| In recent years,"high transfer" companies increased the transfer ratio year by year,the stock price also rose to a new height with the pursuit of the market,and then the market appeared to "high transfer" as the theme of the concept stock.Gem as a large number of "high transfer" theme stocks,which includes high-growth companies but also some companies with concept hype to increase the market value of interest transmission behavior.Since 2015,the regulatory authorities have been concerned about the "high transfer" interest transmission,in April 2018,the two major domestic exchanges have issued a "Listed companies high transfer(or high proportion of transfer shares)information disclosure Guidelines" Draft,the new rules mainly emphasize two aspects of the problem,on the one hand,To implement the "high transfer" the distribution programme should be matched with the increase in net profit or net assets over the same period and performance stability,and "high transfer" behaviour that does not meet performance conditions will be limited;On the other hand,the date of release of the high limit for the sale of shares by the supervisor,3 months before and after the important shareholder's reduction of shareholding,and the disclosure time of High transfer "to raise the share price,take the opportunity to reduce the shares and so on may eventually lead to the harm of small and medium-sized investors and other violations." With the introduction of regulatory policy,the "high transfer" scheme of listed companies has changed,but there are still listed companies that use policy loopholes to produce regulatory requirements that are contrary to the above two aspects.Based on this background,the paper selects the 2017-year GEM "high Transfer" listed company-Jing Rui Co.,Ltd as the research object.Starting from combing the theory of dividend and the related theory of interest transportation,this paper studies the market reaction of "high transfer" company of Gem in recent years by using descriptive statistics and event research method,and summarizes the general characteristics and problems of implementing "high transfer" scheme in gem listed companies in the year 2017,and then extends the problem to the motivation,through the " High transfer " and insider reduction regression analysis,the use of stock release as a tool variable to solve endogenous problems,explore the causality between the two;case studies,case company in the regulatory authorities issued a new regulatory rules after the implementation of the " High Transfer " program,through the use of descriptive statistics and other methods to analyze the " high transfer " After the motivation and dividend theory are excluded one by one,it is found that the "high transfer" motivation of the case company in the 2017 is in line with the theory of pandering,which not only has the common problem of "high transfer" of gem listed companies in 2017 years,but also has the decline of performance,the growth is not high and the majority of the insiders take advantage A reduction in the company's stock during the reduction period has significant excess returns,which is extremely damaging to small and mediumsized shareholders.Therefore,this paper draws three suggestions:(1)After analyzing the causes of the system,the supervision layer to implement dynamic supervision and the proportion of equity to divide the "high transfer" ceiling and other suggestions;(2)After analyzing the losses caused to investors by the case company,For small and medium-sized investors should strengthen their own learning for the benefit of the intermediary role of institutional investors should pay attention to value investment and professional ethics training;(3)for the gem listed companies equity characteristics should take full account of profitability and strategy,the formation of a healthy and stable dividend policy,the implementation of strict confidentiality and other value investors to lay the foundation for the future development of the company. |
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