Half A Mandatory System Of Share Out Bonus

The dividends of listed companies are one of the important means to realize the value of wealth of shareholders,but it is common to see that there are less dividends or even no dividends in Chinese stock market in a long term.In order to regulate this phenomenon and protect the interests of minority shareholders,the Commission issued a series of regulatory policies to link dividend levels and qualification of refinance.The semi mandatory dividend system has been implemented and the standards of dividends become from fuzzy to clear.Combining with the dividend behavior of listed companies and reference to the research results of scholars at home and abroad,this paper will analyze the theoretical basis and practical effect and reflect the semi mandatory dividends policies.In addition to the first part of the introduction,this paper includes the following five parts:The second part is the dividend policy and its evolution.This part mainly combs the evolution process of the semi mandatory dividend policies and analyzes the overall evolution of the listed company's cash dividends behavior.The third part is the theoretical analysis of semi mandatory dividend policy.In this part,the author mainly analyzes the legitimacy and existing problems of the semi mandatory dividend policy.The semi mandatory dividend policy mainly includes:procedural legitimacy,exercise the rights of bona fide shareholders,achieve the purpose of investment,the limited role of the market mechanism,different dividend policy to meet the different needs and policies have been recognized by market participants.The problems of semi mandatory dividend policy include:increasing the financing cost of listed companies,prompting the stock market bond,inducing the cash dividend behavior of listed companies,the limited object of policy enforcement,and the existence of alternative remedies.The fourth part is the legal and economic analysis of conflict of rights.This part mainly analyzes the problem of conflict of rights listed company independent management right and the right of the shareholders dividends,to solve the conflict of rights is that results from the market mechanism should be the allocation of resources to create the maximum value of a party.This paper discusses the influence of semi mandatory.dividend policy by analyzing the operating mechanism of the market under different systems.The fifth part is the empirical analysis of semi mandatory dividend policy.This part mainly analyzes the changes of cash dividend behavior of listed companies before and after the semi mandatory dividend policy.The main analysis of the cash dividend and the Refinancing Behavior accounted for the trend changes,cash dividends accounted for net profit ratio change trend,pointed out that the semi mandatory dividend policy,the dividends of listed companies have induced financing tendency and the company's overall dividend accounted for net profit ratio decreased.The sixth part is the conclusion.This section points out that the listed companies to meet the regulatory requirements and induced dividends.But under the premise of the overall dividend is less than the financing,dividends did not substantially increase shareholder wealth.On the protection of the interests of investors,the dividend dividend is a result rather than means,administrative enforcement is facing a paradox.The refinancing qualification and mandatory dividend hook can not fundamentally change the shareholders of listed companies,dividends,dividends and other fishing POND'S alienation behavior.