Stock Split And Large Shareholders' Reduction

The dividend distribution policy is an important financial management activity of the listed company.As the important information that the listed companies disclose to the capital market,the stock dividend has long been regarded as an important and good information for the good development prospects of the company.However,in recent years,the phenomenon of "re sending and transferring cash dividends" has become more and more obvious in domestic listed companies,and the proportion of transfer is also increasing year by year.Even many companies have implemented dividend policies with high proportion in succession for several years.This special phenomenon has aroused many people's attention in the domestic capital market.At the same time,we found that with the "high transfer" phenomenon together,there are "large shareholders reduction".With the completion of the share reform,large shareholders in the stock lock up period after the end of May,will hold the stock sale in two grade market.Some big shareholders and executives take advantage of their own information superiority to choose transactions in a short time after the release of good news,and reduce their cash holdings at high prices,so as to gain illegitimate interests.Then,what is the motivation of the listed companies to implement the "high transfer" ? It is the message that the value of the company is undervalued and the vision of the company's future development.Or the use of stock investors in the "high transfer" dividend policy,to help large shareholders to reduce cash discount?First of all,high turn sent the phenomenon this paper starts from the domestic capital market is becoming more and more frequent,"according to the analysis of the development situation in recent years,the high transfer,combined with the theory of domestic and foreign classic,trying to put forward reasonable assumptions for the listed companies to implement " high level distribution " allocation policy motivation".Secondly,this paper is going to research the " high level distribution " policy of large shareholders in the A stock market in recent years.The 2017 annual "top grid transfer" typical case-electric cloud "high level send" behavior,by estimating the potential value of the company and the company,excluding electric cloud launched " high level distribution " is based on the dividend policy of the company is undervalued and the possibility of future development of transfer of confidence,from electric cloud's transfer ability,the development potential and the largest shareholder with high transfer market holdings gain motivation and other aspects of the detailed analysis,and draws the following conclusion: in today's capital markets,no" capital "and " high level distribution " few listed companies in the listing;the company introduced high transfer this dividend policy behavior,controlling shareholders use their own advantages," borrow " high level distribution " good news of high priced stock holdings,to obtain excess returns in the,It has seriously infringed the interests of small and medium investors.Finally,combined with China's listed companies " high level distribution " status as well as the holdings of major shareholders damage the interests of small investors,the listed company shall be in charge of for the majority of shareholders based on their financial status attitude to carry out sciencific dividing policy;secondly,unprofessional investors ought to enhance their awareness of investment,more from the fundamentals of the company,should not blind pursuit of high transfer concept;finally,the Commission and other regulatory authorities should promptly formulate corresponding regulations on large shareholders by high transfer large reduction in to be restricted.