Pi Haizhou: Listed Companies Profit Distribution "Four Big Trick"

As of August 31st, the listed companies disclosed the report in 2011. Although A share listed companies are usually accustomed to year-end distribution, this year Interim statements There are still 87 companies that have introduced the profit distribution plan. Among them, there are as many as 50 listed companies that send more than 5 shares to 10. The largest group with the highest proportion of distribution is launched. Allocation plan Add 15 shares to every 10 shares. Moreover, a notable feature of this year's mid term distribution is that small and medium sized boards and GEM companies have become the main force of distribution, accounting for 70% of the total 61 companies.

In the face of listed companies High delivery It is easy to link it with the returns of listed companies to investors. Especially when the gem and small and medium board become the main force of profit distribution, it is easier to give the market an illusion. It seems that gem and small and medium board companies pay more attention to return investors. In fact, it is just a representation. In fact, the gem and the small and medium-sized board become the main force of profit distribution. Behind the high turnover and high cash dividends of listed companies, there are always four big ones. Tricky "

First of all, the introduction of high profit distribution scheme is mainly to meet the cash demand of controlling shareholders or major shareholders. The introduction of high dividend companies mainly focuses on GEM and small and medium-sized listed companies. These companies are often not listed for a long time, and the shares held by controlling shareholders and major shareholders can not be cash in. To this end, these controlling shareholders and major shareholders need listed companies to make high cash dividends to meet their cash demands. Take Dafu technology as an example, the company paid 12.3 yuan in cash dividends every 10 shares in its annual report last year, and this year the newspaper also pushed the allocation of 6 yuan for every 10 shares to 10 shares. The total amount of the two dividends is close to 300 million yuan, of which only the actual controller Sun family can own about 200 million yuan in cash.

Secondly, the introduction of high spanfer is designed to restrict the sale of shares. On the one hand, it can expand the circulating capital and increase the liquidity of stocks through high delivery. On the other hand, the cost of restricted shares can be further diluted through high delivery. In addition, the high spanfer can also activate the stock, push up the share price, and allow the restricted stock to gain more profits when cash is sold.

Third, the introduction of high spanfer is also to meet the needs of corporate refinancing. For those companies that are going to refinance, the introduction of the high delivery and spanfer scheme can both push up the market price and refinance the price, which is conducive to the smooth implementation of the refinancing. For the companies that have implemented refinancing, especially those that have implemented private placement, the introduction of high spanfer seems to have become the "hidden rules" of the stock market. For example, this year's China Daily launched the Hengyuan coal power company with a total of 12.807 shares increased by 10 shares. In November last year, it issued 44 million 90 thousand shares to 6 specific targets at 36 yuan per share, which will be listed for circulation in November 2nd this year. Therefore, it is obvious that there is no lack of "thank you" to 6 specific objects.

In addition, the introduction of high delivery and spanfer scheme also has the implication of market speculation. Generally speaking, the introduction of high delivery companies tends to be more robust before the plan is launched. Behind this strong trend, institutional investors are stationed in them. Therefore, some listed companies have launched the high delivery and spanfer mechanism. For example, the Nantong science and Technology Daily reported that it was profitable by virtue of the subsidy of 68 million yuan from the government department, but the company was swollen and cheeky, and the China Daily launched a 10 capital increase plan of 10 shares. The company's interim report shows that among its ten largest tradable shareholders, there are many institutions including 4 funds. Therefore, the company's high growth is questioned by the market. Subsidized organization "