Research Of Listed Company Cash Dividend System

Since2001to2012, the China securities regulatory commission to solve the problem ofChina’s listed companies pay dividends difficult, continuous enacted some of the legaldocuments of mandatory share out bonus. However, the proportion of share out bonus and therefinancing of listed companies in our country qualifications link forced dividends should bereferred to as the "forced dividends". As the documents issued and strong execution, theremarkable improvement in the dividends of listed companies in our country, obviouslyimprove the level of cash dividends, dividends continuity is better than that of emergingmarkets in the short term, higher industry concentration ratio of share out bonus, blue chipsbecome the backbone of share out bonus, suppresses the accounting profits inflated, isconducive to protect the interests of investors, advocate the value investment idea; However,there is a one size fits all dividend policy does not favor the growth of the company’sdevelopment, the long-term problem of share out bonus, excessive dividends of listedcompanies, long-term sustainability of share out bonus is not enough, the problem such as thecash dividends level is not stable.System of forced dividends of listed companies to some extent, catering to the investorpreference for cash dividend, will help improve returns to shareholders of listed companies inthe short term, have the effect of stable stock market; Long-term lack of rationality, however,can be in the special period as a transitional measure, after the mature market, can begradually relaxed or cancelled. So, there is no doubt that forced dividends of listed companiessystem short-term the rationality of its existence and its value. Based on the above analysis,this article third part is from two angles of substantive law and procedural law of our countrylisted company mandatory cash dividend system perfect Suggestions are put forward. Fromthe perspective of substantive law, to perfect our country shareholders receive dividends,build system of differentiation forced dividends, reducing state-owned major shareholdersholdings, protecting the legal rights and interests of investors, refining the cash dividendsituation, improve the system of independent directors of listed companies, improve thesystem of share repurchase of listed companies, in the company law, the securities law of thepeople in establishing the system of preferred stock, continue to optimize the tax policy, toreform the system of stock issuance and stock delisting clear cash dividends good corporateperformance incentives, quarterly dividends, limiting lock period share out bonus, and strengthen the excess cash verification measures such as; The procedural law point of view,perfecting the suit right of the minority shareholders of listed companies, establish investorgroup lawsuit system, perfecting the uncertain number of representative lawsuit system,establishment the mechanism of large shareholders’ liability for damages. In a word, theimprovement of the system of the listed company dividend is advantageous to the realizationof small and medium-sized shareholders receive dividends of listed companies, to help smalland medium-sized shareholders of listed companies to regain confidence in China’s stockmarket, is conducive to sustained, healthy and rapid development of China’s stock market.