Research On The Motivation And Economic Consequences Of QL Company's "High Delivery"

In recent years,the phenomenon of “high transfers” has prevailed in the capital market,and the ratio of transfers has repeatedly hit record highs.Some companies have even seen crazy transfers of “30 transfers per 10 shares”,which has subsequently attracted great attention from regulators and started to increase Great regulatory efforts.Initially,the "high transfer" of listed companies was for the future development of the company,and it conveyed favorable information.Now many companies use "high transfer" to cooperate with major shareholders to reduce their holdings to transmit benefits,thereby infringing the interests of small and medium shareholders.After the new regulations on high-speed transfers were introduced on November 23,2018,the phenomenon of high-speed transfers was curbed,but at the same time there were many “scratching high-speed transfers” that were just below the regulatory red line.Such companies have become our focus.It is necessary to explore its causes and economic consequences,and for the introduction of the new strict regulations on high transfers,we should also explore the subsequent regulatory effects,which is of great significance for further controlling the behavior of high transfers and maintaining the stable development of the securities market.After consulting a large amount of relevant literature on the policy of sending high dividends,I combed the representative views of domestic and foreign scholars on the causes and economic consequences of sending high dividends.This article adopts a case study method and conducts research and analysis based on signal transmission theory,price illusion hypothesis,and efficient market hypothesis.First explain the QL company's share capital structure and the process of capital expansion;then start to introduce this "high transfer" process,from the transfer plan to the regulatory inquiry to the major shareholder reduction of cash,detailed explanations;second," Analyze the implementation conditions and motivations of "high delivery" to explore the real motivation of this implementation;then use the event research method to study its economic consequences.On the one hand,conduct a long-term and short-term analysis of the market response of "high delivery" and explore the market It analyzes the degree of high transfer and the effect of regulatory effects.On the other hand,it analyzes the major shareholders' interest in reducing their holdings,and explores the realization of the interests of major shareholders from the aspects of market response and timing of reducing their holdings.Tax evasion was implemented at the time of implementation.The study found that the motivation of QL's implementation of the "high delivery transfer" is due to the lifting of the ban on additional issuance of restricted shares,helping large shareholders to reduce their cash holdings,lowering stock prices and increasing liquidity,mainly due to helping large shareholders to reduce their holdings for profit;Due to the regulatory inquiry from the Shenzhen Stock Exchange,the company's "high delivery transfer" did not cause a strong market response.The regulatory effect was obvious in the short term,the regulatory effect was reduced in the long term and the market dominance was dominated by new information.After the implementation,a large number of shareholders and their concerted actions have reduced their holdings.Although they did not receive cumulative excess returns due to regulatory effects,they realized the benefits of reducing their holdings during the rising stock price.Through case studies,it is concluded that QL's purpose of "scratching high and transferring money" is questionable,but the supervision has a positive effect,and this time the reduction of major shareholders has infringed on the interests of some small and medium shareholders.In addition,the "high transfer" tax evasion also makes The national interests suffered,and according to the research results,corresponding suggestions were made from the three parties: companies,regulators,and investors to protect the interests of small and medium shareholders and maintain stable market development.