Research On The Economic Consequences Of High Level Send-to-Dividend Based On The Motivation Of Insiders Reduction

For listed companies,dividend policy is an important part of profit distribution and retained earnings adjustment.However,dividend policy of Listed Companies in our country has always been a common phenomenon in dividend distribution policy formulated by listed companies because it pays less dividend and redistributes more money.Accompanied by this phenomenon,many insiders transfer their own companies when the company is transferred.Stock arbitrage.According to relevant statistics,between 14 and 17 years,there are 137 listed companies in this situation.This makes us wonder whether there is a certain established relationship between the reduction of internal personnel and the high-speed transfer behavior of the company.In addition to the company level,small and medium-sized investors are also keen on high-delivery.However,high-delivery transfer essentially only transfers capital reserve to increase equity,and does not affect the actual earnings of investors of all types,nor can it reflect the company's operation.However,high-delivery transfer is still common in the market,and investors' enthusiasm for it has never decreased.In recent years,however,it has gradually transformed into a means of raising stock prices to cooperate with the reduction of insiders and major shareholders.Faced with this problem,the SFC has repeatedly condemned it.The case analyzed in this paper is Yunyi Electric.In 2016,the listed company announced a high-cost transfer plan of 1 yuan per 10 shares to 28 shares.In the hot market situation,the major shareholder Yunyi Science and Technology,Dezhan Trade and senior executive Li Chengzhong took the opportunity to cash in and got huge profits,while harming the interests of small and medium-sized shareholders.Therefore,the author briefly described the high-speed transfer process of Yunyi Electric and then analyzed it.Through the analysis of the growth,profitability and transfer indicators of Yunyi Electric,it is confirmed that Yunyi Electric does not have the power of high transfer.Through the analysis of the market value change,stock turnover rate change,stock price change and excess return on the announcement day and the ex-weighting day,it is concluded that the purpose of high transfer of Yunyi Electric is to cooperate with the large shares.Eastern reduction,it has neither matched transfer capacity,nor improved business performance after transfer.Finally,the paper puts forward appropriate suggestions for small and medium investors,investment institutions,insiders and regulatory authorities,hoping to reduce such violations of the interests of small and medium shareholders.