现金分红制度的监管缺失、经验借鉴与内容重构

The Lack of Supervision on Cash Dividends Scheme, Learnings from Foreign Experiences and Content Reconstruction

我国证券监督管理委员会从监管实践出发对现金分红制度做了一系列的修改、补充与完善。然而,在现金分红期间间隔、独立董事作用、分红政策调整条件、罚则和退市等五个方面,上市公司现金分红制度仍需进一步规制。对比借鉴英国、美国和日本等国家的相关法律法规,应通过完善公司治理、调整监管策略、建立强制分红之诉和派生诉讼、建立违法分配的责任体系、健全退市制度等五个方面,有针对性地解决上述五个问题,进一步优化上市公司现金分红制度,实现对国家经济资源配置、企业管理体制和投资者利益保护的改善与进步。

Concerning the cash dividends system, China Securities Regulatory Commission has made a series of modifications, supplements and improvements from the perspective of regulatory practices. However, the cash dividends system still needs to be further regulated in the following five aspects： cash dividends interval, the role of independent directors, adjustment conditions of dividend policy, penalty and delisting of listed companies. Compared with the relevant laws and administrative regulations of the United Kingdom, the United States and Japan, the five issues above can be improved through improving corporate governance, adjusting regulatory strategies, establishing the mandatory and derived lawsuit of cash dividends, setting up the liabilities system of illegal distribution, and improving the delisting system. In this way, the cash dividends of listed companies can be further optimized, the national economic resource, the enterprise management system and the interests of investors can make better progress.