The Research Of Motivation Of "High Send And Turn" Dividend Polcy In China's Listed Companies

At the end of 1990,the Shanghai stock exchange and shenzhen stock exchange were successively established.Since then,the development of China's securities industry has been continuously deepened and expanded in the past 30 years.Among them,dividend distribution policy has been the focus of investors and regulators,and it is also a controversial topic in academia.The Shanghai stock exchange's 2012 study made it clear that the"high send and turn”is the internal adjustment of shareholders' equity.In the western mature capital market,dividend payment policy is mainly cash;But Chinese listed companies and the vast number of investors for a long time,are keen to "send and turn",especially for some purpose of "high send and turn",will bring a bad effect on the market.The high quality of the transfer does not create value,but it can have a big impact on stock prices in a short period of time.In recent years,there are a lot of "high send and turn accompanied by major shareholders of listed companies of high cash,although the underweight shareholder said only underweight for a variety of reasons,but in the end it often ended in small and medium shareholders' interests are violated.Therefore,listed companies and market are keen to "high send and turn",implement "high send and turn" concrete will bring influence on capital market,investors,regulators are how to supervise the listed company "high send and turn" of the process of the content is in this paper,we study the listed company "high send and turn" of reason.Through literature research,comparative analysis and case analysis,this paper reviews the current research status of "high send and turn" governance from the theory of dividend policy and domestic and overseas.After summarizing other scholar's research,from the Angle of case study show turn "high send and turn”status quo of Chinese listed companies,in order to give Ysstech Info-Tech Co.,Ltd and big sheng era culture investment Co.,Ltd as the research object,the relevant financial analysis combined with investors,listed companies own perspective,the media,regulators and other "high send and turn",in order to verify the existing high send rotation because of perfect and complement "high send and turn" new motivation and management advice.Through this article,we hope to make some shallow views from listed companies,supervisory level and investors.