Research On The Distribution Of Dividends Of "High Percent Of Stock Dividend And Stock Splits" In The Case Of H Company's Huge Loss

China's listed companies mostly adopt the dividend policy of "more choose stock dividend and stock splits,while less cash distribution",and the proportion of stock dividend and stock splits is gradually increasing,which forming a feature of China's capital market.However,a high percentage of transfer is followed by the reduction of the majority shareholder.In November 2018,the Shanghai and Shenzhen Stock Exchanges officially issued the "Guidelines for High-Transfer Information Disclosure of Listed Companies",which gave the specific rules to stock dividend and stock splits--the company must link the implementation of the stock dividend and stock splits policy with the specific content of the company's performance indicators.Based on good performance indicators,the relevant dividend policy will be formulated,so that the company's dividend policy can truly reflect its actual operating conditions and actual equity expansion.Based on this,this paper firstly based on China's current popular "High percentage of stock dividend and stock splits",the listed company's motives of using the "High percentage of stock dividend and stock splits" dividend policy and its consequences analysis as the focus of this article,and its specific case H company is combined.Due to H's illegal "High percentage of stock dividend and stock splits",the company received administrative penalties from the China Securities Regulatory Commission's Management Committee in 2015,and fall to being penny stock in the early 2018.And according to the situation,the author analyzed the motives and consequences of its dividend policy choice,and the reason the company made this policy through the macro and micro levels.Finally,combined with the status quo of "High percentage of stock dividend and stock splits" of listed companies and the phenomenon of large shareholders reducing the interests of small shareholders in China,the author believes that in order to reduce Interest infringement between large shareholders and small and medium shareholders,the listed companies should develop reasonable dividend distribution policy according to their own conditions at first.Secondly,the smalland medium investors should also enhance their investment awareness,and do not blindly invest.Meanwhile,the supervision of the regulatory authorities and the improvement of the information disclosure system also play a vital role.