摘 要
自 2001 年中国证监会出台一系列政策规范上市公司的分红行为到现如今我国已实行强制分红制度，我国证券市场中上市公司的分红问题一直备受广泛关注。
而目前的强制分红制度是在大股东凭借其持股优势忽视中小股东分红期待，而中小股东在公司盈利时无法有效借助公司自治或正常表决实现分红目的，以致出现大股东以其他方式变相侵吞公司盈利的前提下，政府对上市公司分红进行的行政指导。该制度的实施大大满足了中小股东的分红诉求并减少其权益受损，利于促进我国上市公司形成合理的分红制度体系，实现我国证券市场的稳健与可持续发展。
然而，我国目前的强制分红制度仍存在一些不合理的地方，并主要集中表现在以下几个方面：首先，国内的强制分红制度虽然规定了强制分红的比例，且该比例是各上市公司进行再次融资的硬性要求，但上市公司在完成先分红再融资后，一旦其不再有融资需求，则强制分红的约束要求对其并无作用。其次，我国强制分红制度采取“一刀切”,即不区分行业与公司规模，只要不满足证监会规定的分红要求便不能进行再融资，这种方式不仅容易严重影响一些融资难的初创型公司的发展，也与我国的经济改革政策背道而驰。再次，分红款在税收制度层面存在双重征税和差别化税率问题，有待制度改进。双重征税易挫伤上市公司股东对分红的追求，并打击上市公司分红的积极性；同时，多年前虽已对分红款实施差别化税率，但实施的效果并不理想。最后，我国上市公司的强制分红制度缺乏相对完善的救济体系，股东代表诉讼因其前置条件的要求使其难以有效满足股东就分红问题提起代表诉讼的需要，有必要设立强制分红之诉。
为促进我国证券市场稳健与可持续发展，我国在完善强制分红制度时，不仅应根据公司规模、性质等的不同进行区分，而且应该完善我国税收就分红款的制度设计和政府监管，平衡公司自治与行政干预之间的关系；同时，应明确上市公司强制分红的前提和边界，限定强制分红的适用范围，明晰强制分红的条件。此外，还应当完善信息披露制度，建立强制分红之诉，明确强制分红之诉的适用条件和主体条件并注意防止滥用强制分红之诉等，从而形成健康有序的分红文化，切实保护上市公司中小股东分红方面的合法诉求。
关键词：上市公司，强制分红，中小股东利益
ABSTRACT
Since 2001, China Securities Regulatory Commission issued a series of policiesto regulate the dividend behavior of listed companies. Now, China has implemented acompulsory dividend system,and the dividend issue of Listed Companies in China'ssecurities market has attracted much attention.At present, the compulsory dividendsystem is based on the advantages of its dominant shareholders to ignore the expecteddividend of small and medium-sized shareholders, while minority shareholders cannot effectively use corporate autonomy or normal voting to achieve dividends whenthe company is profitable,so that the large shareholders in other forms ofmisappropriation of corporate profits under the premise of the government's dividendmanagement of listed companies to carry out the guidance.The implementation of thissystem has greatly satisfied the small shareholders' dividend demands and reducedtheir rights and interests, thus contributing to the formation of a reasonable dividendpolicy system for listed companies in China,in order to achieve the stability andsustainable development of China's securities market.
However, China's current compulsory dividend system still has manyunreasonable places,and mainly concentrated in the following aspects:First of all, thedomestic compulsory dividend system stipulates the proportion of compulsorydividends,and the proportion of listed companies to re financing hardrequirements,But after the completion of the first dividend and refinancing of listedcompanies, once they no longer have financing desire, the mandatory dividendconstraint requires no effect on it.Secondly, China's compulsory dividend sharingsystem adopts a “one size fits all”, that is, no distinction between the industry and thecompany size,as long as it does not meet the requirements of the Commission will notbe able to refinance dividend requirements, this way is not only easy to affect thedevelopment of financing some start-up companies, but also the economic reformpolicies in China and draw further apart.Thirdly, the existence of double taxation anddifferential tax rate at the tax system level needs to be improved.Double taxation islikely to dampen the pursuit of dividends by shareholders of listed companies, and tocombat the enthusiasm of dividends of listed companies;And years ago hasimplemented differential tax rates on dividends, but the implementation is notsatisfactory.Finally, the compulsory Dividend System of Listed Companies in Chinalacks relatively perfect relief system,due to the precondition of shareholderrepresentative litigation, it is difficult for the shareholder representative lawsuit tomeet the need of shareholder's representative action, so it is necessary to set upcompulsory dividend action.
In order to promote the steady and sustainable development of securities marketin China,when we improve the system of compulsory dividend payment, we shouldnot only distinguish according to the size and nature of the company.Moreover, weshould improve the system design and government regulation of the tax dividend, andbalance the relationship between the company autonomy and administrativeintervention;At the same time, we should make clear the premise and boundary ofcompulsory dividend of listed companies, limit the applicable scope of compulsorydividends, and clarify the conditions of compulsory dividends.In addition, we shouldimprove the information disclosure system, establish a mandatory dividend litigation,clear the applicable conditions and conditions of compulsory dividends litigation, andpay attention to prevent the abuse of mandatory dividend litigation,thus forming ahealthy and orderly dividend culture, and effectively protect the legitimate interests ofsmall and medium-sized shareholders of listed companies dividends.
Key Words:Listed companies,Compulsory dividends,minority shareholders' interests。
目录
第一章绪论
第一节问题的提出
第二节研究价值及意义
第三节文献综述
第四节主要研究思路及方法
第五节文章的主要创新点及不足
第二章上市公司强制分红制度概述
第一节强制分红制度的界定
一、强制分红制度的概念及形式
二、强制分红制度的理论争议
第二节强制分红制度的理论基础
一、信狮对称理论
二、代理成本理论
第三节强制分红制度的社会影响
一、提升证券市场投资价值与功能
二、保护中小股东利益
三、改善上市公司信息披露现状
四、维护证券市场的稳定性
第三章我国上市公司强制分红制度的现状及缺陷
第一节我国上市公司强制分红制度的现状
一、强制分红制度形成的背景及发展
二、我国上市公司强制分红制度的立法现状
三、我国上市公司强制分红制度的实施现状
第二节我国上市公司强制分红制度存在的缺陷二
一、“一刀切”分红政策不利于公司发展
二、强制分红制度缺乏普遍约束力
三、强制分红的比例失效
第四章上市公司强制分红制度的比较法思考
第一节境外强制分红制度概况
一、以美国为例的发达证券市场
二、以巴西、韩国为代表的新兴证券市场
三、我国香港、台湾地区强制分红制度。
第二节境外强制分红制度对我国的启示
一、完善我国强制分红标准的相关规定。
二、健全我国上市公司信息披露制度
三、完善红利税和除息制度
第五章我国上市公司强制分红制度的完善。
第一节我国上市公司强制分红应遵循的原则
一、行政干预与公司自治平衡原则
二、适度分红原则
三、引导加激励原则
第二节我国上市公司强制分红制度的边界
一、明确强制分红的前提
二、限定强制分红的适用范围
三、明晰强制分红的条件
第三节构建强制分红救济制度
一、完善政府适度监管
二、建立强制分红之诉
第四节强制分红制度的配套制度完善
一、区分行业特征进行强制分红
二、改革强制分红中分红与再融资的挂钩规定
三、改革强制分红中的现有税收政策
四、完善我国上市公司信息披露制度
结语
参考文献
