Study On Tunneling Of Listed Companies' Major Shareholders By Using "high Stock Dividends” In China's SME Board

At present,many listed companies in China are keen to adopt the "high stock dividends" dividend policy.For enterprises,whether it is to send shares or transfer shares,it only expands the size of the company's equity,and its purpose is to facilitate corporate financing.However,the purpose of many boss companies to adopt the "high stock dividends" dividend policy is no longer simple.Many large shareholders of listed companies use arbitrage information such as "high stock dividends" to cause arbitrage,which has caused the company's share price to collapse and harm the interests of small and medium shareholders.According to signaling theory,small and medium-sized shareholders believe that the "high stock dividends" of listed companies is a kind of good news and conveys the signal of excellent company performance.The major shareholders of listed companies will cater to the preferences of small and medium-sized shareholders,and choose to carry out "high stock dividends",attract small and medium-sized shareholders to invest to raise the stock price,and reduce the share price to a high position,and obtain high returns.In our country,small and medium-sized boards are the frequent occurrence of "high stock dividends" of listed companies,and more than 40% of "high stock dividends" appears in small and medium-sized boards.Because small and medium-sized listed companies generally have the characteristics of smaller equity and more concentrated equity,they provide favorable conditions for listed companies to "high stock dividends".This paper selects Sunwill,which are representative of small and medium-sized listed companies,as case companies,and studies their use of "high stock dividends" information in two operations in 2016 and 2017,and found that Sunwill's major shareholders use "high stock dividends" to cater to small and medium-sized shareholders,thus raising the stock price and reducing the holdings at high stock prices to obtain high returns.Finally,it is concluded that the purpose of Sunwill's implementation of "high stock dividends" is to assist major shareholders to arbitrage through reduction.Through the analysis of the case,the behavior of listed companies using "high stock dividends" to reduce arbitrage will not only affect the company's performance,but also harm the interests of small and medium shareholders.Therefore,in order to restrain the arbitrage behavior of major shareholders and protect the interests of small and medium shareholders,this paper puts forward the following suggestions: The state should strengthen supervision over the securities market,formulate and improve relevant regulations;the company's internal shareholding structure needs to be optimized to avoid "one stock independence";establish and improve the supervision mechanism of small and medium shareholders,small and medium shareholders must actively protect their own interests.