Shanghai Stock Exchange: Improving The Cash Dividend Mechanism Guided By Market Orientation

< p > the Shanghai Stock Exchange Capital Market Research Institute released the special analysis report on cash dividends of Listed Companies in Shanghai Stock Exchange 2013 today.

In 2013, in addition to 2 companies, a total of 674 listed companies in the Shanghai Stock Exchange put forward a cash dividend scheme, which amounted to a total of 670 billion 700 million yuan, a record high of 2.

The report points out that there are still many restrictive factors in the promotion of cash dividends from the analysis of practice, and we need to further improve the market-oriented cash dividend mechanism.

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< p > the report makes statistics and Analysis on the data of the 2013 annual report of Shanghai Stock Exchange and cash dividends, summarizes the overall situation of the dividends of the companies in Shanghai Stock Exchange and the characteristics of the industry sectors, and analyzes the factors restricting the cash dividends of Listed Companies in the current market environment.

On this basis, it puts forward suggestions to further strengthen the cash dividend mechanism of listed companies.

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< p > data show that < a href= "http://www.91se91.com/news/index_c.asp" > Shanghai stock market < /a > 2013 the number of high proportion cash dividends companies continues to grow, and large scale cash dividends companies continue to expand.

In 2013, the number of Companies in the Shanghai Stock Exchange exceeded 30%, accounting for 538, more than 513 in 2012, accounting for 56.21% of the total number of Shanghai stock companies, accounting for 79.82% of the total number of cash dividends companies.

Among them, the number of companies with more than 50% cash dividends reached 127, compared with 135 in 2012, accounting for 13.27% of the total number of Shanghai stock companies, accounting for 18.84% of the total number of cash dividends companies.

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< p > annual report data show that in 2013, the stock market of various levels of blue chips in Shanghai stock market was generally better in all sectors and sectors, and the distribution of cash dividends was clear.

However, due to macroeconomic factors and other factors, there is a big difference in the dividend payout ratio of different industries.

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< p > one is Shanghai 50 and 180 < a href= "http://www.91se91.com/news/index_c.asp" > plate < /a > is the main stock dividend in Shanghai stock market, Shanghai 380 "a href=" http://www.91se91.com/news/index_c.asp "> dividend" /a "ratio is higher than the market average level, dividend index plate reflects high return characteristics.

The two is the growth of the total cash dividends in most industries, and the contribution of the financial sector and the mining industry is outstanding.

Three, there is a big difference in dividend payout ratio among different industries.

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< p > the report points out that after a long period of efforts, the market parties have reached a certain consensus on promoting cash dividends, and the awareness of listed companies to pay attention to cash dividends and raise investor returns has been strengthened.

In recent two years, the cash dividends of Shanghai stock market have also been affirmed by investors and investors.

However, there are still many restrictive factors in the promotion of cash dividends from the analysis of practice.

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< p > first, the stability and the anticipation of cash dividends are not strong enough to establish the confidence of investors in long-term value investment.

Two, there is still a high degree of consensus that the market parties need to guide and encourage cash dividends from listed companies to form effective cash dividends mechanisms.

Three, the internal governance of listed companies is not perfect enough, and the external binding force needs to be further strengthened. The enthusiasm of listed companies to raise cash dividends is not high.

Four, the paction cost of the current dividend tax policy is relatively high, and investors' willingness to get investment proceeds through cash dividends is not strong.

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< p > the report points out that in the background of the pition period of our economy and the relatively low stock market, it is of great significance to further promote the cash dividends of listed companies to enhance the investment value of the stock market.

It is necessary to take effective measures to further improve the market-oriented cash dividend mechanism.

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< p > first, we must vigorously develop the blue chip market, support the healthy and sustainable development of the real economy, and improve the stability and the anticipation of the cash dividends of listed companies.

Second, we must maintain the stability of regulatory policies, unswervingly lead the formation of market consensus, and cultivate a market-oriented cash dividend mechanism.

Third, we should improve internal governance, establish external market constraints, and enhance the initiative of cash dividends of listed companies.

Fourth, we must focus on the long-term development of the market, optimize the dividend tax policy, and raise the actual level of investment income of cash dividends.

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