Theoretical And Practical Research On The Dividend Distribution Of State-owned Enterprise

The Third Plenary of Eighth session proposed to improve the budget system for managing state capital, and to raise the proportion of state-owned capital gains turned over the public finances, more used to safeguard and improve people's livelihood. The dividend distribution of State-owned Enterprises is put to the cutting-edge again. According to the rules of market economy,"who invests, who all, who benefits",the after-tax profits of state-owned enterprises should distributed to the shareholders, including the national owner, strictly according to the dividend policy. From 1998 to 2014, the state-owned enterprises operating income, net profit and other financial data also shows that our country state-owned enterprise's profit ability has greatly enhanced, having the the financial basis of sharing out bonus. However, after the 2007,2010,2012, 2013,2014 five times adjustment of the dividend distribution policy of state-owned enterprises in our country, several problems remains. For exmaple, the enterprises dividing the profit are little, the dividend payout rate is low, the redistribution of the hand-in profit is not reasonable, and so on.There are three main reasons for this:the absence of the state-owned enterprise owner, the expensive agent cost and the opacity of the financial supervision system.To correct the problems existing in the state-owned enterprise profit distribution, this dissertation explored in the following three aspects:First, the dividend payout rate of the state-owned enterprises. In accordance wiht the western dividend theories, according to the difference of enterprise actual conditions and national policy guidances, the state-controlled enterprises and the solely state-owned enterprises are separately discussed.At the same time, the ideas to determinie the fixed dividend rate and floating dividend rate ideas have been proposed accordingly, thus breaking the traditional approach of one size fits all. Second,the dividend payout forms of the state-owned enterprises.By using comparative analysis method,this paper studied the question that in which way can the profits of state-owned enterprises be distributed to the final shareholders.By analyzing the foreign practice of sharing out bonus, the author works out two forms of profit distribution, that is, direct dividend and indirect dividend. And then, on the basis of China's national conditions, the possible implementation plan was put forward. Third, supporting measures to promote the reform of state-owned enterprises profit distribution.While thinking about profit allocation scheme, this paper put farward three supporting measures to guarantee the implementation of profit distribution policy,namely to to improve the transparency of state-owned enterprises to disclose financial information, to increase the intensity of the financial audit of state-owned enterprises, and to strengthen the incentives and constraint for state-owned enterprise operators.