Research On The Motivation And Market Reaction Of The "high-send Transfer" Behavior Of Listed Companies

The company's dividend distribution policy has been receiving much attention since the development of China's securities market.Since the CSRC has clear and specific policy requirements for cash dividends,listed companies have been more inclined to adopt the stock dividend distribution policy in recent years.Especially since 2015,most of the profit distribution plans disclosed by listed companies have shown the characteristics of “high delivery,light cash dividends”.From 2015 to 2017,the number of listed companies chose high delivery dividend policy in the market exceeded 400 per year,of which more than half of the high-volume transfer ratios showed that the high delivery was intensifying.However,in the securities market in the past two years,there are also many phenomena in the securities market that use high delivery to make stock price speculation,create investment traps create;the stock exchange also introduced new regulations for high delivery in 2018.Therefore,it is necessary to conduct a more in-depth study on the motives for the implementation of high delivery and the market response brought by the high delivery.This paper first introduces the current situation of high delivery in China's market and analyzes its influencing factors.Secondly,Beixinyuan was selected as the research object,and the case study method and comparative analysis method were used to analyze the four high delivery programs from the listing to the present.Through the research results,the motivations and market reactions of high delivery behavior are summarized.Finally,the article proposes feasible suggestions for different subjects in the market.According to the research results,the motivation of listed companies to implement high delivery is mainly to convey the company's good news in business conditions,expand the company's share capital,and improve the liquidity of the stock under the traditional dividend theory;under the behavioral dividend theory,it is to cooperate with the additional issuance of restricted shares,realize the reduction of arbitrage of major shareholders.The market reaction brought by high delivery is mainly reflected in: the rise of stock price in the short term and the increased enthusiasm of investors in the market,which will have a positive impact on the company;not only that,the media market and the regulatory authorities will also pay more attention to the listed companies which use high delivery,it will investigate and punish the listed companies use high delivery to infringe on the interests of small and medium investors and affect market order.In response to the problem of listed companies use high delivery to carry out hype,the article proposes that listed companies need to improve the company's dividend policy formulation and strengthen internal governance;small and medium investors need to improve their professional knowledge and make rational investment;the regulatory authorities must further strengthen supervision and improve regular system.