The Imperfection Of The Profit Distribution System Of Listed Companies Has Become A Criticism. Chairman Liu Shiyu Is Angry.

Listed companies have revised the "high pfer" plan, which proves the strength of chairman Liu Shiyu's "anger".

In December 3rd last year, President Liu Shiyu reprimanded the "barbarians" at the second first member congress of the fund industry association. As a result, the CIRC stepped up its efforts to strengthen supervision over venture capital, and Qianhai life and Hengda life insurance were investigated.

This time, chairman Liu Shiyu at the second member congress of the association of listed companies also "drinks" the listed company "high delivery" chaos, the result is not only "high delivery" stock falls, and related listed companies have also revised "high pfer" plan.

You know, before that, although the Shanghai Stock Exchange and the Shenzhen stock exchange sent letters of supervision to the "high pfer" companies, none of the listed companies had modified the "high pfer" plan.

It can be seen that Chairman Liu Shiyu's "anger" also plays an important regulatory role.

Chairman Liu Shiyu got angry and the consequences were very serious.

In April 8th, Liu Shiyu, chairman of the securities and Futures Commission, had a "bang bang" for the high handed pfer of listed companies. Some of the stocks with high turnover were obviously suppressed by the market.

For example, in April 10th, that is, the first trading day after Liu Shiyu's speech, the "high pfer" shares and the "high sending and pferring" high frequency new shares fell sharply, with some 50 stocks falling, and more than 200 of the new shares dropped by more than 5%.

Not only that, in the face of President Liu Shiyu's "bang bang" for the high handed turn of chaos, some companies that launched the "high pfer" plan have taken action to modify the "high pfer" plan to express their sincerity to the SFC.

In the evening of April 10th, Kai Long took the lead in modifying the plan of "high delivery and pfer", and revised the original allocation plan of "every 10 shares pferred to 30 shares and sent 5 yuan" to "10 yuan for every 10 shares to send 15 shares to send 8 yuan", which reduced the proportion of sending and pferring, and raised the cash dividends.

After that, the other 10 companies that sent 30 shares to the company also took actions. They revised the "high pfer" plan, and launched a number of companies offering 10 to 20 shares.

By the end of April 13th, Jinli Technology was the biggest change in the "high pfer" plan. It was adjusted from 10 shares to 30 shares for every 10 shares.

However, judging from the specific circumstances of the revision of the "high pfer" plan by the listed companies, the revised "high pfer" plan still did not get rid of the "chaos" of two words.

Although the listed company has revised the "high pfer" plan, investors do not know what the basis of the amendment is. It is also a "high pfer" plan for 10 to 30 shares. Why do some companies modify the plan to send 10 shares to 20 shares, some 10 to 15 shares, and others to 10 to 6 shares.

Where is the reasonableness of such modification? The market is not known.

And for

One of the problems that the market charges much more is that the listed companies use the "high pfer" to protect the important shareholders.

But in the process of revising the "high pfer" plan, the handling situation of each company is also very different.

For example, when winning the game, in January 12th of this year, when the actual controller Tang ball proposed high delivery, at that time, and the profit plan disclosed at the same time, there was also a real control person and executive's reduction plan.

This time, the executives of the company also halted the "high pfer" plan.

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But other companies did not.

For example, when Khlong shares were announced in February 28th, the important shareholder (third largest shareholder) of Shenzhen Junfeng Hengtong investment partnership was also announced a liquidation reduction plan. However, when the plan was revised, the reduction plan was not stopped.

Therefore, although in President Liu Shiyu's "bar drink", some listed companies have modified the "high pfer" plan, but the revision process and the revised plan are still a mess.

The reason for this chaos is, in the final analysis, the profits of listed companies.

Imperfect.

The appearance of this kind of chaos shows the defects of the stock market system, that is, the defect of the profit distribution system.

From the point of view of regulation, before that, regulators have always thought that profit distribution is a matter of listed companies' independent decision, so there is no interference in the distribution of profits of listed companies, resulting in the "high delivery" chaos of listed companies intensified.

This time, President Liu Shiyu's "bang bang" problem came, because from the listed companies, there is no standardized behavior specimen on the issue of "high delivery and pfer".

Therefore, although the listed companies want to express their sincerity to the regulatory authorities, the revised "high pfer" plan is still strange and full of chaos.

This shows a problem. For the "high pfer" behavior of listed companies, it is still not enough that only the "bar drink" is enough. The key is to have a standardized guiding opinion to guide the listed companies to carry out the "high pfer" standard.

For example, it is stipulated that the proportion of listed companies to pfer shares should not exceed the proportion of listed companies' performance growth. It is stipulated that the earnings per share of listed companies below 1 yuan can not be pferred to a higher level.

With such a clear provision, the listed company will know what to do and what not to do.

If there is no such provision, the "bar drink" of management can only make the listed company "drink" confused.

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