Research On The Dividend Policy Of "high Delivery And Transfer" Of Listed Companies On The Growth Enterprise Market

China's venture capital market was established in Shenzhen Stock Exchange in2009.Companies listed on the gem are keen to implement the dividend distribution scheme of "high delivery and transfer",with the proportion of delivery and transfer reaching more than 10 shares.This dividend distribution method has been popular among many institutions and media.However,in recent years,the motivation behind the transfer is no longer simple.Therefore,for the small and medium-sized investors who lack professional background,when they invest in the stock of "high transfer",they should not only analyze the basic operating conditions of the company,but also be alert to the insider trading behavior of the enterprise,rationally judge the intrinsic value of the stock,focus on the growth potential,historical stock price,capital stock scale and dividend policies implemented over the years of "high transfer",and select the appropriate ones Investment opportunity,making the most favorable investment decision.Firstly,this paper reviews the domestic and foreign literature related to "high delivery transfer",fully understands the motivation of the company's implementation of "high delivery transfer",and introduces the market effect after "high delivery transfer".After combing the literature,the author found that the purpose of the company's implementation of this program is often not simple,"high delivery transfer" is easy to help the reducing behavior of the growing shareholders,and easy to cause the interests of shareholders.Secondly,the author analyzes the current situation of "high transfer" in the domestic gem market and the form of dividend distribution in the GEM market.Thirdly,the case company Tianlong Group is analyzed,and through the analysis,it is found that "high transfer" is related to the behavior of reducing shareholders' holdings.Finally,it puts forward suggestions to the regulatory authorities,GEM companies and investors.I hope that through the research of this paper,we can enrich the case data of "high delivery" companies,improve the dividend policy theory of our country,make our gem market develop in a healthy direction,remind the majority of investors to be alert to the interest transmission behavior behind "high delivery" and protect the interests of small and medium-sized investors.