Research On The Causes And Economic Consequences Of "High Delivery" Of Listed Companies

Dividend distribution policies of listed companies in my country generally have the phenomenon of re-sending and neglecting cash-out.Many listed companies tend to use the high-send transfer to the market to convey positive signals of the company’s strong profitability and good development prospects.The majority of small and medium-sized investors have irrational preferences for companies that implement high-send transfers.Large shareholders cater to investors’ illusion of nominal price through high-paying transfers,and realize their purpose of transferring benefits.Existing research focuses on the reduction of holdings by large shareholders who are behind the transfer of benefits,and there is little research on the way to realize the important benefits of equity pledge.On November 23,2018,the Shenzhen Stock Exchange issued the "Guidelines for Disclosure of Information Disclosure of Shares with High Proportion of Transfers for Listed Companies",which has imposed restrictions on the reduction of holdings by major shareholders under high-send transfers.However,the capital market has again appeared And the transfer of interests from the pledge of major shareholders’ equity by the high-sending transfer.Therefore,it is necessary to study the transfer behavior of the major shareholders’ equity pledges behind the high-send transfers.This article takes the high-send transfer of Midland new materials as the research object,studies the use of high-send transfers by major shareholders of listed companies in my country to cooperate with them to transfer their interests,analyzes the rationality of the high-send transfer plan,the motivation and the result of the transfer of major shareholders’ interests under the high-send transfers Related economic consequences.The main conclusions of this article are as follows: Firstly,through relevant data analysis of Midland’s new material delivery capacity,profitability and growth ability,it is found that when the company’s delivery capacity is insufficient and the company’s business performance is poor,major shareholders are conscious.It utilizes its control and decision-making power to launch a high-send transfer plan,which more reflects the will and interest needs of major shareholders.Secondly,using data to analyze whether Midland New Materials transmits the company’s development signals,whether to expand equity,whether to conduct market value management,and whether to cooperate with major shareholders’ equity pledges for benefit transfer.The research found that Midland New Materials’ implementation of high delivery and transfer did not pass.Good company development signals and major shareholders pledged equity after the announcement date of the high-sales transfer plan to obtain high returns;finally,through relevant data,the market value and market response of Midland New Materials after two high-sales transfers were analyzed and found The announcement of the company’s high-rate transfer plan was significantly positive in the future,and then began to decline slowly,indicating that the transfer of the interests of major shareholders under high-rate transfer has caused adverse economic consequences to the company.The research in this article has enriched the cases in the fields related to the transfer of interests by major shareholders through equity pledges behind the high-speed transfer,and provided evidence support for the regulatory authorities to further strengthen the supervision of the high-speed transfer phenomenon and increase inquiries about the high-speed transfer.