Research On Large Stock Dividends Anomalies And Management

In the process of capital market development in China,the dividend policy of listed companies has always been a matter of wide concern.In recent years,the policy of high transfer dividend has gradually arisen and even flooded.Many listed companies have used the high transfer policy to help large shareholders to reduce their holdings,which has hurt the interests of small and medium-sized investors.This paper has some theoretical and practical significance for its research.The article adopts the method of case study,and state biotechnology company,for example,based on the signal transmission theory,the theory of liquidity and meet the high theory to the listed company sends turn vision has carried on the theoretical explanation and put forward the countermeasures.Firstly,the paper introduces the basic information,the high transfer dividend policy and the reduction of major shareholders.And secondly to biological state high send transfer scheme analysis of existing vision,found that the high send transfer scheme does not conform to the traditional theory of signal transmission and the interpretation of the theory of liquidity,but rather to help major shareholders holdings and improper turn feeding behavior.Then,the short-term market reaction and long-term stock price trend analysis on the supervision effect of high transfer vision show that the regulatory policy has certain positive effect.Finally from the regulatory authorities,listed companies,investors three perspectives proposed governance countermeasures.