The Spring Of Registration Reform Is Coming.

"Mandatory dividends" can not be done, but at any time, it is not and can not be the inevitable victory of the rescue market, even the kind of "mandatory dividend" with Liu Shuwei's specific quota of dividends.

The necessity of "mandatory dividends" is related to the listing of some listed companies for money, but it is inseparable from listing dividends after listing.

Without "mandatory dividends", there is no way to reflect the investment value of listed companies, nor to highlight the integrity of listed companies to repay investors.

But this "mandatory dividend" at any time is only meaningful for those old listed companies who have no sense of return and no awareness of dividends, and it is not meaningful for those listed companies that voluntarily fulfill their dividend obligations.

If there is a specific quantitative assessment index for "mandatory dividends", it may be discussed.

In my view, no matter whether the average annual dividend yield of ten consecutive years is no less than the risk-free return rate, or the total amount of continuous cash dividends of ten consecutive years is no less than the direct financing amount of stock market, at most, it has a certain reference value for evaluating the dividend level of listed companies. As a hard assessment index, it is not only international practice, but also contrary to the marketization principle of capital market.

China's stock market tends to move from one extreme to another.

When we need to make use of the financing function of the stock market, we not only regard the stock market as a life-saving straw to save the endangered state, but also take a close look at the form of money collecting activities.

It was only when investors were caught in a terrible pit that they came out with a few seemingly equitable dividends.

However, this dividend idea is always correct, but in fact it does not help solve the problem at all, because the fundamental problem of China's stock market lies in the positioning of the system.

As long as China's stock market is only positioned to improve the proportion of direct financing, whether it is financing services for state-owned enterprises at the beginning, or after the so-called marketization financing of a dog or cat, it can never change the tendency to only pay no attention to return on financing or do not really attach importance to the return of investors.

In fact, from the perspective of market demand, dividends are the return of listed companies.

However, the dividend return of the capital market to the listed companies is not suitable for the simple use of the so-called risk - free rate of bank savings to measure it.

On the one hand, even if bank savings are not necessarily risk-free gains, there is a possibility of negative interest rates under specific market conditions. On the other hand, the investment capital market is risky at the beginning. Without risk, it will not be called the capital market.

In this respect, there are essential differences between the two.

For the capital market, the essence of all investment activities lies in value discovery. The so-called value discovery can not be measured by a simple comparison between the amount of dividends paid and the amount of financing in the corresponding years.

Some valuable investment cases in the capital market at home and abroad indicate that the return of real meaningful value investment to investors is not only far from the so-called risk-free return rate of general bank savings, but also often far exceeds that of all meaningful returns in general sense.

However, if we leave the basis of sustained growth of listed companies, returns will be meaningless.

When some listed companies without performance support adjust the internal structure of shareholders' interests in the way of "high pfer", it is not easy to distinguish the difference between value return and profit pfer.

Although the general stock prices of some listed companies are good before and after the launch of the high yield pfer scheme, the listed companies are merely pushing the market forward.

In order to achieve high position reduction and profit making, most of them will drift with the tide and even make up after they reach their goals. However, the small investors who chase the high sedan chair will be relentlessly lost in Gao Gang.

The risk of capital market is also here.

The urgent matter of China's stock market is to restore the function of financing rather than to restore the function of return on investment.

In the view of the author, the repair of the return on investment is obviously not simply given.

The prerequisites or criteria for determining the one or two mandatory dividends can be all right.

Reform, only reform, is the only way out for China's stock market to get rid of the institutional shackles of the administrative examination system and usher in the spring of registration reform.

Registration system reform is not without trial at all, but at least it can not be counterfeited for auditing purposes, nor can it be used to collect money for money.

And when investors are more likely to use their own eyes to observe and analyze the public information disclosure of listed companies and to independently invest in value investing by themselves, people may not have to rely on administrative power to save the market, nor do they need to wait for the "mandatory dividends" of listed companies to become more open to the public, and more closely invest in value, embrace value investing, cheer investment in value, and welcome the arrival of the era of value investing.