What are the better papers for financial management? 1 analysis of the present situation of dividend distribution of listed companies in China and its countermeasures
Abstract: China's capital market has developed rapidly, but listed companies have always been more inclined to raise funds in the capital market, ignoring the return on investment to shareholders and not distributing or distributing dividends less widely. In recent years, the CSRC and other regulatory authorities have continuously paid attention to the dividend distribution of listed companies and introduced a series of regulatory measures to improve the dividend distribution of listed companies. Based on the analysis of the present situation of dividend distribution of listed companies in China, this paper points out the problems existing in dividend distribution of listed companies in China, and puts forward corresponding policy suggestions on this basis.
Keywords: listed companies; Dividend distribution; Countermeasures and suggestions; Present situation and reasons
The dividend distribution policy of listed companies plays an important role in the investment and financing decisions of listed companies, and it is one of the important indicators reflecting the return level of listed companies to investors. The dividend distribution policy of listed companies is related to the common interests of shareholders, creditors and the public, and will have an important impact on the public image and stock price fluctuation of listed companies. Therefore, it is very important for listed companies to implement a healthy and sustainable dividend distribution policy.
First, the status quo of dividend distribution of listed companies in China
(1) The dividend payment level is low.
The capital of any enterprise comes from two aspects, one is the shareholder and the other is the creditor. The economic interests of creditors are effectively guaranteed in the form of interest, while the economic interests of shareholders are obtained from the dividend distribution policy of enterprises. For a long time, the dividend payment level of listed companies in China is generally low, especially the cash dividend is difficult to reach a reasonable distribution level, and even there is a phenomenon of not distributing dividends. Investors did not get the corresponding investment income, and the interests of small and medium-sized investors were seriously damaged.
(2) the distribution of superpowers
With the intervention of the regulatory authorities, the dividend distribution of listed companies in China has improved. However, some listed companies have gone from one extreme to the other, from less dividend distribution to super cash distribution. Super cash dividend means that the cash dividend distributed by an enterprise exceeds its own profitability and cash flow tolerance. Superpower distribution ostensibly aims at satisfying the interests of all investors, but actually does not protect the interests of small and medium-sized investors, but realizes the capital transfer of major shareholders.
(3) The dividend policy lacks continuity and stability.
The dividend distribution policy of listed companies will send a signal about their own development prospects to investors and potential investors, thus affecting the stock price of listed companies. However, the dividend distribution policies of most listed companies in China lack continuity and stability, and the choice of dividend policy formulation lacks scientific basis and long-term consideration, which is subjective and arbitrary. To a certain extent, this affects investors' accurate judgment on the development prospects of listed companies, and also shows that China's capital market is not mature and perfect enough.
Second, the analysis of the reasons for the current situation of dividend distribution of listed companies in China
(1) Listed companies pay more attention to input than return.
In China's capital market, listed companies generally only pay attention to financing, but ignore the return on investment to shareholders. Listed companies often rarely distribute dividends, or even fail to distribute cash dividends for many years, which leads shareholders to pay more attention to stock price fluctuations in order to obtain the capital gains brought by stock fluctuations, and leads investors in the capital market to be more inclined to invest in the short term or even speculate, which harms the interests of all participants.
(2) The information disclosure system of dividend distribution of listed companies is not perfect.
In the capital market, there is a general information asymmetry between investors and enterprises. A perfect information disclosure system can improve the transparency of the capital market and enable investors to make better and more accurate investment decisions. However, there are still defects in the information disclosure system of listed companies in China. Although the regulatory authorities link the financing status of listed companies with dividends, they only require the dividends of listed companies in the past three years and do not limit the dividends of listed companies in the future.
(3) The legal system for protecting investors is not perfect.
The mature capital market in developed countries has established a perfect legal system to protect the interests of investors, especially small and medium-sized investors, which has greatly promoted the healthy and effective operation of the capital market. In China, the development of capital market is not mature enough, and the legal system for protecting investors' rights and interests is not perfect enough, especially the implementation of the legal system is not in place, which leads to frequent violations of listed companies in the capital market and greatly damages the interests of investors.
Three. Suggestions on dividend distribution policy of listed companies in China
(1) Listed companies set up the concept of rewarding shareholders.
The financing and return of listed companies in the capital market are interrelated. Only by paying attention to the return to investors can listed companies attract more investors and obtain more financing. On the other hand, dividends paid by listed companies to investors are also a manifestation of fulfilling their social responsibilities, which can improve the corporate image of listed companies and send a good investment signal to investors.
(2) Improve the information disclosure system of dividend distribution of listed companies.
Although China has made relevant guidance and norms on the information disclosure of listed companies at present, the information disclosure system of listed companies is not perfect, especially the information disclosure of dividend distribution of listed companies has not made specific requirements, and listed companies themselves have not fully disclosed it. In this regard, the relevant regulatory authorities should explicitly require listed companies to disclose dividend distribution information in order to improve the operating efficiency of the capital market.
(3) Improve the legal system to protect investors.
At present, China has securities law and other legal systems to make relevant provisions on illegal activities in the capital market, but these provisions are scattered in various laws and regulations, and there is no unified legal system to regulate the operation of the capital market and protect the interests of investors. Therefore, it is imperative to establish unified laws and regulations and improve the legal system for protecting investors.
References:
[1] Zhang Jixiu. Research on dividend policy information structure and stock price behavior [J]. Business Research, 2011(08):131-136.
[2] Lv Changjiang, Xu Jingjing. Research on dividend signal effect based on dividend change announcement [J]. Nankai Business Review, 20 10 (2): 90-96.
[3] Li. Analysis of the present situation of dividend policy of listed companies in China and its countermeasures [J]. Foreign investment in China, 2014 (14):116-118.
[4] Wang Yueping, Shen Leping. Analysis on the effect of legal protection of minority shareholders' rights and interests-based on the perspective of dividend and stock price difference [J]. Accounting Monthly, 2011(1):10/3.
[5] Zhang Xiaomei and Wang Yong. Analysis of dividend distribution of listed companies in China and policy suggestions [J]. Friends of Accounting, 2011(12): 89-92.
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