high delivery,we receive the listing of two inquiries from Shanghai and Shenzhen.There are countless companies.Although the high delivery should be managed by the listed company itself,the regulatory layer should not intervene more,but in the context of China’s capital market,it often becomes a way for stock price speculation and major shareholders to realize their interests,thus seriously damaging the interests of investors.In this regard,Shanghai Stock Exchange and Shenzhen Stock Exchange in November 2018 issued the "Guidelines for the disclosure of high-transfer information of listed companies" to regulate high-transfer behavior.This article takes this guide as the research background,focusing on the high-transfer behavior from the market reaction brought by the high-sending rotary machine and high-transfer.This paper analyzes the distribution of dividends of listed companies in the past five years and the high transfer and chaos.From this,we selected Hebang Bio as the case study object.Since the company was listed in 2012,in order to achieve the coordinated private placement and cover the restricted shares,the ban and cooperation The multiple purposes of reducing shareholding by major shareholders,such as the performance growth and the transfer of shares do not match,in the case of financial indicators do not support high transfer,the high number of high-speed transfer,each time can cause a substantial increase in the stock price during the announcement period,in the ex-rights In the stage,the stock price has fallen sharply,and realized its own interests in many high-transfer behaviors.Based on the perspective of investor protection,this paper analyzes whether there is reasonableness in the high-transfer behavior from the state financial indicators,and whether the results of the high-transfer incident and the high-transfer behavior of the state have damage to the interests of small and medium-sized investors.Finally,in conjunction with the rules of the guidelines,we review the past high-transfer behaviors of the state,and found that the introduction of the guidelines can reduce the irregular and high-transfer behavior of similar and state organisms in the past,so as to effectively protect the interests of small and medium investors.Effectively regulating the irrational dividend distribution behavior of the capital market has positive significance for the protection of small and medium investors and the long-term stable development of the capital market.The research in this paper subtly links the high transfer behavior of China’s capital market with the emerging theory of investor protection,thus making a good analysis of the past high-transfer chaos and giving the introduction of new guidelines.Fully affirmed,this paper believes that the guidelines can improve the past high-transfer chaos,reduce the existence of high-transfer bad motives,so that high-send returns to improve liquidity and reduce the essential role of stock prices.In the course of the research,this paper also finds the defects and loopholes that may exist in the practice process.At the same time,it also proposes corresponding suggestions from the perspective of investors and listed companies.