摘要
Abstract
Further improving the normalized dividend mechanism of listed companies is an important way to promote the dual improvement of quality and return of listed companies.The evolutionary experience of the UK capital market demonstrates that a prudent dividend policy is not merely a byproduct of other legal systems,but rather constitutes an independent investor protection mechanism,with significant governance functions including constraining insiders,transmitting information,and reinforcing market discipline.From the perspective of such"dividend importance"thesis,the current approaches to dividend regulation—whether dominated by corporate insiders,courts,or administrative agencies—are subject to certain limitations.In contrast,the"cash dividend options"mechanism shifts the decision-making power over profit distribution from corporate insiders to each independent investor.By granting shareholders the right to autonomously choose,within a predetermined period,between receiving cash dividends or stock dividends for their full share of distributable profits,this system aggregates dispersed shareholder choices into a robust force for market-based oversight and capital allocation screening,thereby incentivizing companies to optimize capital allocation and enhance operational efficiency.If this system were to be implemented in China,it would be necessary to incorporate it as a mandatory provision in the articles of association of listed companies,reconstruct corresponding regulatory rules,formulate operational guidelines for stock exchanges,and effectively protect the interests of creditors within the capital constraint framework of company law to guard against novel types of market manipulation risks,while also adjusting the focus of judicial review in relevant dividend litigation.关键词
股利政策/分红/现金股利选择权/法律与金融Key words
dividend policy/dividend/cash dividend options/law and finance分类
社会科学
