This year a lot of big efforts to cash dividends companies, and other companies to distribute dividends ,, especially the big efforts from the 2016 annual report published point of view, to the shareholders sent a total of over 500 tax.900 million yuan in cash "red envelope", gigabit also plans to send two shareholders.$ 9.2 billion "big red", "red" Guoguang amount of shares as high as 2.2.5 billion yuan……For these companies cash dividend behavior, Commission Chairman Liu Yu in the second session of the Congress on Chinese Listed Companies Association gave thumbs up, and made it clear that, "If a listed company does not give shareholders cash dividends, this company's stock trading basically it will become a flower drum transfer speculation game. "。  However, dividends have to do what, the ability of the company to distribute red envelopes, should the cash dividend, but if the company itself continued loss, cash flow from operations has seemed normal constraints, but also "hat and no cattle" cash dividends, is probably another a different story。  "Hat and no cattle" type of bonus is the "hat and no cattle" a typical representative。The company said in its annual report 2016, with the company's current total share capital of 190 050 million shares per 10 shares to distribute cash dividends 0.25 yuan (including tax), total cash dividends 4751.250,000 yuan (including tax), the remaining retained earnings carried forward to next year。The profit distribution is not no bonus equity shares。  As a continued loss of ST companies, now also joined in the fun, join the ranks of "bonus", which in the end is operating at a substantial profit yet?Or its ample cash flow, stood up and become a Tyrant?  "Red Week" reporters in SureFire after passing inspection * ST Annual Report found that the company in 2014 and mid-2015 losses for two consecutive years。Where the 2014 net loss of 3.6.8 billion 2015 loss of 16.7.2 billion yuan, the total loss of more than 20 billion years, which is why the stock name also direct "Phi Star hats", changed to "* ST Shenhuo"。If a loss again in 2016 results, the company will fall into the dilemma of delisting。Under pressure delisting risks, * ST Shenhuo 2016 actually magically achieved profitability, earnings 3.4.2 billion succeed Paul Shell。  2016 annual report data show, * ST Shenhuo operating income of 16.9 billion yuan, compared to the mid-2015's operating income fell by 11.98%, however, compared with a substantial decline in revenue, net profit was achieved contrarian twist, the harvest of 3.4.2 billion yuan profit, which flash in the pan really let reporters wondering, what is the reason the company achieved a net positive return it?  * ST Shenhuo main business of coal, power generation (essentially self-occupied), alumina, aluminum production, processing and marketing, the biggest contributor to profitability in 2016 is not the main business profit from its growth, and Xinjiang is the contribution of its subsidiaries resources。Annual disclosure, a subsidiary of Xinjiang resources to achieve operating income of 85 in 2016.4.2 billion net profit up 11.4.9 billion yuan。Net profit contribution of the huge resources in Xinjiang, making surefire magical resurrection * ST suspension before delisting。It is curious that, according to the annual report disclosure * ST Shenhuo, Xinjiang resources in the mid-2015, its operating income amounted to 82.At 66 million, the net profit was a loss of 1.$ 7 billion available in 2016, revenue has only 85.42 billion, the net profit will actually appear 11.4.9 billion yuan profit, huge profits really surprising。  * ST Shenhuo stake as high as 97.50% of the total assets of up to 142.A subsidiary of 0.7 billion yuan, * ST Shenhuo introduction of Xinjiang can be described as very few resources, the annual report of the principal business location is a subsidiary of "investment", may Interestingly, * ST Shenhuo resources in Xinjiang in 2016 explain the reasons for mid-2015 net profit mainly due to a substantial increase over the same period given is: "the company aluminum product prices and the cost has dropped significantly。"As a company in distress and save the investment for the main business of the company, 'aluminum product prices, cost reduction' surge with the company's performance is directly related to what it?In this regard, * ST Shenhuo do not have any explanation。  "Red Week" reporter to see the * ST Shenhuo's alumina, aluminum hydroxide processing, and sales for the main business of a subsidiary Henan colored, and Qin Australian Aluminum aluminum products business, product sales for the main business of business , and found that the two companies did not because aluminum product prices, costs and profit dropped significantly?It stands to reason, "aluminum product prices," it makes both profitable。  * ST Shenhuo The planned total amount of the dividend, although less than 48 million yuan, but for listed companies in the last three years finally profitable, however, seems to be a big burden。  2016 Annual Report of view, * ST surefire money funds are still nearly 80 million, the amount may seem a lot, but this is more like a mirage, companies can use the amount is extremely limited, 8 billion of currency funds, there 1.3.6 billion yuan for the deposit, as well as more than 5.9 billion yuan to the bank for issuance of bankers' acceptances, letters of credit margin deposits。This calculation, currency funds restricted ownership to more than 6 billion yuan, companies can spend less than 2 billion yuan of liquidity。  However, all this is not a problem, we look at the company's bank borrowings。* ST surefire money funds compared with available, the company's bank loans is simply astronomical。At the end of 2016, short-term borrowings of the company's nearly 20.7 billion yuan, in addition to long-term loans of $ 6.2 billion, total bank borrowings of nearly 27 billion yuan。At the same time, since the company has more than 5.9 billion yuan of bank deposits to the bank for issuance of acceptances, letters of credit margin deposits, which means that there is at least the company billions or even hundreds of billion of bank acceptance and letters of credit, the maturity of these is the need for business spending real money。Comprehensive view, * ST surefire capital chain itself should be there is not a small risk。  Liu said although the President is "continuous and stable cash dividends of listed companies tend to be financial and operating conditions stable signal," but if the business is really years of losses and debt, it also insisted on dividends, how it will look a little " hat and no cattle, "the meaning of。  Part of the "stingy" still insisted on a cash dividend share market, in addition to the bonus money, naturally there is no money to adhere dividends "stingy"。Excluding 2015 listed stocks, the market there are currently 37 companies since its launch has not been cash dividends, and at best, had some do not pay real money transfer scheme to send investors to deal with, such as ,,,, (10 rpm 30 transfer program), etc.。  Such as gold circle shares on the market since mid-1993, the accumulated profit 80804.710,000 yuan, the total amount of dividends 0。If the company's performance in previous years do not pay dividends downturn can still understand, but realize a substantial profit in 2014, 2015 (realized net profit attributable to shareholders of listed companies were 1.2 and 3 billion yuan.6.4 billion yuan), the company always "adhere to the" no cash dividend bottom line is really hard to understand。  April 8 this year, published in the speech the same day, Mr Lau, 20 years insisted on cash dividends of the shares of gold round at last, in its 2016 Annual Report released proposed intends to shareholders for every 10 shares distributed in cash bonus 5 yuan (including tax), the total amount distributed nearly 2.9.8 billion yuan of dividend。  Is "stingy" finally figured out the money?"Red Week" reporter found that although the company's 2016 profit of 3.05.5 billion yuan, but the net cash flow from operating activities has to -2408 million, while the book although there are 4.0.6 billion yuan currency funds, but the year net cash flow from financing activities was as high as 4.8.7 billion yuan, while at the same time, the company's short-term borrowings and long-term loans total more than 1.2 billion。On the whole, shares of Golden Circle is actually still very short of money, the dividend or regulatory pressure forced a last resort。  It is a typical "stingy" company。Since listing in October 1996, total net profit of 61 714.060,000 yuan, the total amount of dividends 0。Its net profit in 2014, 2015, 2016, respectively, attributable to shareholders of listed companies 1.1 billion yuan, 1.9.2 billion yuan and 1.2.4 billion, up 4 undistributed profits.At 86 billion yuan, the bottom line still insisted on cash dividends。  Why Topchoice medical reluctant to cash dividends?"Red Week" reporter found when read its annual reports, from the company's balance sheet point of view, although there are 2 monetary funds.8.3 billion yuan, but there are up to 2.$ 600 million long-term loan。From this perspective, the company seems to be no "idle money" to cash dividends。Curiously, however, since the company does not have money to cash dividends, why should it be converted into 10 shares of 10 high transfer it in 2015?This is not a penny by the high turn sent to flicker investors, thereby pushing up the stock market value management practices appropriate to do it?  "High Bonus + underweight" eat with too difficult to see, of course, in addition to the problem of cash dividends, as well as part of the company during the same time to send high dividends, accompanied by large holdings of behavior, fully exposed the listed company "eat with "ugly scene。  January 24 this year, while 12 shares sent to turn released 10 high transfer program, also announced plans holdings of shareholders: the state and the Group intends in the next six months, according to market conditions, to choose by way of reduction of no more than 3 million shares。And behavior "High Bonus + holdings" of the biological state of the Shanghai Stock Exchange immediately received a letter of inquiry, its "High Bonus + reduction" program requires companies to explain whether the transfer program in order to meet their own reduction plan established of。In this regard, and biological state said in reply to the letter, "This is mainly based on Gaosongzhuan confidence in the company's current operations and future sustained and stable growth, short-term reduction is due to the return of bank loans and state Group short-term needs, the two are not inconsistent……"However, the reporter that, and explain it to convince people of the state of biological?Why not send its earlier announcement, made late without notice, but had to wait until the release Gaosongzhuan announcement a reduction announcement released it?Is it just coincidence that it?  Also in 2016 Annual Report April 12 release, which includes 10 shares of 10 high-transfer program to send and "reduction of block trading within six months after July 1, not more than 4984.53 million shares, "the reduction plan。The parts of "high turn sent + reduction" program, once released, then immediately attracted inquiries of the Shanghai Stock Exchange, launched its inquiry transfer program, and plans to launch about whether its holdings。For inquiries the Shanghai Stock Exchange, the 13th night, according to Dayton electronic announcement that the controlling shareholder promise not to reduction in the transfer program by six months。  ……There are similar companies on when win ,, ,, and other dozens of companies, they have open mode "High Bonus + underweight" not only angry investors and regulators also paid close attention。Commission Chairman Liu Shiyu clearly stated in the Second Congress of Chinese Listed Companies Association, the "heavy blows governance market chaos, the punishment of the punishment, the delisting delisting, the exit of exit。No matter who broke the rules, should make him pay a heavy price。"Such a statement, perhaps for those who eat with ugly company is warning its cash unscrupulous leave this mode will converge somewhat, from emergency measures to modify the allocation of more than a dozen new company look, which has produced or effect。  (Original title: a dividend share market chaos: the money regardless, loss of chaos points) (Editor: DF327)