| The phenomenon of China listed companies "dividend timid,raise money loftily" have not been improved in essence until today,they are still showing a "Grandet" figure of heavy financing but light dividends,poor continuity and stability of dividends,or even no dividend,which also led to a certain extent,medium and small investors’ wealth has long been vested interests "unfair",but of course,"plunder" and account for their own.In order to regulate and guide the cash dividend behavior of listed companies,protect the interests of small investors,from 2001 to 2013,the China Securities Regulatory Commission(short for CSRC)issued a series of regulatory policies to link the refinancing of listed companies with cash dividends.The above series of policies does not have the effect of forcing all listed companies to participate in dividends,but have certain constraints on the refinancing of listed companies.Therefore,this kind of dividend supervision system which is not mandatory but with a "soft constraint" is vividly called the semi mandatory dividend policy.This article based on the Decision on Amending the provisions of dividends of listed companies promulgated by CSRC in 2008,explore whether the implementation of public offering of Listed Companies constantly adjust their level of cash dividend in order to meet the requirements of the Commission’s regulatory policies.Then questions arise,whether the regulatory policy has affected the cash dividend policy of the company,which has distorted its cash dividend behavior? Do they have a real cash dividend from the business and cash flow situation? Or is not willing to pay dividends like before,only focus on how to achieve the refinancing eligibility and can be less dividends,strict cash dividend control in the proportion of policy requirements on it?In order to solve the above three problems,this paper takes the public offering behavior of Broad-ocean Motor Company in 2011 as the research object,first of all,the paper longitudinally studies the dividend level and proportion of Broad-ocean Motor Company before and after public offering.Second,make a horizontal contrast between the Broad-ocean Motor Company and 9 other companies carries out public offering over the same period,finally,analyzes the rationality of its cash dividend combined with its cash flow and operating conditions.Finally,this paper found that in the context of semi mandatory dividend policy,the companies who carry the public offering behavior are taking abnormal dividend in order to meet the policy,even in the situation that current business,cash flow situation is not ideal,resulting in increased financing constraints.Therefore,this paper argues that although the semi mandatory dividend policy issued by CSRC has a certain rationality and necessity,the policy does exist regulatory paradox,distorted the cash dividend behavior with refinancing needs,and the policy measures need to be further optimized. |
