The China Securities Regulatory Commission announced on Friday (October 20) that the cash dividend specified documents such as the dividend guidance of listed companies were publicly solicited.The content includes companies with high asset -liability ratios and poor cash flows in business activities. Companies with large proportion of cash dividend have maintained focus, preventing adverse effects on the production and operation of enterprises and debt repayment capabilities.
Comprehensive China Securities Journal and First Financial Report, the CSRC pointed out that in order to further improve the normalized dividend mechanism of listed companies and improve the levelDividends (revised in 2023) cash dividend regulatory documents such as cash dividends are publicly solicited.The Shanghai -Shenzhen Stock Exchange simultaneously revised the guidelines for operation and publicly solicited opinions to the outside world, and made some operating regulations.
The Securities Regulatory Commission said that the main idea of the revision of the cash dividend rules is to encourage the company to formulate a clear dividend policy in the articles of association, stabilize investor dividends expectations, and invest in independent and financial investment.The large scale but the proportion of dividends is not high. Through the strengthening of disclosure requirements, the dividend is urged; facilitating the company's medium -term dividend implementation procedures to encourage the company to increase the frequency of cash dividends; strengthen the constraints of abnormal high -proportion dividend enterprises to guide reasonable dividends.
There are three main aspects of the revision of the dividend guidelines.The first is to further clarify the cash dividend orientation and promote the improvement of dividend levels.The second is to simplify mid -term dividend procedures and promote further optimization of dividend methods and rhythm.The third is to strengthen the constraints of unusual high -proportion dividends and guide reasonable dividends.
Dividend guidelines The revision of the content emphasizes that when listed companies formulate cash dividend policies, they should comprehensively consider their own profitability, capital expenditure arrangements, and debt repayment capabilities, and take into account investor returns and company development.Companies with high asset -liability ratio and poor cash flow, and companies with large proportions of cash dividend have maintained their focus, preventing adverse effects on the production and operation of enterprises and debt repayment capabilities.
In addition, the relevant terms of the charter guidelines of the listed company will also be modified three aspects.The first is to encourage listed companies to increase the frequency of cash dividends under the conditions that meet profit distribution, guide the formation of mid -term dividend habits, and stabilize investor dividends expectations.The second is to guide the institutional arrangement of the implementation procedure of the centralized cash dividend in accordance with the dividend, and add the time limit for the completion time of the mid -term dividend.The third is to urge the company to refine the dividend policy in the articles of association, clarify the goal of cash dividends, and better stabilize investor expectations.
At the same time, guide the company to formulate dividend constraints in the articles of association to prevent enterprises implementing dividends in the case of incomplete profit and high debt.
