| It is an important financial decision for a listed company to formulate a dividend policy and distribute dividends.A reasonable and active dividend distribution policy will send a positive signal to the market,stabilize investors’ existing investments,and at the same time,it can enhance the confidence of external investors in the company and attract more capital inflows.The Growth Enterprise Market is an important supplement to China’s main board market.Since its launch in 2009,after a period of development,more and more companies have launched the "high-send transfer" dividend distribution plan to the market.In the initial stage,the stock exchange did not strictly and clearly define the transfer ratio of the "high transfer and transfer" plan.In addition,small and medium-sized investors have irrational preferences for high transfer transfer,and the market and enterprises’ blind pursuit of "high transfer transfer" has increased.In order to strengthen the supervision of high transfer and transfer behavior and curb the hype of related plans,the Shanghai and Shenzhen stock exchanges issued the "Guidelines for Information Disclosure of High-Ratio Transfer Shares of Listed Companies" in November 2018,which clearly stated that "high-level transfer of shares by listed companies" was issued in November 2018.“Send and transfer ” boundary,requiring companies to strengthen disclosure to strengthen supervision.After that,the number of listed companies offering high-proportion transfer programs has decreased,and many companies have begun to implement "sweeping transfers",but there are still companies that insist on high transfer rates.The research object chosen in this paper is Yealink Networks,a listed company on the Growth Enterprise Market.Yealink Networks went public in 2017,and what is more striking is that it has completed four consecutive transfer plans from 2017 to2020,of which the transfer ratio from 2017 to 2019 is as high as 10 shares for every10 shares.Influenced by the "Guidelines for Information Disclosure of Listed Companies’ High-Ratio Transfer Shares" issued by the Shenzhen Stock Exchange in2018,all of them have reached the "high transfer" standard.This situation is relatively rare in my country’s stock market,and Yealink’s motives and economic consequences of implementing the "high transfer" program are representative.Therefore,this article will firstly explore the possible starting point of Yealink’s adoption of the "high-send transfer" dividend distribution policy from two different perspectives,internal and external,and analyze the motivation.Then,it will focus on in-depth analysis of three consecutive and analyzed the economic consequences of Yealink’s previous “high-send-transfer” behaviors from two major aspects: market reaction and internal financial performance response of the company: Use event analysis to pay attention to the company’s announcement of distribution plans market reaction on ex-rights and ex-dividend dates,by analyzing the long-termObserving the changes in the company’s internal corporate performance with indicators such as solvency,profitability,and growth ability;finally,put forward reasonable suggestions from the perspectives of enterprises,regulators,and investors,and explore how listed companies can transfer correct information through the "high-send-transfer" dividend distribution policy.Reasonably pass it on to investors,thereby improving the liquidity of the stock;abandon the concept of blindly following the trend of hype and playing digital games,but repay investors through a dividend policy that is in line with the development of the company;hope that investors can enrich investment theoretical knowledge and use objective and rational investment.Looking at the "high-send-transfer" dividend distribution plan,taking a long-term view of investment can reduce the risk losses caused by blindly following the trend and speculation to a certain extent;at the same time,I hope that the regulatory authorities can continue to strengthen attention and supervision,and formulate more reasonable.policies to improve the scientific nature and effectiveness of regulatory work. |
