129765814576620415_82Improving the listed company bonus system for a long time on this topic. Since 2001, the China Securities Regulatory Commission issued a series of systems.
Summary and analysis of these policies and measures in the problems in practice, to further improving the listed company bonus system is instructive. From normal legal relationship, whether dividends of listed companies, as well as dividends, should be determined by the companyBoard of directors or the shareholders ' Meeting decides
diablo 3 power leveling, by general meeting of shareholders or the Board of Directors of minority shareholders to express their aspirations of the dividend distribution.
In short, under normal circumstances, dividends should belong to the company's internal affairs, has nothing to do with supervision. Since 2001, the China Securities Regulatory Commission has introduced a series of policy documents regulating the behavior of listed company's dividend, dividend of listed companies in ChinaThan "mandatory dividend of" lower. Under the system of mandatory dividends, dividends of listed companies is the exercise of a legal obligation, no dividend or dividend ratio proportion requirement does not meet, is unlawful. Dividends of listed companies and the China Securities Regulatory Commission on institutional arrangements has not risen to the legal level, the main approach is linked to dividends and financing behavior of listed companies, notDividend or dividend ratio does not meet the requirements for listed companies to cancel its refinancing requirements.
Some scholars see this as "mandatory dividend of half" is more appropriate. From an international perspective, system of mandatory dividend is the main reason most of the public interests of shareholders were not very well protected
tera power leveling, popular to say that is not comfortable with people of actual control of listed companies,Dividend is intended to prevent insider encroaching on property of minority shareholders of a listed company.
For listed companies in China, some questions with respect to corporate governance is shared by developing countries, some of which may be "with Chinese characteristics", can be summarized in the following points. First, through the associated property of the trading public company. The a-share market, many listingWrong company investor dividends
diablo 3 power leveling, shareholders and listed companies or related trade of listed company and its subsidiaries by engaging in illegal transport of interest, so as to transfer the profits of listed companies, this phenomenon is quite common.
No cure ills under the assumption of the related transactions, to prevent the "empty" behavior of listed companies, of the mandatory dividend may be a good choice. Secondly, the politicalImproper interventions of Government House to public company.
Under the current economic system, whether it is a listing of the State-owned holding company or a private holding of listed companies, is more or less dominated by the local Government Act, listed companies to a certain extent, assume the functions of public finance, listed companies indeed become "financing". Third, do not pay attention to cash dividends of listed companies accountableAny failure by a shareholder or listed companies, it also has a great relationship with the investor preference. For many years, developed a speculation in the stock market price behavior model in China: main dealer after a private agreement with listed companies, start low-priced collection of stock chip, chip collection is complete, by listed companies announced a series of upbeat, these favourable performance growth, including signSales or engineering contracts, send a high proportion of the bonus shares or fund donation of equity, especially "a high proportion of the send bonus shares or provident fund donation of equity" on stock prices have a greater stimulative effect.
These good causes rose after the announcement, the dealer complete chip available. Practices of listed companies songgu nothing substantial on the finance, but the behavior in China stock marketImplied, launched a high proportion of listed company songgu, means the dealer involved in the stock, since there are major makers lurking on the stock, retail investors will be able to follow the trend of making money. Then, stock prices will rise. Relative to the cash dividends, investors prefer to send bonus shares. Since investors are generally not interested in cash dividends, a listed company and certainly not keen on cashDividend. As institutional investors increased hope that the institutions will gradually increase the proportion of long-term investment, which will be mainly through cash flow forecasting future dividends of listed companies to the company's stock price, must increasingly high demands on cash dividends of listed companies. These investors interested in the short-term fluctuations in stock prices is unlikely, more attention to long-term trends in stock prices. Visible, mandatoryDividends or half force bonus system is an important measure for correct behavior, but also the needs of long-term investors enter the market requirements. Mandatory dividend or half-purpose of the mandatory dividend is universal attention to the financing of listed companies in order to correct back on investor returns status. We will refinance and cash dividends of listed companies linked to the Act of in fact there is a paradox.Since the listed company's dividend every year, stating that the company doesn't lack funding, should not allow these companies to go to the capital markets to refinance. For really good projects and a lack of funds of companies, unable to go to the capital markets and financing, in order to refinance and shortage of funds already allocated to the shareholders, you may lose important investment opportunities, after refinancing money account,Investment opportunities may have disappeared. Such financing and the paradox of dividends has been widely found in commercial banks and insurance companies. Due to rapid business expansion in recent years, commercial banks and insurance companies need capital fast complementary channels, under current provisions, to complete the refinancing must pay dividends. Already tense capital, it shall be given to shareholders dividends, whichCommercial banks and insurance companies faced with the embarrassment of half force bonus system. In early 2012, Huijin company offered four major commercial banks can reduce the dividend ratio requirements.
Visible, this paradox has attracted the attention of interested parties. After the dividend acts linked to the financing, more listed companies has taken a "fishing" policy: less profit dividendAs bait, get big financial benefits.
This will cause the dividend to be "alienated" or even "adverse selection", calculating the company prepared a money bonus, in order to finance the "thawing a large sum". Therefore, in my view, half force bonus system in our country has a certain degree of rationality, but in the process of implementing the system, need better instruments and measures,Bonus linked to the refinancing behavior is somewhat contradictory, needs further improvement. Investors on dividends of listed companies attention behind it was concerns about corporate governance structure is reasonable. Regulators should create conditions so that investors have sufficient means and easy way of listed company supervision and constraint, trial in dividends on voting "categories of shareholders voting system",Full dividend rights of small shareholders. While stressing the cash dividend, to take measures to curb the send bonus shares and the bad behavior of the Provident Fund donation of equity, lead investors to health development. Legally, bonus acts belonging to the company's internal affairs, too many regulators do not need to intervene. But we cannot market ills take for granted, can be increased to a high proportionDividend company executives of insider trading regulation to curb such behavior.
����From the perspective of experience, where a high proportion of dividends the company, generally there are insider, in the fight against insider trading at the same time you can stop a high proportion of songgu behavior. Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constituteInvestment advice. Investor operations accordingly, at your own risk.
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