Cash Divedends Of Listed Companies Based On The Protection Of Medium And Small Investors

there are two main sources for small investors to invest in the securities market to benefit:First, the formation of the stock bid-ask spread capital gains, and second, dividends distributed by listed companies. Since China's stock market is emerging capital markets, the market existence of legal systems and regulatory oversight, there are many listed companies have little or distribution of cash dividend behavior of the phenomenon of irregular, the majority of medium and small investors in the secondary market only through the buying or selling stock to get the spread income. But in fact, because of the stock market volatility,not only the medium and small investors did not profit, but also because of frequent trading causes a lot of transaction costs.Not only that, the stock market, there are still a lot of act that damage the interests of small investors.For example, false financial statements of listed companies, the parent company or major shareholders of listed companies brazenly occupied capital, inequality, related party transactions, secured loans and bad assets huge virtual estimated cash, cash dividends and other super powers. These actions have greatly undermined the right to benefit sm medium and small investors.Cash dividend is the company operating results, reflect the true profitability, and also an important source of income investors. compared with capital gains and stock dividends, cash dividends have the stability and low risk characteristics. Dividends from listed companies is only the distribution of income account for the total number of tradable shares in the stock investment for a significant share in order to make our stock market investors have the ability to withstand the turbulent stock market, to make long-term investment into the mainstream in the stock market trend.It is for this view of the identity and pay close attention to rights of protection of minority investors in China stock market, I choose based on the protection of small investors, the cash dividend policy of listed companies as my thesis.According to analysis of the question, the logical sequence to solve the problem, using a standardized-study approach, first analysis of the payment of cash dividends of listed companies damage the interests of small investors in the current situation highlights our cash dividend problem. And analysis the characteristics of the cash dividend of listed companies in the U.S. and Japan, learn from the experience of the cash dividend of the United States and Japan, Finally, cash dividends of listed companies disseminate the basic ideas and methods of payment. There are five parts in this thesis.Introduction. This paper introduces the outset of the research background, the domestic and international accounting literature studies, the scope of the study, the methods to be used in research, content and innovative arrangements and inadequate.Chapter 1. the theoretical analysis about Cash dividend policy on the protection of small investors. First reviews the basic theory of the cash dividend policy. Defined the concept of small and medium investors and The range of medium and small investors rights protection.Followed by analysis of the protection of small investors, small investors, undermining the interests of content and form of expression. Finally, the cash dividend policy described rights with the protection of minority investors relations theory.Chapter 2. Listed companies in China are analyzed first cash dividend payment of damage to the interests of the status of small and medium investors. Which statistics of China's listed companies in 1999 and 2009 the number of cash dividend payments of companies and the 1999 and 2009 the level of Cash Dividend Distribution and all forms of share dividends; Again paid cash dividends of listed companies in China there is an analysis of cause of the problem. Separately from the company's own reasons and external reasons, such as a large company background and other aspects of the system.Chapter 3. Introduce the characteristics of the cash dividend of the United States and Japan listed; further analysis of the United States and Japan paid cash dividends on our Experience.Chapter 4. Perfect Cash Dividend payment proposal to protect the interests of small investors. First to make a mandatory dividend policy, and then make a sound corporate governance mechanism and improving the market environment, strengthen the public's external constraints and to strengthen supervision of securities markets and other policy recommendations.