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上市公司给股东的回报,就是一年一度的分红,分红的方式基本以派发现金,送红股或二者结合的方式进行.派发现金红利是上市公司采取对股东派发现金的方式进行的分红方法.送红股是上市公司采取发放股票的方式进行的分红.我国上市公司1995年度分红过程中,截至1996年8月20日,只派发现金的公司有111家(其中沪市80家,深市31家);只送红股的公司有88家(其中沪市65家,深市23家);既送红股又派发现金的公司有75家(其中沪市41家,深市34家).由此可见.大多数公司采取了派发现金红利的方式.上市公司的分红方案是由公司董事会提议,股东大会表决后方可实施.所以,大股东自然在分红方式的选择权上占据了主动,大股东的利益也就成了方案选择的标准.例如:江苏春兰公司的大股东都是法人股股东,由于目前我国证券市场尚处于发展阶段,特殊的股权结构,法人股不能上市流通,所以即使在股市的大升市阶段,江苏春兰所选择的方案仍是以大比例派现为主.上市公司的分红方式应以本分司的发展为基础,以回报股东为目的认真制订.分红方案的选择对公司自身的发展,乃至我国证券市场的发展都有着深远的影响.中国证监会于1996年7月24日发布《关于规范上市公司行为若干问题的通知》,《通知》就上市公司的中期分红派息作出了一系列的规定,如:上市公?
The return of the listed company to the shareholders is the annual bonus. The method of dividend is basically based on the method of distributing cash, sending bonus shares, or a combination of the two. The distribution of cash dividends is a method of dividend distribution by the listed company in the manner of distributing cash to the shareholders. Dividend distribution is a method by which listed companies issue stocks.In the process of dividend distribution in China in 1995, as of August 20, 1996, only 111 companies distributed cash (including 80 in Shanghai and 31 in Shenzhen ); Bonus-only companies have 88 (of which 65 in Shanghai and Shenzhen 23); send bonus shares and cash distribution companies have 75 (of which 41 Shanghai, Shenzhen 34). This shows that Most companies have taken the method of distributing cash dividends.The dividend proposal of the listed company is proposed by the board of directors of the company and can only be implemented after the shareholders’ meeting. Therefore, the major shareholders naturally take the initiative in choosing the right to dividends, and the interests of major shareholders For example: Jiangsu Chunlan company’s major shareholders are corporate shareholders, due to the current stock market in China is still in the development stage, the special ownership structure, corporate shares can not be traded, Even in the stage of the rising of the stock market, the plan chosen by Jiangsu Chunlan is still mainly based on the large proportion. The dividend method of listed companies should be based on the development of the sub-division and carefully formulated for the purpose of repaying the shareholders. The choice of programs has a far-reaching impact on the development of the company itself and even the development of China’s securities market.China Securities Regulatory Commission promulgated the “Notice on Several Issues on Regulating the Behavior of Listed Companies” on July 24, 1996, and the “Circular” Of the medium-term dividend payout made a series of provisions, such as: the public company?