Mandatory Dividend Of Listed Company System Research

Since the Shanghai stock exchange was founded in the early90s, China’ssecurities market in a short span of20years has experienced from scratch, from naiveto mature process, But, as an emerging capital market, China’s stock market still hasplenty of room for improve and improve. Cash share out bonus system is the markethot spot of concern. The cash dividends as a form of dividend distribution, andinvestors return on investment of one of the main channel. Mature capital marketvalue of listed companies cash dividend, cash dividend policy, stable pay level is high,And cash share out bonus system in our country is still at the stage of development,many just passive bonuses for the refinancing of listed companies, not to take theinitiative to send now to promote the company’s investment value. Regulators for theirregularities in the cash dividend, formulated a series of laws and regulations,increase the supervision of the listed company cash dividends, and achieved someresults. But not less share out bonus, share out bonus, share out bonus is the current situation of the poor stability, low level of pay cash dividends of problems existing inthe system, Make the damage to the interests of investors, securities marketspeculative atmosphere is strong, adverse to the stability and development of themarket.Many people called for the establishment of mandatory share out bonus system,under the impetus of the scholars and the securities industry, since2001, regulatorsenforce compulsory share out bonus step by step. But the introduction of mandatoryshare out bonus system, there are still a lot of controversy, against mandatory dividendof voice also has not disappeared. The justification of the system of mandatory shareout bonus and the perfection of concrete system, is worth us to explore. In this paper,it is for this purpose, combined with the practice of China’s securities market, thestudy on mandatory share out bonus system.This article altogether is divided into five parts:The first part is introduction, mainly includes the purpose of the study, researchreview, theoretical significance and practical value, research methods and researchinnovation.The second part is our country listed company dividends system overview.Mainly introduced the relevant concepts of dividend, including the concept ofdividend distribution and concentration of important form of dividend distribution;Listed companies dividends as well as the significance of law’s impact on dividenddistribution policy of listed companies. This chapter through to the bonus systemoverview, explains the importance of share out bonus system of securities market andthe necessity of share out bonus system from the perspective of jurisprudenceresearch.The third part is the introduction of mandatory share out bonus system thenecessity and legitimacy. From the dividends of listed companies in China presentsituation and existing problems of the positive effects forced dividends of thesecurities market and analysis the necessity of introducing mandatory dividend;Through forced share out bonus and the company autonomy, and "vote with their feet"of market regulation, and the equity division reform the relationship between the justification of the system of mandatory share out bonus, and finally describe specificpatterns and mandatory share out bonus system in our country legislation.The fourth part is the mandatory system of share out bonus issues during theimplementation process and the existing shortcomings. This part the author thinks that,problems facing the dividends of listed companies must consider the pros and cons ofits balance, forced to share out bonus system has certain negative influence on thesecurities market, these are mandatory share out bonus system in the face ofdifficulties, and therefore there are various shortcomings of the system.The fifth part puts forward Suggestions for the improve the system of mandatorydividend of listed companies. Countermeasures can be divided into three parts: one isthe improvement of share out bonus mechanism, increase elasticity and flexibility ofsystem. Specifically improve the bonus linked with refinancing requirements, the useof bonus payment rate index, the distinction between industry characteristics specifieddividends. The second is to increase supervision, to take various means to protect theinterests of small shareholders. Specifically to strengthen supervision, improve theinformation disclosure system and enhance the transparency of listed companies’dividend policies; enhance minority shareholders cash dividends of listed companiesin the motion say. Third, reform the tax system, the abolition of double taxation ondividend income.