The Research On Cash Dividend Distribution Legal System Of Listed Companies

With the stock market booming, more and more investors choose to become shareholders of listed companies. Cash dividend is an important part of the listed company’s dividend policies, and always is one of the most important means to investors. When the environment of cash dividend is being worsening, CSRC issued series of policies to regulate the cash dividend for the purpose of improving the environment of cash dividend. But there are still many scholars doubt whether the CSRC is entitled to effective regulation and supervision. Under the guidance and supervision of CSRC, the problem of cash dividend is improving. However, there is still a far cry from a perfect system of cash dividend distribution of listed companies. The topic of this paper will focus on the design of the listed company’s cash dividend legal system.This paper is divided into four chapters:Chapter Ⅰ mainly discusses three parts. First of all, distinguishing the concept of dividends and cash dividend, and emphatically introduces the MM theory, "a bird in the hand" theory and agency cost theory. Secondly, through the analysis of legislative purpose, content and the legal effect, it’s more reasonable to determine the nature of it as semi-mandatory cash dividend policy. Finally, analysis the boundary of government’s compelling intervene, emphasizes the balance between government regulation and company autonomy.Chapter Ⅱ mainly discusses the existing rules of the cash dividends of listed company and analyses the supervision model of government. The semi-mandatory cash dividend policy can divided into three stages: the blank period, the quantitative period, the refining period. By the CSRC regulatory change during the period of the three, you can see semi-mandatory cash dividend policy in our country is going better. At the same time, analyzing the relevant data from 2000 to 2013 of A stock market about the cash dividends. Then, describing the supervision model of our government.Chapter Ⅲ mainly discusses the legal system of cash dividend distribution of listed companies in foreign country. This paper describes the cash dividend policy of two types: one is Britain and the United States, the other is Germany and Japan. Cash dividend policy of British and American countries is perfect. Germany and Japan, the country’s cash dividend policy compared with British and American, presents different characteristics. Although the cash dividend payment rate is significantly lower, but stability is high, it was also from the unique environment. While legal environment of our country is completely different from the other country, but there are still many foreign countries experience is worthy of reference for our country.Chapter Ⅳ mainly discusses the suggestions about legal system of cash dividend distribution of listed companies. This paper discusses the system construction of government and the legal system. First, changing the regulation concept of government. Then mainly discusses what boundary and limitation of the supervision of government. And legislate the authoritative source of law in order to improve the listed company cash dividend system in China. Secondly, the supervision of cash dividend could be boosted by multiple sets of measures, such as bringing the lawsuit for cash dividend injunction, fulfilling the tax reform.