Research Of Motivations And Consequences Of Beite Technology Co.,Ltd's High Stock Dividends

As an important part of corporate financial management,dividend distribution policy has always been the focus of the company's owners and managers,and it is also the continuing concern of regulators and investors.Continuous and stable dividend policy can not only convey the good news of the company's stable development,but also enhance the confidence of investors and maintain the good environment of the capital market.However,in recent years,the phenomenon that listed companies frequently use high transmission to carry out speculation in our stock market,even the behavior of crazy transfer in disregard of the actual situation of the company,and the phenomenon of high transmission with executives and controlling shareholders reducing their holdings is even more common.This paper focuses on the motive and economic consequence of the malicious high transmission" of listed companies,and analyzes the market effect and influence brought about by "high transmission" in order to analyze the policy of high transmission" of listed companies in China in a comprehensive and detailed way.The paper first introduces the background and significance of the topic,then summarizes the relevant theory and literature.Then the north special technology as a case,to its"high transfer' process is introduced.Finally,combined with relevant theories,this paper analyzes the economic consequences of Beit technology transfer motor and its economic consequences.The study found that Beit Technology does not fully meet the requirements for high transfer",and that the company does not carry out "high transfer" for the purpose of high transfer".In order to manipulate the stock price,improve the liquidity of the stock,and cooperate with the restricted stock to reduce the cash,the policy of high transfer" dividend such as Beit Technology coincides with the release time of the restricted stock in large quantities is very unreasonable.It is also found that there is a significantly positive excess return in Beitte Technology's high transfer" stock,and the excess return is mainly due to the fluctuation of the stock price on the announcement day of the high transmission transfer and the lifting of the ban on the sale of restricted shares.Such malicious "high transmission" not only brings huge losses to small and medium-sized investors,but also the listed companies may pay more cost because of malicious "high transmission".This paper puts forward some suggestions on the abnormal returns brought by the lifting of the restrictions on the restricted shares and the high turnover,in order to make investors more rational in the face of the restrictions on the sale of stocks,and to avoid the sharp fluctuations of the stock prices due to the lifting of the restrictions on the sale of restricted shares and the cooperation of the high turnover with the restrictions on the sale of stocks.So as to promote the optimal allocation of resources in the capital market and make our securities market more mature and effective.