During the year, 2,636 listed companies distributed 868.5 billion yuan in food and beverage, banking, petroleum and petrochemical industries.

　　Our reporter Xing Meng

　　Recently, many investors have received cash "red envelopes" distributed by listed companies. On July 7 alone, 66 companies distributed cash dividends.

　　Flush iFinD data shows that as of July 7, 2,636 A-share listed companies have distributed a total of 868.5 billion yuan in cash dividends to all shareholders as of July 7.

Among them, the cash dividends of 13 listed companies all exceeded 10 billion yuan.

　　"Cash dividends are the most realistic, reliable and practical investment returns for investors, and have become an important measure to attract medium and long-term funds and encourage value investment." Gui Haoming, chief market expert of Shenwan Hongyuan, told the "Securities Daily" reporter, In recent years, the regulatory authorities have continued to issue relevant policies to advocate cash dividends for listed companies, and at the same time link refinancing conditions with dividends, aiming to bring long-term stable returns to investors.

　　Main Board Cash Dividend Scale

　　Ninety percent

　　Cash dividends have become the main form for listed companies to return investors.

Over the years, companies listed on the Shanghai and Shenzhen main boards have been actively practicing cash dividends and have become the main force in dividend distribution.

　　Flush iFinD data shows that in terms of sub-sectors, the scale of cash dividends on the Shanghai and Shenzhen main boards reached 785.6 billion yuan during the year, accounting for 90% of the total dividends in the Beijing, Shanghai and Shenzhen markets. Compared with the North Exchange, the scale of dividends is relatively small.

　　At the same time, this year's cash dividends show obvious industry characteristics, and dividend companies are concentrated in the fields of big finance and big consumption.

The data shows that from the perspective of the industry, the three major industries of food and beverage (75.3 billion yuan), banking (73 billion yuan), and petroleum and petrochemical (70.3 billion yuan) have the highest cash dividend scale.

　　Gui Haoming analyzed that, in general, listed companies that have the strength to distribute cash dividends often have the characteristics of stable performance and abundant cash flow, and are mainly listed on the Shanghai and Shenzhen main boards. Such companies have stable development and more surplus, and prefer cash. Dividends.

In comparison, technological innovation companies such as ChiNext and Science and Technology Innovation Board are in the climbing stage of their careers, with a lot of project investment and a large demand for cash, so cash dividends are less.

　　"The reason why cash dividends are mainly concentrated on the Shanghai and Shenzhen main boards is that the main board-listed companies are large in size, have strong profitability, and are mostly concentrated in mature blue-chip tracks. Companies have less demand for continuous investment in projects and have the ability to maximize profits. Dividends are distributed. Especially in large finance, large consumption and other industries with high profitability, the dividends are strong." Kuang Yuqing, founder of Lens Company, said in an interview with a reporter from "Securities Daily".

　　At the same time, the rules of the cash dividend system are constantly being optimized.

Since the release of the "Decision on Amending Several Provisions on Cash Dividends of Listed Companies" in October 2008 to the latest revision of "Guidelines for the Supervision of Listed Companies No. 3 - Cash Dividends of Listed Companies" in early 2022, the securities regulatory authorities have continued to guide and regulate the dividend distribution of listed companies. The cash dividend system continued to improve.

　　Kuang Yuqing said that in recent years, the regulatory authorities have strengthened the policy and regulatory guidance on cash dividends of listed companies, which is actually a powerful measure to advocate the concept of value investment and create a value investment environment, which is of great positive significance for the long-term and healthy development of the capital market.

　　82 companies' cash dividends

　　Net profit over last year

　　Judging from the situation this year, there are not a few companies with a high proportion or even an ultra-high proportion of cash dividends.

　　According to the data, from the perspective of the proportion of cash dividends to the net profit of the year, among the 2,636 listed companies mentioned above, 547 companies accounted for more than 50% of the cash dividends, accounting for 21% of the total.

Among them, 82 companies exceed 100%, that is, the scale of cash dividends has exceeded the current net profit.

　　"A high proportion of cash dividends can enable listed companies to better build a good long-term return mechanism, attract long-term value investors, optimize the investor structure of existing companies, and help maintain long-term stock price stability, and more truly and fully reflect the company. Value." Kuang Yuqing said.

　　At the same time, industry experts believe there is a need to be wary of excessive dividends.

"The reason for excessive dividend distribution is usually because the listed company has retained a large amount of undistributed profits in previous years, so the dividend will exceed the net profit of the year." Kuang Yuqing believes that excessive dividend distribution is not necessarily a good thing, because undistributed profits Limited, so this excess dividend is not sustainable.

For many companies, a certain percentage of profits should be properly retained for the development of new products, new technologies and new businesses to drive long-term sustainable growth in company profits.

　　Gui Haoming also believes that the more cash dividends, the better.

At present, the average dividend payout ratio of listed companies in my country is around 30%, which is similar to that of overseas markets and basically in line with international standards.

For listed companies, excessive dividend distribution may lead to insufficient development stamina. Dividends should be distributed appropriately according to their own conditions and should not be exhausted.

(Securities Daily)