The dividend of listed companies that have received much attention has recently undergone gratifying changes. A number of listed companies solicited public opinions from minority shareholders on the 2023 profit distribution plan, saying that they would enhance the transparency of the company's dividend distribution and protect the interests of shareholders, especially minority shareholders.
For a long time, the dividend of listed companies is mostly decided by the company's major shareholders or management, and small and medium-sized investors can only accept it passively. It is rare to seek opinions from minority shareholders on profit distribution this time. This is not only the performance of the listed companies' dividend enthusiasm, but also the direct reflection of the increased awareness of investors in return, which is worthy of affirmation and promotion.
It was also said that the problem of A-share market is that there are many "iron roosters" and dividends need to be improved. As long as listed companies are willing to pay dividends, it is good. It is not meaningful to ask for the opinions of small and medium-sized investors. In fact, it is not. Dividend distribution of listed companies involves a wide range of interest groups. Influenced by its development stage, long-term financial planning and other factors, the number, time and rhythm of dividend distribution are very particular. It is not just simple that more is better. Whether the interests of all parties can be balanced and whether the willingness of small and medium-sized investors is fully respected is a yardstick to measure the quality and efficiency of dividends.
From past experience, it is not just dividends that can win the praise of investors. On the surface, dividends, especially cash dividends, are equivalent to the "red packet rain", which is shared by all shareholders, but the actual beneficiary groups are not balanced. Compared with small and medium-sized shareholders, large shareholders have a lower cost of shareholding and a large number of shares, which are dominant in cash dividends. Some listed companies often pay dividends of tens of billions of yuan, which seems generous, but in fact, most of the cake is cut off by a few major shareholders, and minority shareholders only get a small share. In addition, some investors hold shares for a short period of time, and pay dividend tax on dividends. The return is even more discounted, so they don't buy dividends of some enterprises.
Some listed companies' dividend decisions are not transparent and lack of scientific rationality, which also makes investors dissatisfied. For example, some listed companies have not distributed dividends for many years, but in a certain year, they will distribute the accumulated undistributed profits of the past years at one time. Small and medium-sized shareholders will not say how much benefits they have received, and the sustainable development of enterprises is also worrying; In other companies, it is hard to avoid doubt that the purpose of such dividend distribution is to repay investors or to change the way to give "red envelopes" to major shareholders when ordinary investors lack the right to speak?
The dividend system aims to effectively enhance the return of investors and improve the efficiency of capital use. If the sense of gain of most minority shareholders cannot be improved, the "wishful thinking" dividend is obviously against the original intention of the system design. It is neither really protecting the interests of investors nor conducive to the long-term development of the company. Therefore, listening to the opinions of small and medium-sized shareholders extensively, taking into account the interests of all parties, and seeking the maximum common divisor can be regarded as a high-quality dividend method.
The regulatory authorities have always advocated listed companies to return investors in good faith, and fully respect the wishes of minority shareholders on the issue of dividend distribution. In December last year, the CSRC issued the Regulatory Guidelines for Listed Companies No. 3 - Cash Dividends of Listed Companies (Revised in 2023), proposing that, before reviewing the specific plan for cash dividends, listed companies should actively communicate and exchange with shareholders, especially minority shareholders, through various channels, and fully listen to the opinions and demands of minority shareholders. This time, many listed companies solicited opinions from small and medium-sized shareholders on the profit distribution plan, which is just a response to the requirements of the regulatory authorities and a useful attempt to better protect the interests of investors.
Of course, soliciting opinions should not only pretend to give small and medium-sized shareholders a "microphone" to speak, but also let them speak effectively. The reasonable, qualified and feasible opinions and suggestions put forward by them should be fully valued and adopted in a timely manner, so as to ensure that investors have a real voice and can actually share the growth dividends of listed companies, thereby stabilizing expectations, boosting confidence and better invigorating the capital market. （ Li Hualin ）
