Analysis On The Motivation And Economic Impact Of "High Ratio Stock Dividends" Behavior Of Listed Companies

"High ratio stock dividends " is a dividend distribution policy that adjusts within the owner’s equity of listed companies through a high proportion of stock dividends or capital reserves converted into equity,aiming to improve shareholder returns,enhance investor confidence,and stabilize the performance of listed companies in the capital market.However,in recent years,some listed companies with poor fundamental performance in China’s capital market have used the " High ratio stock dividends " to engage in market speculation,increase the company’s stock price,cooperate with shareholders to reduce their holdings,and transmit benefits.This situation,which does not improve the fundamentals of companies,can significantly promote the rise of stock prices in the short term,not only hinders the healthy development of listed companies,but also damages the rights and interests of small and medium-sized investors,and also disrupts the operational order of China’s capital market.In this context,this article selects Maxscend as a case company to study the behavioral motivation and economic impact of implementation of "high transfer" for two consecutive years under the classic theoretical framework.On the one hand,this article analyzes the " high ratio stock dividends " policy of Maxscend,and believes that Maxscend has repeatedly implemented it in addition to the conventional purpose of expanding equity and improving stock liquidity,there is also a motivation to cooperate with shareholders to reduce their holdings and control the risk of equity pledge.On the other hand,it analyzes the economic impact of the " high ratio stock dividends " policy on companies,investors,and the capital market.It is believed that the " high ratio stock dividends " policy has significant short-term capital market effects,but has little impact on the long-term development of the company,and long-term performance still needs to rely on the improvement of the company’s fundamentals.Through deeply analysis of the typical case of Maxscend,it is hoped that it can help listed companies establish a correct business philosophy,focus on improving business performance,expanding growth space,and optimizing financial performance,reasonably select dividend distribution policies,and help listed companies achieve sustainable development.It is expected to help small and medium-sized investors establish the concept of value investment,attach importance to fundamental analysis,and reduce investment risks.It is expected to help regulatory authorities strengthen the supervision of " high ratio stock dividends " and solve the chaos of " high ratio stock dividends " in the capital market.At the same time,it is also necessary to guide listed companies to rationally use the " high ratio stock dividends " policy,guide small and medium-sized investors to rationally view it,maintain the order of the capital market,and promote high-quality development of the capital market.