Analysis on the “High Send and Transfer” Dividend Policy of Listed Companies in China

DOI

10.2991/aebmr.k.210319.003How to use a DOI?

Keywords

“high send and transfer” dividend, listed company, dividend policy, excess return, abnormal return

Abstract

China’s capital market is developing constantly, but there are still many problems. This paper focuses on the phenomenon of high transfers that exist and has received a lot of attention in the Chinese capital market. Through theoretical research and literature induction methods, this paper first studies the reasons behind the high transfers of listed companies, that is, the increased liquidity hypothesis, the price illusion hypothesis, and the equity expansion hypothesis. Secondly, this behavior is often a tool for company executives or major shareholders to harvest the interests of shareholders. Based on this, this article puts forward suggestions that listed companies do not need to speculate on high prices and keep confidential information strictly; shareholders should independently strengthen the quality of investment; regulators should promote shareholder education and reasonably regulate the behavior of listed companies.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yuhan Zhu
AU  - Yitao Ding
PY  - 2021
DA  - 2021/03/22
TI  - Analysis on the “High Send and Transfer” Dividend Policy of Listed Companies in China
BT  - Proceedings of the 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021)
PB  - Atlantis Press
SP  - 9
EP  - 12
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210319.003
DO  - 10.2991/aebmr.k.210319.003
ID  - Zhu2021
ER  -