强制分红对企业创新的负面影响

Negative Impact on Business Innovation from Dividend Forcibly

近年来出现的分红与再融资挂钩政策,不仅没有给股民带来多少即时收益,反而损害了企业与股民的长期利益:一方面分红给股民带来收入幻觉,其实真正的受益者是大股东与管理层;另一方面强制分红政策产生监管悖论,也不符合国际趋势。股民与企业的利益结合点在于企业的创新,强制分红损害了创新的可持续,从而损害彼此利益。停止强制分红、放权于市场才是正确选择。

Dividends are linked with the refinancing policy in recent years, which did not bring much income to investors, but may do damage to long-term interests of companies and shareholders. On the one hand, the illusion of dividends to in-vestors generate income, the real beneficiaries are the major shareholders and management; On the other hand, the mandatory dividend policy to generate regulatory paradox, which will go far away from the international trends. The interests of investors and business point of integration is business innovation, the mandatory dividend will harm sustainable innovation, to the detri-ment of the interests of each other. Stop mandatory dividends, decentralization in the market is the right path.