| Dividend distribution policy is an important way for listed companies to convey corporate information to investors,mainly in the form of stock dividends,cash dividends and stock buybacks.However,Chinese listed companies are generally in the situation of "heavy delivery,light delivery".Chinese capital market also has a long-term phenomenon of pursuing "High delivery".When listed companies disclose the "High delivery" plan,investors will be affected by the illusion of nominal price,a large number of irrational buying of the company’s shares,resulting in a sharp rise in the stock price.In fact,"high transfer" will not bring investors excess returns,only between the accounting line adjustment.What is more noteworthy is that many of the enterprises with large losses and poor growth still implement high transfer,which leads to major shareholders taking advantage of the market to cash out and other benefits transmission problems.In order to rectify the "High delivery" chaos,the Shenzhen Stock Exchange issued the "High delivery" Guidance in 2018,requiring listed companies to implement the "High delivery" plan to match their own performance,which has played an obvious cooling effect on the "High delivery" boom.Based on the research on the behavioral motivation,market effect and comprehensive risk of high turnover,and on the basis of the liquidity theory,information transfer theory,price illusion theory and risk management theory,this paper focuses on the influence of the new regulation of high turnover on the development of high growth enterprises.NATA OPTO-ELECT,which is listed on the Growth Enterprise Market,is selected as the research object.The enterprise has always maintained a high investment in research and development,the net profit fluctuates greatly,and has the characteristics of high growth.First,the paper studies the behavioral motivation of implementing "high transfer" in successive years before and after the policy supervision in 2018.Second,it evaluates the feasibility of the "high transfer" program under the supervision of the new regulations from three aspects: actual transfer ability,profitability and growth potential.Thirdly,this paper analyzes the market reaction of "High delivery" with the policy regulation in 2018 as the key point,and finds that the market reaction of "High delivery" before the regulation is strong,while the market reaction of "High delivery" plan after the regulation is cold,but the stock liquidity of the company after the transfer is enhanced,and the high delivery fails to increase the enterprise value.Finally,by summarizing the risks that Nanda Optoelectronics may face,it identifies the main risks brought by "High delivery" of Nanda Optoelectronics,proposes the establishment of a risk organization and management system,and summarizes the conclusions and puts forward suggestions.The conclusions are as follows:(1)"High delivery" before regulation brings short-term excess returns;(2)"High delivery" helps to alleviate the negative impact of enterprise information;(3)The new regulations can reduce the risk of "High delivery";(4)The "High delivery" will not support the long-term health of the company. |
