近年来,A股市场高送转上市公司比例不断增加。高送转在吸引众多投资者参与的同时,也蕴含着大股东减持套现、伪低价股、操纵股票价格、利益输送和内幕交易等风险,影响了证券市场秩序与金融的稳定。本文建议采取有效措施,规范上市公司高送转行为,防止风险的进一步蔓延。高送转通常指上市公司大比例地送红股或转增股票。高送转虽然使投资者持有股票数量增多,但每股价值相应降低,投资者持有股票总价值没有改变,上市公司的盈利能力及资产收益率也没有变化。高送转实质是上市公司与投资者之 In recent years, the proportion of A-share market going high to going public has been on the rise. While sending many investors to participate in the reform, there are also risks such as stock holdings by major shareholders, counterfeit low-priced stocks, manipulation of stock prices, transfer of benefits and insider trading, affecting the stability of the securities market order and finance. This article suggests that effective measures should be taken to regulate the listed companies to get off the job and prevent the risk from further spreading. High delivery often refers to a large proportion of listed companies to send bonus shares or converted shares. Although the number of shares held by investors increased but the value of each share decreased accordingly, the total value of shares held by investors remained unchanged. The profitability and return on assets of listed companies also remained unchanged. High delivery is essentially listed companies and investors