Research On The Protection Of Small And Medium Investors In Dividend Distribution

As an important part of China's securities market,small and medium investors are an important force driving the continuous development and progress of the market.Effective maintenance of its legitimate rights and interests is very important to accelerate the healthy development of China's securities market and ensure social equity and justice.However,the current situation of protecting minority investors is not optimistic in our country,capital market events often occupy the interests of small and medium-sized investors,already became the which restricts the healthy development of China's capital market for a long time,a big problem.This has led to extensive discussions among the various parties on how to improve the level of protection of small and medium investors.In the many cases that infringe on the interests of small and medium investors,the use of dividend distribution for the benefit expropriation is not a minority,and in recent years,it has appeared many trends.Dividend distribution as an important financial management behavior,played a crucial role in corporate governance,its for the creation of the value of the company,the realization of shareholders' wealth,all have important influence.Appropriate dividend payment activity is a kind of protection for small and medium investors;An unreasonable dividend distribution may evolve into a means of exploiting the interests of small and medium investors.In order to prevent the dividend distribution activity from becoming a tool to plunder the interests of small and medium investors,the CSRC and other relevant institutions actively formulate relevant policies and regulations.However,so far,our country the provisions to standardize the behavior of dividend distribution of listed companies on how to prevent listed companies don't pay dividends or the phenomenon of low proportion of share out bonus,according to the Angle is too single,largely regulatory gaps exist,for the actual controllers of listed companies of dividend distribution benefit expropriation has provided an opportunity.Combined with China's securities regulator for dividend distribution of listed companies,to a certain extent,there is a poor supervision and law enforcement is lax,situation of dividend distribution is not reasonable,seriously violated the interests of small and medium investors in the market.Therefore,it is necessary to study the protection of small and medium investors in dividend distribution.In this paper,the sea embellish photovoltaic the dividend distribution of listed four consecutive years after the event study,analyzes the dividend distribution behavior of all nature,society and every dividend distribution event to provide protection to the small andmedium-sized investors.To understand our country securities market in the face of the phenomenon of non-standard dividend distribution for small and medium-sized investors to protect the status quo,analysis and found that there were problems at the same time,and based on this,advances about some proposals of strengthening the protection of dividend distribution of the medium and small investors.In this paper,it is found that in the current situation of the high concentration of equity in most listed companies in China,the dividend distribution is likely to become a tool for large shareholders to seek personal gain.As for the small and medium investors in China,their self-protection awareness needs to be enhanced,and the "self-protection" force needs to be improved.The supervision of the dividend distribution activities in the capital market needs to be strengthened,and the punishment of the offenders should be improved.For listed companies with controlling shareholders,the formulation of dividend schemes is ultimately controlled by the will of major shareholders.Therefore,the dividend signaling theory may not be applicable in China.