Research On The Legal Issues Of Dividend Distribution Of Listed Companies In China

The Chinese market generally believes that the dividend distribution policy of listed companies belongs to the scope of the company’s internal autonomy.However,the dividend distribution policy of listed companies is not only an issue of the company’s internal business decision-making,but also closely related to the protection of the interests of investors and the sound development of the market.To solve the problems of the dividend distribution of listed companies,it is necessary to solve the three aspects of the optimization of the company’s internal governance,the strengthening of external supervision,and the improvement of investors’ self-protection awareness.The three are interlinked.In terms of company internal governance,the board of directors responsible for reviewing the profit distribution plan and the board of supervisors responsible for supervision need to shoulder their due responsibilities to ensure their independence.The imbalance in the role of the board of directors and the board of supervisors in the dividend distribution decision-making of listed companies,and the adverse impact of a single shareholding structure on the company’s dividend distribution policy require the state to intervene to ensure the fairness of the dividend distribution policy.On the other hand,there are a large number of small and medium investors,but their individual shareholding ratio is relatively low and scattered.Although they occupy an important place in the securities market,they are in a disadvantaged position in the process of acquiring internal operating information of the company and operate in listed companies.The right to speak in the decision-making process is basically lacking,and speculative psychology is very common.This article analyzes the importance of ways for small and medium investors to improve their awareness of protecting their own rights and the development of long-term investment psychology,and proposes strategies to protect their own rights.From the perspective of external supervision,my country’s semi-mandatory dividend policy is of great significance to the stability and continuity of dividends in my country’s securities market,because the “one size fits all” financing linkage policy makes the semi-mandatory dividend policy a regulatory “paradox”,and relevant policies still need to be improved.Therefore,it is proposed that different threshold requirements should be applied according to the different basic conditions of different companies in the domestic market.This article selects the typical developed securities markets and emerging securities markets to analyze the dividend distribution rules.It follows the research ideas of a combination of comparative research and theoretical analysis.It starts with the concept and basic theory of shareholder profit distribution claim rights,and starts with system perfection and market supervision.,Corporate governance and other perspectives,put forward optimization suggestions,and strive to balance the interests of different subjects,so that the operation of my country’s securities market will be more standardized.