| From the perspective of public interests,companies listed on the GEM may have bad motives to cover up negative information or transfer benefits to directors,supervisors,executives,and major shareholders by adopting a dividend policy of high distribution.For this reason,the China Securities Regulatory Commission has stepped up the supervision of high-paying transfers.At the end of 2018,the Shanghai and Shenzhen Stock Exchanges issued new regulations on the "Guidelines for High-paying Transfers".So,under the new regulations,what is the motivation for companies listed on the GEM to implement high-speed transfers? What kind of market effect will it bring? Have the new regulations on the supervision of high-speed transfers in 2018 played a corresponding role in restricting the high-speed transfers of enterprises? The paper selects Zhongfu Information,a company listed on the Growth Enterprise Market in my country,as a case study,hoping to see the whole leopard at a glance,so that the analysis conclusion of the paper is not only of reference for Zhongfu Information and similar companies to further regulate their high-send transfer behavior in the future,but also beneficial to Regulators can more effectively supervise the behavior of high-paying transfers of listed companies,protect the interests of small and medium investors,and create a fairer and more equitable investment environment.Regarding the reasons for the two high-sending transfers before and after the new regulations of Zhongfu Information,it is based on the theory of high-sending transfers and the research framework of related literature,referring to the financial data information publicly disclosed by the company and the reports of mainstream financial media,combining data with theories,and conducting a rigorous Deductive reasoning;Regarding the evaluation of the market effect of Zhongfu Information’s two high transfers,using the data of corporate financial reports and using the improved event research method,a more credible conclusion was drawn.In order to conduct a case-based test on the effectiveness of the regulatory agency’s 2018 high-speed transfer regulations,the paper systematically compared the motivation and economic effects of Zhongfu Information’s two high-speed transfers before and after the introduction of the new regulations.The paper finds that before the new regulations,Zhongfu Information ’ s high-speed transfers existed to expand the scale of equity,improve refinancing capabilities,cover up bad information,and increase stock liquidity,which did not produce positive market reactions;After the restrictive conditions were put forward for the behavior,Zhongfu Information’s implementation of the high transfer plan not only had the above-mentioned motivations,but also had the malicious intention of cooperating with major shareholders to reduce their holdings on a large scale and realize the transfer of benefits.The illegal transfer did not produce a positive market reaction.By comparing before and after the new regulations,the paper believes that the new regulations have not played a good restrictive effect on Zhongfu Information’s high-speed transfer,and the high-speed transfer under the motivation of violations has not achieved good economic consequences,which is not in line with the regulatory orientation.Based on this,the paper suggests that Zhongfu Information and similar companies can choose a suitable dividend distribution policy and comply with the requirements of the new regulations on high-paying dividends;optimize the internal governance structure and strengthen the quality education of internal personnel;enhance the internal core competition of enterprises by accelerating technological innovation It is recommended that regulatory agencies improve the new regulations and reward and punishment systems for high-speed transfers;improve the enterprise listing system to effectively protect the rights and interests of small and medium-sized investors and creditors. |
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