The Study On The Cash Dividend Regulatory Policies Of A-share Stock Market In China

Cash dividend is an important means for investors to obtain the stock market returns, but the domestic listed companies prefer shares despise more than cash dividends for a long time, does not pay attention to the returns of shareholders, quite a number of listed companies play the role like a miser all the year around, the phenomenon of listed companies distribute less dividends or even don’t distribute dividends but only financing has become a known fact. Not only such securities market atmosphere is unfavorable to the cultivation of investor’s sentiment and the increase of the investment confidence, but also severely hampers the construction of the mature capital market and the formation of the good culture of securities market. In order to guide and standardize the listed companies’ cash dividends, the China Securities Regulatory Commission has launched a variety of regulation policy on cash dividend, aims to encourage the listed companies to improve the returns to shareholders, actively advocate the value investment and long-term investment, further strengthen institutional strength, guide institutions long-term funds entering the market and then hope to create a stable market environment.This paper has a detailed comb and stage division about the regulation of cash dividend policy in China and abroad, compares the dividend regulation policy in China and abroad, the experience and lesson of regulation of cash dividend policy summarized by the method of literature research has important significance to domestic regulate. This paper takes the dividend policy issued by the China Securities Regulatory Commission as the vein, statistical analyze the dividend situation in domestic market over a period of 11 years from the year 2001 to 2011 to analyze the impetus, characteristics and existing problems of the implementation of semi-mandatory dividend policy,conducts and in-depth discussion and answers the following three questions:First, after the efforts of so many years, what is the current dividend level of A-share market? Second, whether the CSRC policy on the market make a positive impact on cash dividends, and thus brought a positive market reaction; whether the semi-mandatory in its policy-making is really in line with the market development needs? Third, which cash dividend of a mature and healthy capital markets would be, what is the new problems under current policies,and what is the positioning of the regulatory policies of the A-share market cash dividends?Innovation of this paper lies in detailed comb about the domestic and foreign cash dividends of the development of regulatory policy, multi-angle objective evaluate the cash dividend level of A-share market from 2001 to 2011, provides a theoretical reference for the securities regulatory department. Which is to be improved is that only regulatory policy with "Semi-mandatory" colour has been analyzed, the instructive policy is just be introduced, and the statistical analysis of cash dividend is just about the A-share market in 2001-2011, the breadth and depth of the data needs to be expanded, and in terms of policy recommendations, also does not give a clear standard of quantitative.