转轨国家强制性股息政策与投资者保护分析

投资者对金融资产所拥有的产权内容之一是经济收益权,保护投资者产权的实施方式包括公司自我实施、非国家第三方实施以及国家实施。在转轨过程中,由于证券市场信号传递机制不健全,上市公司缺乏自发派发股息,从而自我实施投资者保护的激励,因而强制性股息政策是对投资者保护的国家实施。强制性股息政策通过降低证券市场的同向性、促进股票合理定价、增强公司信息披露的真实性等,促进了证券市场资源配置功能的发挥。

An Analysis of Mandatory Dividend Policy and Investor Protection in Transition Economies

One of the property rights of investors as owners of financial assets is requiring benefit.Investor protection can be self-enforced,third party enforced and enforced by state.In transition economy,due to a shortage of market mechanism,there will be an absence of self-enforcement motivation,which means the necessity of state enforcement.Mandatory dividend policy will improve resources distribution by decreasing synchronicity of the market,improving pricing mechanism and increasing the reliability of financial report.