Analysis On The Influencing Factors Of "High Transfer" Of Stocks Of Small And Medium-sized Board Listed Companies

This paper chooses the behavior of "high delivery and transfer" of SMEs listed companies as the research object,and focuses on the influencing factors of "high delivery and transfer" of SMEs listed companies.Firstly,it analyses the behavior of the listed companies through theoretical research,and then describes the dividend distribution of "high delivery and high dividend" of SMEs based on the actual situation of stock dividend and transfer policy in China.This paper analyses the characteristics of "high transfer" as the influencing factors of implementation.On this basis,the paper selected the panel data of "high transfer" of SMEs listed in Shanghai and Shenzhen Stock Exchanges from 2012 to 2017,and divided "high transfer" into high proportion "high transfer" sample depression of10 shares and low level "high transfer" sample group of 5-10 shares per 10 shares.The logit model was used to carry out regression analysis,and the stock price,equity scale and equity level were analyzed.Based on the empirical model,this paper examines the relationship between the probability of "high transfer" of listed companies and the reduction ratio of major shareholders,stock price,equity size,transfer capability,return on net assets,and the annual growth rate of net profit.It finds that the implementation of "high transfer" of listed companies is related to the year-on-year growth of transfer energy,stock price,return on net assets and net profit.The rate is positively correlated,that is,the stronger the transfer capability,profitability and growth of the company,the more inclined the company is to implement "high transfer";"high transfer" is negatively correlated with the scale of equity,that is,the smaller the scale of equity,the more inclined to implement "high transfer";"high transfer" in the high proportion of "high transfer" sample group with significant shareholders and executives,the top ten The proportion of major shareholders is positively correlated,which indicates that when the proportion of transfer is high,there is a certain relationship between the transfer of interests of major shareholders and senior managers.In view of the problems found in empirical research,this paper puts forward corresponding suggestions and prospects for SME listed companies in the following aspects: first,improve the regulatory and restraint mechanism for shareholders;second,improve the information disclosure and dividend policy of listed companies;and second,increase the education for investors.