Research On The Influence Of Corporate Performance On High Send And Transfer Scheme

The high send and transfer appeared earlier in our country,the enterprises that carry out the high send and transfer scheme has extended the main board market,the small and medium-sized board market and the GEM,it is favored by many investors and became a hot topic.From the theoretical level,high send and transfer scheme belongs to the category of dividend distribution policy.Therefore,whether an enterprise implements a high send and transfer schme or not should be influenced by its performance level,and this influence should be positive.However,from the practical level,China’s low threshold for high send and transfer behavior has led to a large difference in the performance level of high send and transfer enterprises.At the same time,with the increase of media disclosure,more and more high send and transfer enterprises with worrying performance level are exposed to investors,these media reports tell us intuitively that the relationship between corporate performance levels and high send and transfer schemes have been decouped.However,whether these media reports are just an example of high send and transfer market,the discussion on this issue should not only rely on intuitive feelings,but also be based on market data to dig deeply.This will have profound significance for investors to invest in high send and transfer enterprises,regulatory departments to regulate high send and transfer markets,and listed companies to implement high send and transfer dividend plans.Using empirical research methods,this paper takes companies implementing dividend plans in Shanghai and Shenzhen stock exchanges from 2013 to 2017 as data samples,takes high send and transfer related indicators as dependent variables and enterprise performance indicators as independent variables,and strives to explore the following issues:what is the relationship between corporate performance level and the tendency of enterprises to adopt high send and transfer scheme,the cash bonus and the high send and transfer ratio,and draw some conclusions.The empirical study found that,Performance level has a significant positive impact on the tendency to implement the high send and transfer scheme,a significant negative impact on the high send and transfer scheme,and a significant positive impact on the cash bonus attached to the high send and transfer scheme.In addition to the relationship between the research performance of the whole Shanghai and Shenzhen markets and the high transferscheme,the relationship is also discussed from the three micro market levels of the main board,small and medium-sized board and the growth enterprise board,and different conclusions are drawn.These conclusions will be summarized in chapter Seven.In order to reflect the value of the research results in practical application,this paper puts forward Suggestions from the perspectives of investors,regulatory authorities and listed companies.Firstly,it is suggested that investors pay attention to the performance of high send and transfer enterprises,be careful to the enterprise of high transfer proportion,pay attention to the scheme of listed company.Secondly,It is suggested that the China Securities Regulatory Commission and other third-party regulatory institutions establish a sound performance measurement system for the high send and transfer enterprises,formulate auxiliary regulatory measures for institutional investors,and formulate high send and transfer policies for enterprises in different sectors according to local conditions.It is suggested that listed companies focus their business on the improvement of corporate performance,and establish an internal management mechanism for high send and transfer to form a hard constraint.