应采取多种方式引导上市公司积极分红

Core Viewpoint - The Shanghai Stock Exchange aims to encourage listed companies to increase cash dividends and enhance shareholder returns through various market management tools, emphasizing the importance of cash dividends in assessing company performance and investment value [1][2]. Group 1: Importance of Cash Dividends - Cash dividends serve as a "litmus test" for the quality of a company's earnings, as they are difficult to manipulate compared to financial statements [1]. - They act as a "brake" on reckless expansion, prompting management to make more prudent investment decisions when real cash is distributed to shareholders [1]. - Stable and predictable dividends can attract long-term capital, helping to shift the speculative atmosphere in the A-share market [1]. Group 2: Recommendations for Enhancing Dividends - The dividend status of a company should be included as a condition for refinancing, limiting "stingy" companies from raising funds without returning value to shareholders [2]. - A proposed condition for refinancing is that companies must have paid dividends of at least 30% of net profits for five consecutive years, with a minimum dividend yield of 1% [2]. - Simplified procedures for asset restructuring should include dividend thresholds, ensuring only companies that provide substantial returns to shareholders can engage in such activities [2]. Group 3: Enhancing Disclosure and Accountability - The weight of dividend indicators in the information disclosure evaluation system should be increased to over 10%, with detailed assessment criteria for stability, transparency, and adequacy of dividends [2]. - Institutional investors should be encouraged to advocate for dividends, requiring them to submit dividend proposals when holding over 3% of shares [3]. - Tax policies should be established to incentivize dividends, with penalties for companies that consistently underperform in dividend payments [3]. Group 4: Regulatory Framework and Market Reform - The new "National Nine Articles" emphasizes strengthening cash dividend regulation and incentivizing high-quality dividend-paying companies [3]. - Reforming the dividend system is crucial for building a balanced ecosystem between financing and returns, ultimately achieving the goal of making the capital market more attractive and sustainable for investors [3].