The Stock Market Is Not A Cash Machine.

A healthy capital market should be both.

The difference between mature capital market and mature capital market

Li Daxiao (director of the British Securities Institute): the cash dividend level of listed companies is generally low, the ratio of dividend payout rate in the domestic market is only 20% to 30%, while the proportion of dividend payout rates in overseas mature markets is generally 40% to 50%.

For example, in Brazil, the company law of the company requires that a joint stock company must stipulate a certain percentage of its annual output in its articles of association.

Let investment structure imbalance

Jin Xuejun (director of financial investment research center of Zhejiang University): the enthusiasm of financing is high, and when it comes to dividends, it becomes "iron chicken". Such a serious imbalance of financing and dividends has various objective factors: the intention of listing is usually focused on the scale of financing itself, and in the process of operation, it always aims at "maximizing the sum of funds", but it is easy to ignore the concern about performance.

For a long time, listed companies lack support for performance, investors' investment mentality is short term, and they are more concerned about the two tier market, which is also the problem of ignoring dividends.

The consequences of low dividends are excessive pursuit of conceptual speculation and strong market speculation, leading to further imbalance between share price performance and company performance.

It also dampened the enthusiasm of investors who were concerned about the long-term investment returns, which led to a further imbalance in the proportion of investment structure.

Zhao Changwen (director of the Enterprise Research Institute of the State Council Development Research Center): This is the death of China's capital market.

On the one hand, on the one hand, China's current trial system has the risk of "adverse selection" to a certain extent. The typical manifestation is that a large number of high growth and good texture enterprises represented by Baidu and Tencent can not enter the A share market.

On the other hand, after the listing of enterprises, due to the imperfection of China's capital market, the corresponding governance mechanism has not been provided to the healthy growth of enterprises. There may be "moral hazard" in management or controlling shareholders.

At the same time, the uneven development of the industry also leads to dividends.

To completely change this phenomenon, dividend mechanism is an important aspect, and at the same time, we need to improve other aspects of the capital market, such as the optimization of investor structure.

Disclosure system needs improvement

Wu Xiaobo (vice president of School of management, Zhejiang University): Overall, no dividends or small dividends are beneficial to large shareholders and unfavorable to investors.

In fact, dividends are high or low in itself, mainly depending on the development stage of the company, and also on the strategic problems of a company dealing with short-term investment and long-term investment.

The problem is that most listed companies stick to the role of "rooster" and do not explicitly define the use of cash dividends.

Let the profits be long.

Freedom (Investor): investors are not "fools". This kind of "bloodletting" will only affect the financing ability of the capital market.

After the breakout of the IPO price, the decrease of IPO pricing is actually a behavior of "letting profits" to the shareholders, so that the new shares will go well again.

Dividends should also be the same.