我国强制分红制度实施效果分析——一个法经济学视角

The Effect Analysis of China's Mandatory Dividend Regulation——Based on a Law and Economics

在中国证券市场上,中小投资者长期缺乏有效保护,这在现金分红问题上表现得尤为明显。为了尽快解决分红问题,中国证监会制定了一系列被称为强制分红制度的相关政策法规。从市场数据来看,强制分红制度的出台并没有对市场产生很大影响,特别是许多大型上市公司仍然坚持常年不分红;上市公司治理结构对强制分红制度实施效果有负面影响;强制分红制度给处于成长阶段有巨大投资需求的上市公司带来资金负担,且其"软约束"的特点反倒使分红成为上市公司增发新股的手段;在考虑税负的情况下,强制分红成为上市公司和中小投资者的负担。

The Chinese stock market lack effective long-term protection of minority investors. One serious problem with China＇s stock market is that the dividend-paying level in most listed corporations is extremely low. As part of the China Securities Regulation Commission＇s （CSRC） regulatory package, rules and regulations which mandatorily require the listed corporations to pay dividend have been issued by CSRC. Analyzed with related theories, legal rules and data, Mandatory Dividend Regulation does not serve as an efficient tool to protect the interests of minority investors. In particular, many large listed companies still don^t distribute dividends perennially, corporate governance structures of listed corporations have a negative impact on the effects of Mandatory Dividend Regulation, it makes the listed companies which are in the growth stage and have demands for investment funds burden heavily, and its ＂soft constraints ＂features actually make dividends as a means for listed companies to issue new shares; take tax under consideration, the Mandatory Dividend Regulation becomes a burden on public companies and small investors.