Study On The Problem Of Ultra-ability Dividends Payout About Infinova

Compared with foreign mature capital markets, securities market in C hina started relatively late, the history is relatively short and the development is relatively slow. Before 2000, listed companies pay little attention to cash dividends, and the number of them for cash dividends is very few. Meanwhile, it presents the characteristics of poor continuity and strong optional. With the SFC to increase the protection of the interests of minority shareholders after 2000, the relevant requirements of cash dividends policy is introduced and improved continuously. So increasingly listed companies begin to lay emphasis on cash dividends, but some unusual cash dividends out of the phenomenon is also more and more serious, which includes ultra-ability dividends payout. Ultra-ability dividends payout is the abnormal cash dividends which listed companies regardless of their own management ability and cash holding. Academic circles think it is a means of controlling shareholder’s transporting interests which damage the interests of minority shareholders.Based on this, the relevant theoretical research about ultra-ability dividends payout are summarized in this paper and the reason why Infinova company take this unusual behavior is analyzed from the perspective of benefits transferring. Analysis methods are used in the process of writing and combined with Infinova’s ultra-ability dividends payout. Through using event study method we can know the ultra-ability dividends payout brings to shareholders negative wealth effect and the market reaction is not good. Meanwhile, through the analysis of tobin Q value we can find this abnormal sent can affect the value of the company, which is not conducive to the value of the company. What’s more, it is not good for the company’s long-term business development. Based on the influence to study the real motive, we found the purpose of listed companies’ ultra-ability dividends payout is to control shareholders’ occupation of interests and meeting the requirements of refinancing. In the whole analysis process some methods are used, just as financial index analysis method and comparative analysis method so that can be emphasized the problem of ultra-ability dividends payout deeply.Finally, this paper proposes corresponding countermeasures from the view of the regulatory authorities and corporate governance and puts forward related suggestions combined with the company’s specific causes and consequences. So then they can play a normative role to a certain and provide a reference to the relevant regulatory authorities which need to take positive and effective measures. In the end, these measures promote the healthy and sustainable development of securities market and capital market in our country and the equal treatment of the interests of all shareholders.