A Research On The Motivation And Market Effect On High Stocks Dividend Of Beixin Yuan

As one of the important financial decisions of listed enterprises,dividend distribution plays a very important role in the development of listed enterprises.When the listed enterprises use the dividend allocation policy reasonably and effectively,the enterprises can develop steadily and the shareholders can get the corresponding benefits.In recent years,one of the most popular ways to distribute stock dividends in many listed enterprises in our country is to send shares in a high proportion,that is to say,the proportion of the shares sent to be transferred is getting large.The number of companies carrying "high stock dividend" has increased considerably.The strange phenomenon is that some listed enterprises carry out ultra high proportion transfer,even though they have a very poor performance and not satisfied with the implementation of high transfer capacity.From the observation and research of our country's securities market,it is not difficult to find that the enterprises which carry out the "high transfer" are more likely to attract the attention of the market,as well as to cause the strong reaction of the market,compared with the enterprises that do not carry out the "high transfer".At the same time,many National and international scholars have shown that there will be significant positive excess returns in the window period of high transfer to stock,and the stock dividend with high transfer behavior is easier to receive the pursuit of the market.Nowadays,high transfer has become the theme of capital market speculation,but behind the bright is mystery and traps.Under the background of imperfect capital market and serious information asymmetry between senior executives,institutional investors and ordinary investors of listed companies,why are listed companies so keen on the policy of "high stock dividend" and what kind of purpose is it to implement the dividend policy of "high stock transfer" ? It is worth further study to see what the incentives are under performing public companies,which are not satisfied the ability to deliver a large percentage of their services,why investors are so obsessed with "high stock dividend" stocks,and what "high stock dividend" behavior can bring about for listed enterprises,investors,large shareholders and executives.Under such conditions,this paper will draw on the domestic and foreign research results of the high stock dividend,and take Beixin yuan as the research object,study the high transfer situation of the Beixin yuan during the 2012-2016 years.Firstly,analyze the background and the significance of the subject,confirm the contents and methods of the study.Then research on the domestic and foreign research on high transfer,master the research dynamics;Then elaborate the concept of high transmission and related basic theory,which will provide theoretical support for the next research;Then,analyze the motivation of Beixin yuan from financial situation,equity size,investors,large shareholders and executives,further analyze the effect of high transfer Plan,implementation effect,the performance of the market and the investor effect;In the end,the corresponding suggestions are put forward from the three angles of listed companies,investors and supervision departments,in order to help small and medium investors in China,especially those who lack a certain basis,but are just blind from the market to recognize that some listed companies implement high dividend policy is not a good letter to the outside world but rather a way for the executives and decision makers of the listed companies to realize their interests and obtain higher returns,to improve investors' vigilance and make them keep rational and efficient in investing in the stock market,and based on the reality of our country's stock market,some suggestions are put forward to promote the effective,mature and sustainable development of our capital market.