Research On The Problem Of Interest Transfer Under The “high Transfer” Dividend Policy

Dividend policy plays a vital role in the daily operation of enterprises,it was a decision about the profits of the company to retained or to distribute.Dividend policy not only related to the long-term future development of the enterprise and the shareholders' desire of return on investment,but also about the rationality of capital structure.Reasonable dividend policy can be a for the enterprise expansion Fund can and also can attract potential investors and creditors.It can achieve the maximization of corporate value and shareholder wealth.Our dividend policy has it's own diverse characteristics,since Chinese stock market is not fully developed,there are still irregular dividend policy.Seen from these years,high stock dividend is developing fast in the secondary structure.many investors think high stock dividend actually is just a digital game,and can not do any help for the increasing of enterprise' value,currently,in the secondary market,many enterprise announced high stock dividend following with the reduction of major shareholders,that turned high stock dividend to be a way to satisfy the private desire of strong stock holder,and in this way they withdrawal cash illegally.This is a phenomenon of tunneling,it ignores the return to the investors,it can be seen as a kind of tunneling.This article analysis the difference of the dividend policy of Wu Tong holding in recent years,and introduces the state of operation,also study the sudden transfer of dividend policy,and the reduction of major shareholders to find that there is a suspicion of tunneling.This article also makes recommendation to the moustache stash and regulator depends on the analysis of economic consequence.The result proves that the high stock dividend of Wu Tong holding actually is a mean of the tunneling,and the issue time of the policy is on purpose.