Research On Dongfangtong Behavior Of High-transfer And Dividend Policy

The rapid development of the capital market has played a huge role in promoting China's social and economic development.In the process of capital market development,various problems have also emerged.Especially after the establishment of China's capital market,a large number of corporate IPO were successfully listed in a short period of time,including some enterprises with incompetent capabilities and incomplete qualifications,which led to the uneven development of listed companies in terms of business development and management.In addition,from the perspective of the management capabilities of listed companies in China,due to the high concentration of equity in China's enterprises,many large shareholders have absolute control over corporate decision-making,which makes it difficult for small and medium-sized investors to protect their rights and interests.The profit transfer policy is a problem that is difficult to find and eliminate.This not only jeopardizes the stability of the entire market,but also greatly infringes on the interests of small and medium investorsBased on this,this article takes Dongfangtong as an example to analyze the “high-transfer” dividend policy behavior of enterprises.The article first defines the concept of high transfer and interest transfer,and also analyzes the theoretical basis of this study.Secondly,it analyzes the case of Dongfang Tonggao transfer,including the case study of Dongfangtong.It also analyzes Dongfangtong's “high transfer” to realize the process of interest transfer,and analyzes the impact of this behavior.Then,based on the case of Dongfangtong,the problems reflected by this case are analyzed.Finally,based on the analysis of the problem,the specific countermeasures for how to avoid the “high transfer” of Dongfangtong are proposed.Judging from the final results,the “high-transfer” dividend policy of Dongfangtong Company did not achieve the growth of corporate value,but led to the continuous decline of the company's stock price,and the purpose of interest transfer was also very prominent.From this situation,it can be seen that the current problems mainly include: the problem of capital market information disclosure system,the blindness of investors,the internal governance and system imperfections,and the loopholes in the external supervision system.Therefore,in order to prevent this problem from appearing,it is necessary to further strengthen the information disclosure.At the same time,it is necessary to further improve the internal corporate governance system,strengthen external supervision,and enhance the investor's investment ability,and finally can avoid this problem.