一财社论：保护好中小投资者权益，提高上市公司质量和回报是重中之重

Core Viewpoint - The recent release of the "Regulations on the Supervision and Management of Listed Companies (Draft for Public Comment)" by the China Securities Regulatory Commission (CSRC) emphasizes the protection of the legitimate rights and interests of small and medium-sized investors as a foundation for the revitalization of the A-share market [1][2]. Group 1: Protection of Small and Medium-sized Investors - The draft regulations highlight the need for stronger supervision and management of listed companies to enhance their quality and protect investors' rights [1][3]. - Small and medium-sized investors are often in a vulnerable position within the overall structure of listed companies, making them more susceptible to rights violations [1]. - Common forms of rights infringement include major shareholders abusing control rights, failure to disclose significant operational information, and related-party transactions that harm overall company value [1]. Group 2: Improvement of Listed Company Quality - The regulations stress the importance of improving the quality of listed companies as a key objective, with enhanced supervision being a means to achieve this [3]. - Improving company quality involves refining governance structures to reduce rights violations and enhancing core competitiveness to provide returns to investors [3]. - The regulations advocate for supporting the transformation and upgrading of listed companies to cultivate world-class enterprises, ultimately aiming to enhance investment value and investor returns [3]. Group 3: Market Value Management and Cash Dividends - Listed companies are required to strengthen market value management and improve cash dividend policies to ensure reasonable returns for shareholders [5][6]. - The CSRC previously issued guidelines on market value management to encourage companies to utilize management tools effectively, thereby maximizing overall benefits and shareholder wealth [5]. - In 2024, listed companies achieved cash dividends totaling 2.4 trillion yuan, indicating a growing willingness among small and medium-sized investors to manage personal wealth through the capital market [6].