It is important to encourage the cash dividend of listed companies, and the future may be subject to more stringent regulatory pressure for listed companies that do not pay dividends in the long term or even malicious dividends. For investors, they should also avoid such companies and minimise the risk of uncertainty.
In the moment of paying attention to cash dividend, the long-term non-cash dividend of the listed company will inevitably attract the attention of the market. Along with the a-share market in recent years, however, cash dividends more hasten is strict, there are still many listed companies do not pay dividends, what is more, public has yet to take any cash dividends. Recently, the shenzhen stock exchange also issued a notice to some listed companies that did not pay dividends for a decade, which undoubtedly brought a lot of pressure on some listed companies that have not paid dividends for a long time. But if standing in the point of view of investors, the listed company itself is lack of cash dividend capacity for dividends, fair to understand, and this kind of "making tend to avoid by the market. However, if the listed company has the allocation space, but still does not share the dividend for a long time, it is a little hard to say, and this kind of listed company is more likely to cause the market to question.
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Over the years, the number of publicly traded companies that have allocated space for a long period of time is not much. In the meantime, even as the pressure on cash dividends continues to rise and regulatory pressure continues to escalate, the public companies have never had any incentive to pay dividends, which does confuse investors. For "making these long-term do not share out bonus, they insist on not pay dividends for many reasons, such as the supplement working capital, and investment demand and daily liquidity demand, such as what is more, will be rejected due to restructuring raising matching funds of cash dividends.
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In fact, throughout the current Chinese stock market, the "iron rooster" is divided into the following types: the first category belongs to the company that has never paid dividends. Such companies themselves are more difficult to make profits, and more local financial subsidies are used to carry out the protection of the shells, while these "iron roosters" have long occupied the market resources. The second category belongs to the listed company which has the space of allocation but does not pay dividends for a long time. This kind of company often has a lot of reasons to refuse the dividend, but in the end, it still pays too much attention to the expansion demand of its own enterprises, without considering the investor's investment return demand. In addition, there is a class of "iron rooster", which is a certain undistributed profit of the enterprise, but the operating cash flow is extremely unstable. Thus, for the undistributed profits, much as the dominant in the form of accounts receivable and so on, and not in the true sense of distributable cash, fundamentally, the companies still don't have the ability to cash dividends.
In recent years, the Chinese stock market has paid attention to the cash dividend of listed companies and even the persistent cash dividend. On the one hand, it is expected to improve investors' return on investment, enhance the sense of responsibility of listed companies to investors, and gradually increase the investment attraction of the stock market. On the other hand, by encouraging cash dividend measures, it can better identify the listed companies that fish in troubled waters. For listed companies with long-term cash dividend, they tend to have good financial strength and cash flow level. But for the long-term non-profit-sharing "iron rooster", it is inevitable that the financial results data will have unknown problems, which will bring more investment uncertainty risk to investors.
So, no matter from the stock market investment function, or from the aspects such as improve the whole quality level of the listed company, encourages the cash dividends of listed companies, and even for the meaning of cash dividend is indeed very important; The future may be subject to more stringent regulatory pressure for listed companies that do not pay dividends for a long period of time, even if they do not pay dividends . For investors, it is also important to avoid such companies and minimise the risk of uncertainty.
