Research On The Legal System Of Compusory Dividend Of Listed Companies

Since the Shanghai Stock Exchange and Shenzhen Stock Exchange were put into operation in 1990,the stock market has developed rapidly.In a short period of years,the total amount of the "two cities" listed companies has reached the three-digit number.However,in the case of the gradual consolidation and development of the socialist market economy and the continuous improvement of the listed enterprises,the protection of the rights and interests of the small and medium-sized shareholders,which is the important provider of social capital,presents a trend of adverse effect: on the one hand,the investment of the small and medium-sized shareholders is limited and dispersed,It is not enough to control the operation and decision-making of the listed company and the "the death of the name and the death" of management right.On the other hand,it is based on its ability to control the decision-making of the company.The exercise of the right of the investment proceeds according to the law and the original "of course" actually depends on the controlling shareholders and the actual control of the company.The nose of a person.In practice,the decision-making control of the listed company is often based on the consideration of its own interests,with various reasons(mainly based on the demand of the company's development on the retained capital),and the small dividends or the form of dividends are not sufficient to meet the legitimate expectations of the small and medium-sized investors.In 2001,as a direct institution under the State Council specializing in the supervision and management of the securities market,the CSRC issued a letter to guide the dividends of listed companies in 2001,as a direct institution specializing in the supervision and management of the securities market,the CSRC issued a letter to guide the dividends of listed companies.The normative legal documents formulated by the CSRC belong to departmental regulations in the classification of legal sources in China.This kind of legislation requires state intervention in the market economy.The act of being involved in the phenomenon or activity of an activity belongs to the category of economic law.Since then,the issue of the legality,rationality and actual effect of the behavior of the internal operation decision-making of the listed company,which is the independent economic subject,is in dispute.In this case,even after the SFC hasissued a number of regulatory documents to adjust and improve the system of the listed company's forced dividend,and it has preliminarily formed the legal system of the compulsory dividend distribution of the listed companies in our country,there is no significant improvement in the present day,Therefore,it is very necessary to make a compulsory dividend distribution to the listed company The validity,necessity and usefulness of the degree are discussed and clarified.In addition,from the perspective of the comparative law and the teaching of the law,the academic circle has carried out a wide range of research on the system constitution of the compulsory dividend-sharing legal system of the listed companies and the justice and the effectiveness of the specific system arrangement,and put forward many suggestions to improve the system,but in general,The related research is still more dispersed,and the overall planning after all-round consideration is lacking.Based on the above investigation and judgment of the legislation,theory and practice of the legal system of compulsory dividend of listed companies in China,this paper will make an in-depth analysis of the system of compulsory dividend of listed companies in China,and on the basis of recognizing the legitimacy of the system of compulsory dividend,further clarify the regulatory basis of compulsory dividend at the normative level,and with the help of empirical research and comparative law,This paper tries to put forward some feasible suggestions for perfecting the system at the present stage.The main body of this paper is divided into five parts,the main contents are as follows.The first chapter is the introduction.This paper mainly introduces the origin of the research object and the general significance of the research,expounds the domestic and foreign research status of the legal system of compulsory dividends of listed companies,and summarizes the research methods,innovations and shortcomings of this paper.The second chapter is an overview of the legal system of dividends of listed companies.In this part,it first explains the general situation of the legal system of dividend distribution of listed companies as the upper concept of compulsory dividend system,and provides a theoretical cushion for the following introduction of compulsory dividend legal system.Then it introduces the form of dividends of listed companies in China,so that the readers of this paper can form a clear understanding of the content of the system.Finally,the present situation of the legal system of dividends of listed companies in China is introduced.The third chapter is the legitimacy analysis of compulsory dividend legal system.First of all,review the gradual development process of the establishment background of the compulsory dividend legal system,and do a good job of the historical account of the compulsory dividend legal system.Next,take economics as the research tool,gives the legal system of compulsory dividend in theory legitimacy.Then,from the perspective of empiricalresearch,to explore the legal system of compulsory dividends in the practical level of legitimacy and usefulness.Finally,in order to avoid the "alienation" of the legal system of compulsory dividends,we try to explore the boundary of compulsory dividends for listed companies in China,which is also the reverse demonstration of the legitimacy of the legal system of compulsory dividends.The fourth chapter is the focus of this paper.On the basis of the above analysis of the general theory of compulsory dividend,the basis of regulation and its basis in the theory of law and economics,transferred to the examination of the presentation of the normative content of compulsory dividend system in China and its effectiveness in the implementation of the securities market.This part first introduces the real source of the compulsory dividend system in China,the composition and content of the system,which also establishes the object to be examined by the theory of justice.The following is a review of China's compulsory dividend legal system.Using the normative and empirical analysis method to explore the content of these norms in depth.Mainly includes the system "one size fits all" the malpractice,the system actual effect question,The remedy way of compulsory dividend and the dividend tax closely related to compulsory dividend.This is the development of justice theory in compulsory dividend system.Chapter five is another key part of this paper.On the basis of analyzing the deficiency of compulsory dividend system and introducing the management orientation of extra-territorial dividend problem,this paper puts forward the perfect approach of compulsory dividend system in China.In view of the disadvantages of "one-size-fits-all ",it is proposed to distinguish industries and characteristics and carry out compulsory dividends at the stage of development;on the basis of recognizing the important position of institutional investors,it puts forward its supervision obligation in the process of compulsory dividends;puts forward the direction of improvement for the criticized practice of solving the problem of compulsory dividends the problem of compulsory dividends;constructs the relief system of compulsory dividends to provide guarantee for the operation of the system;from the dividend tax system and information exposed system,perfect the supporting system related to compulsory dividend,provide lateral help for the effective implementation of compulsory dividend.This is the implementation of the just dividend requirement.