As of April 29, in addition to * ST alkene due to their own reasons can not be disclosed on time, the remaining 3204 listed companies published all the annual report. Overall, A shares in 2016 to achieve total revenue of 32.6 trillion yuan, up 8.64% over the previous year, net profit of 2.76 trillion yuan, an increase of 7.19% over the previous year.
And the management of the listed companies concerned about the cash dividend of more than 964.874 billion yuan,rolex replica more than the previous year about 160 billion yuan. Which is the largest total cash dividend is the Industrial and Commercial Bank, the proposed dividend of 83.506 billion yuan, which also makes the bank since 2007 has been the highest annual dividend A shares of the listed companies. And the largest amount of dividends per share is Guizhou Maotai, the amount of dividends per share up to 6.787 yuan, the same for replica watches uk many years the highest dividend per share of listed companies. While the highest cash dividend rate of non-Chinese companies Shenhua none other than cash dividend program when the rate of return close to 18%. These companies are undoubtedly a model of cash dividends of listed companies, is consistent with the management stressed the cash dividend policy. After all, this year the management of the cash dividends of listed companies pay more attention than any previous year, not only the swiss replica watches chairman of the SFC Liu Shiyu personally for China Shenhua’s “mythical” high school now praise, and said the “iron cock” to take hard measures. Therefore, the cash dividend of $ 964.874 billion is the result of the management’s positive encouragement of cash dividends.
The purpose of management to encourage cash dividends is obvious. Through the cash dividends to reflect the investment value of listed companies stock, to investors in real returns, so as to promote the management of the value of the investment, and then better guide the investor value investment.
From the perspective of large shareholders, the significance of this cash dividend is obvious. Such as China Shenhua one-time dispatch 59.1 billion yuan, as the major shareholder of Shenhua Group, because it accounted for 73.06% stake in China Shenhua, so one took a one-time dividend of 43.2 billion yuan, equivalent to a time to take China Shenhua two years The net profit. For Shenhua Group, China’s Shenhua’s high-profile now undoubtedly gave Shenhua Group a huge return on investment.
And as institutional investors in the secondary market, although due to the ex-dividend mechanism, unspeakable “income”, but get a cash dividend at the same time, they at least not shrinking in wealth.
But as a secondary market, small and medium investors, including investment funds, the cash dividend not only did not give investors a return, on the contrary also brought investment losses. Because small and medium investors and investment funds are required to pay the dividend tax. And the current dividend tax levy the implementation of the difference between the collection. If the holding time is less than one year, the dividend tax is less than one year, and the dividend tax is 10%. If the holding time is less than one month, 20% of the bonus tax is levied. As A-share market turnover rate is high, small and medium investors are basically taxable. If the investor pays the dividend tax at 10%. To China Shenhua, for example, dividends of 2.97 yuan per share, which means that small and medium investors need to pay 0.297 yuan per share, which is cash dividends to investors to bring investment losses. If China Shenhua is not dividends, investors will not bear the loss.
In this way, in the case of dividends and taxes levied, the more dividends of listed companies cash, the more the loss of investors, listed companies do not dividends, the investors did not lose. This is the huge tax rebate on the value of investment. It also makes the management to encourage the cash dividend intention, in the face of small and medium investors gone.