| Whether listed companies distribute cash dividends to investors, and how todistribute, distribute how much, it’s not only related to the interests of investors, butalso related to the development of the company and the orderly operation of the stockmarket. Throughout studies about China’s cash dividend distribution, we can see thereare mostly economical studies, and always research from the perspective ofaccounting and finance, but are short of cross-over study. Studies in the field of laware less than economics research, and legal studies of cash dividend distribution arelesser. This paper analysis cash dividend distribution system in our country from alegal perspective which base on empirical research.The cash dividend distribution of company influenced by various aspects, such asmarket factors, legal factors, the company profitability and so on. With the continuousdevelopment of securities market and the advancement of legal system in our country,influence of legal factors on cash dividend distribution is growing, so this paper willfocus on it.At present, there still some controversy over the nature of the cash dividenddistribution policy in the field. Through the analysis of China’s system andcharacteristics of it, also after compared with foreign mandatory cash dividend distribution system, it’s more reasonable to determine the nature of it assemi-mandatory. There also still some controversy over its effect, it’s difficult to use aword to make a conclusion, because it’s influenced by various factors.The semi-mandatory cash dividend policy in our country has bring many benefitssuch as delivered good messages, protect the interests of small and medium-sizedinvestors, improve the information disclosure and so on. At the same time, it alsocauses many problems such as divide upon ability, excessively high executive pay ofmanagers and so on. To solve above problems, we should improve the active cashdividend policy of our country and complete supporting policies of it. |
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