diablo 3 gold institutional investors and small investors suffered huge losses - NGM

The China economic weekly reporter Li Yong | Beijing and to the disclosure of the annual report. Under the rules, 2011 annual reports of listed companies of the two cities will be revealed on January 10. Worthy of note is the 2011 annual report of listed company disclosure is the new Chairman of the SFC since he assumed office of the first performance report. After he takes office on the stock marketIntroduced a set of new deal reforms, "first fire" is burned to the securities market for many years very stingy "stingy person". At the beginning of this year, the SFC issued a notice, calling on all listed companies and accounting firms to do a 2011 annual report preparation, auditing and disclosure of, standard for earnings during the reporting period, but did not make a cash profit distribution plan for the company, should beDetails explaining the reason for no dividends, retained the company's use of funds are not used for the dividend. "This reflects the importance of regulators on corporate dividends. Time for us to prepare an annual report on the bonus will also be reflected. "Ningbo securities on behalf of a listed company, told the China economic weekly. According to statistics, as of January 30, the two cities officially released a total of 14 companies2011 annual reports, of which 8 are bonus plan, than 57%. Dividend policy of listed company's promotion seems to be the trend. However academics and market participants also pointed out that the policy of "mandatory dividend" will produce a negative effect across the Board and shareholders do not necessarily benefit. Plucking the "stingy person" since 2001, regulators in realized capitalDiseases of farm financing, the light returns, and has announced 4 administrative measures or provisions, even before the refinancing of the company and the company's dividends linked to matters, but the effect achieved is still not ideal. Investors wanted to win in the stock market made gains still can go to post, value investment philosophy is still not in China's capital markets practice. In October 2011, SFC's new homeI he took office, requires a clear dividend policy of listed company. In early November, the Commission announced at the briefing, will require listed companies to gradually clear bonus plan, and shall not be arbitrarily changed. This policy requires listed companies to clear bonus rewards planning, including cash dividend policy and allocation mechanisms, and new IPO companies. Subsequently published several IPO ProspectusBook Company, is declared in the draft "important tips" made a special emphasis on the description of the bar on the dividend policy. Xinhua said in the prospectus of insurance rift platinum, "in addition to the annual dividend ratio of 10%, shall be approved at the general meeting of shareholders of the company after profit appropriation plan timely payment of profits to shareholders, if there are delays, the company should delay interest on unpaid amounts paid to the shareholders during the period. ��; Suzhou torin you promised "allocation in a cash profit of not less than a year when available for allocation of profits of 25%, or the last year as cash accumulation, allocation of profits in the last three years of the 75% of the annual distribution of profits. "Then in December 2011, SFC gem IPO introduced the new deal the requests on the prospectusPut down after listing specific reward plan, dividend policy and dividend plan. From here, one on the stock market "stingy person" forces plucked campaign kicked off, was seen as being market known as "mandatory dividend new deal". Mandatory dividend, tax benefit most? Mandatory dividend, you must require listed companies to profitability, with red can be divided into, however on the capital market in China, many of the listed publicDivision of quality mediocre, or even poor record company. The struggling company has been losing edge, reported losses every one or two years, to the Red position. According to the oil, industrial and commercial bank, China Construction Bank, Bank of China in nearly three years cumulative dividend of four listed companies 371.04 billion yuan, accounting for a share of nearly three years cumulative dividend amount of 52.58%, no red poor most small and medium-sized companies and record companies. Hu Lifeng, General Manager of China Galaxy securities funds research center said several large banks of dividend payments accounted for most of the market, because the central requirements listed in the by-laws to require a certain amount of dividends. "The listing of the shares of several large banks are generally low, showing the more bonusesShares of listed companies on the low side of the situation, for the majority of small and medium-sized investors, they do not necessarily like the dividend. "Hu Lifeng said. Southwest securities chief analyst at zhanggang also believes that mandatory dividend doesn't give investors bring tangible benefits. His accounts, 2011 is the highest cash allocation in listed companies a year, sent more than $ 3 of every 10 sharesCompanies more than 300 enterprises, was the largest in history. At the same time, refinancing of listed companies since 2008 and dividends since 10% linked to the condition of no less than them a total of 1231 companies meet the dividend rate of 10%. "But from now on, returns and not because the dividend increase. "Market analysis that dividends not to bring investorsActual benefits, and the stock ex-dividend and dividend tax law provides for. China market pursuant to the law on personal income tax levy tax on dividends, stock dividends income tax implementation is based on a 20% cut in half, or 10%. But investors dividends, dividend is the distribution of net profit after tax of enterprises that a listed company has been on the part of their income to shareholders pay the tax,Red taxes tax levy is repetitive. Coupled with the refinancing of 2008 the Commission issued with which the mandatory dividend is linked to, it actually means a mandatory part of market equity into government revenue. At the same time, in accordance with the current addition to the right investors cash income is derived from the actual 90% of the dividend amount, but the dividend ex-dividend date, dividend stocks openedStudy 100% of the price was imposed by the dividend amount. This means that stock has not opened, stock account market value has shrunk of investors. Commission provisions on the issue of linking financing and dividend, stock Lv Suiqi, Director of the Institute of Beijing University told the China economic weekly reporter, "this is not a good solution to return, if you do not pay dividends, the company will lose againFinancing capacity, so companies will have pressure. If the company is a good project, and funding needs, why not first, then melt back? "He believes that even if the mandatory dividends has come true, financing of listed companies can still light return, dividends, for example a dollar aoc gold, then thaw several times the amount of back. In 2008, for example large cash dividends of the Guangdong electric powerA, Black Peony, and Aetna group and Sichuan Changhong, these companies are huge dividends soon prompt start of massive refinancing of projects have been completed. Investors say is critical in the past of 2011, a share again in the context of China's strong economic growth, lagging behind the main stock index in the world. Especially since the launching of the gem, listed companies listed before and afterPerformance of face/off is more common, making the issue of high earnings performance could not have supported, shares these conditions more diablo 3 gold, investors have suffered heavy losses. "In fact, in the last year, institutional investors and small investors suffered huge losses, and did not rely on the stock band operation obtain more receipts than medium and small investors. "Hu Lifeng told the China economic weekly. AnalysisBelieves that the current stock issuing system caused by the unequal status of major shareholders and investors. Large shareholders in the company has the absolute right to speak, salary treatment of the fall in stock prices and will not be affected, while dividends and other strategic decisions for major shareholders of the company the shares more and become the biggest beneficiaries. In fact, many with strong dividend policy of listed companies free, some companiesTo achieve the standard bonus of refinancing. Bonus programme to a large extent directly decided by the management and large shareholders, arbitrary large dividend policy is not combined with the company's long-term financial planning, choice of operation source, the retention fund use efficiency lacking scientific assessment, lead to volatility of dividend amount, years of continuous phenomena such as dividends, is detrimental to the dividend policySustainability. Hu Lifeng believes that to solve the underlying problem, you need to increase the voice of investors in the company. "The Government or regulators should make a rule as a mandatory requirement for listed companies with shareholders, to discuss new dividends to investors, be sure to discuss the results, according to the company's future development, we decide together whether the company to pay dividends. "Hu Lifeng said.He suggested that, should strengthen the role of institutional investors in corporate governance, institutional investors should be actively involved in corporate governance, promote the perfection of company bonus system has played an active role, not to earn income by doing the band. Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investmentRecommended. Investor operations accordingly, at your own risk.