Research On The Motivation And Economic Consequences Of "High Delivery" Of Listed Companies

The phenomenon of "high delivery" is prevalent in the securities market.Generally,listed companies with good operating performance,sufficient capital reserve and considerable development prospects will choose to implement the "high delivery" dividend policy.There are many reasons for listed companies to choose "high delivery",and the economic consequences of "high delivery" are also different.Among them,there are many listed companies' senior executives and major shareholders who use "high delivery" to reduce profits.The behavior of the small and medium shareholders has been harmed.Therefore,it is of great significance to study the motivation and economic consequences of the "high delivery" of listed companies.Based on the research literature at home and abroad,this paper analyzes the motivation of listed companies to "highly delivery" based on signal transmission theory,dividend catering theory,stock price illusion theory,optimal price hypothesis,equity expansion theory and tunnel mining theory.The market hypothesis,the information asymmetry theory and the second type of agency problem analyze the economic consequences of the "high delivery" of listed companies.On the basis of theoretical analysis,taking the case of the "high delivery" incident of the GEM listed company as a case study,this paper expounds East distribution of the latest "dividend of 30 shares for every 10 shares".The company's "high delivery" process,analysis of the company's ability to "high delivery",analysis of the real motivation of the implementation of "high delivery" dividend policy.Using the event research method to study the market reaction brought by East's "high delivery ",and detailed analysis of the "high delivery" after East high-level executives reduced shareholding profits,and the chairman of the board He Simo with the help of others The economic consequences of the profitability of the account and employee stock ownership plans.The study found that East has a certain ability to send shares,but does not have the "high delivery" condition;the main reason for the implementation of the "high delivery" dividend distribution policy is to promote stock price rise and cooperate with major shareholders.The profit-making,secondary motivation is to expand the size of the capital and improve the liquidity of the stock;the market response of the "highdelivery" is obviously,and the company's share price has risen remarkably in the short term,the accumulated abnormal returns in the long run are not persistent;the senior executives have a large number of "high delivery" Make a profit reduction.In view of the above research,this paper puts forward corresponding suggestions from the perspective of regulatory agencies,investors and listed companies.