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我国股市一直存在着“重投资,轻回报”的问题,为了保护投资者利益,并改善上市公司现金分红状况,证监会在2006年和2008年分别出台了《上市公司证券发行管理办法》和《关于修改上市公司现金分红若干规定的决定》,并在2011年进一步要求拟上市公司和已上市公司明确红利回报规划(相关政策在后文统称“半强制分红政策”)。本文从主板和中小板两个方面分别研究上市公司现金分红状况,并分析半强制分红政策对上市公司分红意愿的影响,得出的结论是,对主板上市公司而言,半强制分红政策能稳定其分红意愿水平;对中小板上市公司而言,半强制分红政策会提高其分红意愿水平。
In order to protect the interests of investors and improve the cash dividend of listed companies, the CSRC promulgated the Measures for the Administration of Securities Issuance of Listed Companies in 2006 and 2008 respectively, And the “Decision on Amending Certain Provisions on Cash Dividend Distribution of Listed Companies”. In 2011, it further required that the listed company and the listed company clearly make a dividend return plan (the relevant policies are hereinafter referred to as the “semi-mandatory dividend policy”). This paper studies the status of cash dividends of listed companies from the aspects of main board and small board, and analyzes the impact of semi-mandatory dividend policy on the dividend payout of listed companies. It concludes that the semi-mandatory dividend policy can be stabilized for main board listed companies Their dividend willingness level; for small and medium-sized listed companies, semi-mandatory dividend policy will increase their willingness level of dividends.