The Study On Legal System Of Dividend Distribution Of Listed Companies

The dividend distribution policy of listed companies is not only an important financial decision,but also a legal behavior what return to investors to fulfill companies' social responsibility.Essentially the dividend distribution policy belongs to the category of companies' internal matters,but because China's legal system of listed companies' dividend distribution is not perfect now,and there are many practical problems in our listed companies,which leads to listed companies less dividends or even no dividend distribution to investors.By contrast,some companies distribute dividend in a excess capacity way.China Securities Regulatory Commission issued a series of files what about cash dividend policy to improve listed companies' proportion of dividends since 2001,these files also protect small investors' rights.However,the present situation of cash dividend policy in China is not optimistic,not only it's discussed in the theories field,but also the actual effect is suspected,and the measure can't constraint the behavior of exceed ability distribution,there are a lot of limitations in the flies.There is non-existent the best mode of dividend distribution in the world,all countries should build corresponding legal system according to their own peculiar reality and historical situation,in this paper,the author attempts from the legal origin and realistic origin two parts to analyze the causes of unsound dividend distribution legal system of listed companies in China.Based on these analysis result,the author put forward from the legislative system,judicial relief,government regulation and corporate governance aspects to explore the construction of dividend distribution legal system in China,and learn from foreign advanced experience to explore the possible part of the future construction of the related legal system of China,to give some suggestions to sound legal system of dividend distribution in listed companies.