Discussion On The Problem Of Tunneling Under The Dividend Policy Of "High Cash Dividends + High Stock Dividend"

Dividend policy not only reflects shareholders’ requirements for investment return,but also concerns the rationality of capital structure.Due to the immature development of my country’s stock market,there are still many irregularities in the dividend distribution policy.The dividend policy of "high pay cash" has occurred from time to time,and in the past few years when market supervision was involved,"high pay cash" has also emerged in the secondary market,and many companies in the market are issuing "high pay cash".The dividend policy of "high pay and transfer" will soon be followed by a series of unique operations,which makes people doubt the motives behind these actions.As such operations of many companies have caused great losses to investors,the regulatory authorities have begun to pay attention to the distribution of dividends such as high cash dividends and high payouts,and issued corresponding regulatory policies to regulate related operations,which reduced the popularity for a while.There are quite a few,but despite this,there are still many companies who ignore the risks for their own interests,try to test on the edge of the constraints of the regulatory agencies,and wait for the opportunity.This thesis takes principal-agent theory,signal transmission theory,dividend catering theory and tunnel excavation theory as the theoretical basis for using dividend policy to transfer benefits,using literature research method,event research method,case analysis method,etc.Based on the review,combined with the market conditions in my country,select Yealink Networks as a case,after understanding the company’s operating conditions,profit distribution and dividend distribution characteristics of Yealink Networks,according to the definition of high pay cash in this article and the Shenzhen Stock Exchange’s In the definition of high delivery and transfer,it is found that there is a situation of high delivery and delivery of high delivery in Yealink,and then the reason for the transfer of benefits behind the high delivery of high delivery of the listed company is studied.Through the analysis of the financial impact,market reaction and enterprise value impact of Yealink’s high-end high-speed distribution network,it is found that:(1)High Cash Dividends and High Stock Dividend Help Yealink’s Major Shareholders Deliver Benefits;(2)Yealink’s Tunneling Affects Financial Performance More Harms Than Pros;(3)Market Response to Yealink’s High Cash Dividends and High Stock Dividend Varies in Different Environments;(4)The Use of Dividend policy for Tunneling will Reduce the Market Value of Yealink.Based on the case analysis and related conclusions,this thesis draws the following five inspirations: First,Investors should Cultivate the Concept of Value Investment and Focus on Corporate Performance.Second,Give Full Play to the Role of Independent Directors and Make up for the Defects of Shareholding Structure.Third,Strengthen the Information Disclosure Mechanism of Listed Companies and Reduce Investor Information Asymmetry.Fourth,Comprehensively Expand the Scope of Supervision,and Improve the Relevant Punishment System.Fifth,.Supervision Departments Should Strengthen the Prevention of "Swipe the Edge High Stock Dividend ",and Avoid the Self-interested Behavior of the Management.