Research On "High Transfer" Dividend Distribution Policy Of Hairun Photovoltaic

Since 2014,there has been a "high transfer" boom in the capital market.The so-called "high transfer" is actually to convert the capital reserve into capital stock.The company’s assets and profitability will not change substantially.In recent years,some listed companies began to use the "high transfer" dividend distribution policy to maliciously raise the stock price and confuse investors,so as to protect the stakeholders from cashing out.According to this,taking the phenomenon of "high transfer" emerging in China’s capital market as the starting point,combining this phenomenon with Hairun Photovoltaic company,this paper focuses on the analysis of the consequences and causes of the company’s still adopting the dividend policy of "high transfer" in the case of non-compliance.It is expected to provide new perspectives and ideas for domestic scholars to further study "high transfer",enrich the understanding content and analysis entry point of "high transfer" and dividend policy.At the same time,I hope some listed companies can get some enlightenment from this paper.Shareholders should think rationally about the issue of "high transfer" dividend distribution policy,because improper dividend policy will damage the reputation of the company,cause difficulties in subsequent financing,and bring irreparable losses to the enterprise.This paper briefly expounds the process of "high delivery and transfer" in view of its dividend distribution policy of "increasing 20 shares per 10 shares".Based on the domestic and foreign literature,this paper analyzes the “high delivery” of Hairun Photovoltaic by using the efficient market hypothesis,the information asymmetry theory and so on.It is found that the problems caused by the "high transfer" of Hailun Photovoltaic company are mainly the decrease of financial situation stability,the abnormal change of stock price before and after the "high transfer" announcement,the damage of the company image,the punishment and compensation faced by Hailun Photovoltaic company.The event study method is used to analyze thereason,which contains the incomplete conditions and ability of "high transfer",the coordination of distribution plan with major shareholders to lift the ban on restricted shares,the opportunity for major shareholders to reduce their holdings and arbitrage,and imperfect internal control of the company.Finally,it is proposed that Hairun Photovoltaic company should do its best in dividend distribution,optimizing the ownership structure of the company,standardizing the conditions for reducing the holding of major shareholders and strengthening the construction of corporate governance structure.The paper put forward some suggestions for the company’s failure to implement the corresponding dividend distribution according to its actual operating performance.We hope that the decision-making level of the company should make the dividend distribution method based on the actual profitability and future development ability of the company in the future,so as not to damage the interests of small shareholders.