Analysis On The Strategic Motivation Of "High Transfer" Of GEM Stocks

In recent years,"high transfer" has always been active in China’s capital market,among which gem listed companies are the most active in implementing the "high transfer" policy.It has been 11 years since Chinese GEM was launched in 2009.In these11 years,gem "high send turn" company number shows scale to increase."High transfer" can generally bring a lot of convenience to listed companies.First,it helps to expand the company’s registered capital and facilitate the company’s equity financing and bond financing.Secondly,as a subject matter of speculation,it conveys a signal of excellent performance,thus raising the company’s share price and increasing its market value.Third,substantially reduce the company’s share price at the present stage,to provide greater room for future share price rise.In essence,"high transfer" is a way of profit distribution in which the management share the operating results with the majority of investors.Listed companies,investors and regulators should treat the "high transfer" behavior of gem companies with a prudent and scientific attitude.From the perspective of accounting theory,"high transfer" has no substantial change to the fundamental situation of the company,but it will adjust the amount of equity accounting items of the company.Dividend distribution policy is one of the important contents of the company’s financial management.It is also one of the focuses of the company’s owners and managers.In addition,the dividend distribution policy is also the content that regulators and investors have been paying close attention to.Generally speaking,a sustained and stable dividend policy can not only convey the good news of the stable development of the company,but also enhance the confidence of investors.On the other hand,it can maintain a good environment of the capital market.However,in recent years,China’s stock market has been used by listed companies to hype the situation,and the situation of high transfer to cooperate with senior executives and controlling shareholders to reduce their holdings is even more common.This paper mainly analyzes the motivation of "high transfer" of listed companies and the impact of "high transfer".In the process of research,this paper combines the theory and cases.The study finds that in the early and late stage of the "high delivery"information release,the stock price of listed companies will show a significant upward trend.In addition,insider trading sometimes occurs,delivery" information is released.In fact,the "high transfer" has not brought any substantial impact on the Based on thecase study of Sanju environmental protection company,this paper finds that the main motivation of the company’s announcement of "high delivery and transfer" is to increase the share price,strengthen the liquidity of funds,cooperate with the lifting of the ban of the first restricted shares,and deliver good news.These results have important reference value for the research on the motivation of "high transfer" of Listed Companies in China.In view of the current situation of "high transfer" of listed companies on the gem,this paper puts forward relevant suggestions,and has an important reference value for the research on the motivation of "high transfer".The formulation of dividend company.Whether a reasonable dividend distribution plan can be formulated affects the vital interests of all stakeholders of the company.Market mechanism of incomplete decision information asymmetry phenomenon exists generally,signal theory is that in the case of asymmetric information,the listed company’s internal management by If we give full play to the signal effect of dividend distribution,it will effectively promote the information flow of the securities market,so that investors and listed companies can benefit greatly.China’s securities market was established relatively late,and its supervision and management of listed companies are far from those of mature foreign markets.The GEM appeared only in 2009.Therefore,whether compared with the signal transmission effect of dividend distribution in mature western markets or other sectors of the stock market,the dividend distribution signal effect of listed companies on the GEM has its own unique rules and performance.In recent years,the current situation of the gem listed companies in China has constantly aroused people’s concern,and various GEM news headlines are full of financial and economic media.In the market,there are people who constantly chase after the phenomenon of the gem and transfer,but there are also some who are deeply worried about this phenomenon.This paper makes a detailed elaboration on the consequences of the "high transfer" of Sanju environmental protection.Combined with the new regulations on high-level transfer issued in 2018,on the one hand,it hopes to reserve a certain space for growing enterprises to have "high transfer" autonomy.On the other hand,it puts forward some suggestions on the instability of the capital market caused by the lifting of the ban of restricted shares and the high transfer rate,so as to promote the resource allocation of the capital market Optimize,make our country stock market more mature and effective.