The cash dividends of listed companies last year have been nearly fully implemented, and nearly two trillion real money has been distributed to investors' accounts.
On July 7, the China Association of Listed Companies (hereinafter referred to as the "Listing Association") released a report that as of the last trading day last week (July 25), a total of 7,21 listed companies had implemented the profit distribution of the 3234 annual report, with a total dividend of 2022.1 trillion yuan, plus the dividends of the previous year's quarterly report and half-year report, and the annual cash dividend was nearly 73 trillion yuan. In addition, there are 2 listed companies whose profit distribution plans for 192 have been approved and have not yet been implemented, involving an amount of 2022.0 trillion yuan.
"In 2022, the total dividends of listed companies in each reporting period reached 2.13 trillion yuan, exceeding 2 trillion yuan for the first time, which is a new milestone after the total dividend in 2017 exceeded one trillion yuan for the first time. ICBC (601398) paid a total dividend of 1082.<> billion yuan, and its cash dividend exceeded <> billion yuan for two consecutive years, which is comparable to the dividend of Apple, which is also a leading US stock. The Listing Association analyzed.
The Listing Association believes that in the capital market, cash dividends, as an important form of realizing investment returns and sharing business results, are an important embodiment of respecting and protecting the rights and interests of investors and helping to achieve common prosperity. In recent years, regulators have continued to improve the cash dividend system of listed companies, and the capital market has increasingly become an important channel for residents to increase property income and meet wealth management needs.
The total dividends of listed companies have repeatedly reached new highs
In April 2022, Yi Huiman, chairman of the China Securities Regulatory Commission, pointed out when attending the third member congress of the China Association of Listed Companies that the improvement of the quality of listed companies is ultimately reflected in the ability to create value and distribute value, which should enhance investors' sense of gain. In recent years, the awareness of cash dividend returns of listed companies has been significantly improved, the amount of dividends has continued to increase, and the stability of dividends has been increasingly enhanced. Dividends from listed companies are becoming a "new channel" for investors to share the dividends of economic growth.
According to the statistics of listed companies in each reporting period in 2022, 3446,67 listed companies in the domestic stock market implemented (or announced) cash dividends (or plans), accounting for 68% of the total number of listed companies in the market. The data shows that 274 companies still insist on paying dividends despite operating losses in the year; The number of companies that have never paid dividends since listing has continued to decrease to 3; There are 5,10, 2023,1687 and 750 companies that have achieved consecutive dividends in the past <>, <> and <> years, respectively. The Listing Association believes that listed companies have significantly improved their awareness of returning investors.
"In 2022, the total dividends of listed companies in each reporting period reached 2.13 trillion yuan, exceeding 2 trillion yuan for the first time, which is a new milestone after the total dividend in 2017 exceeded one trillion yuan for the first time. ICBC (601398) paid a total dividend of 1082.<> billion yuan, and its cash dividend exceeded <> billion yuan for two consecutive years, which is comparable to the dividend of Apple, which is also a leading US stock. The Listing Association analyzed.
In terms of dividend ratio, the average dividend payout ratio in 2022 will be 34.12%, an increase of nearly 3 percentage points and 5 percentage points respectively compared with 2 years ago and 3 years ago. Under the background of the complex and changeable international environment and the slowdown of China's economic growth, the cash dividends of listed companies have bucked the trend to achieve a record high in total volume and a steady increase in the dividend ratio.
Central state-owned enterprises account for nearly half of the dividends, and state-owned holding accounts for nearly 70% of the total dividends
In May this year, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, pointed out that listed companies should pay attention to returns, actively give back to society, fulfill their social responsibilities, and be rewarded, responsible and respected listed companies.
According to the type of holding, the total dividend of listed companies controlled by central enterprises in 2022 will be 1.06 trillion yuan, accounting for 49.85% of the total market. There are 927 state-controlled listed companies that pay cash dividends, accounting for less than 1% of all dividend companies, but contributing nearly 47% (600941.601088 trillion yuan) in total dividends. Some large listed companies with central enterprises maintain a high proportion of dividends, such as China Mobile (600028), China Shenhua (60), Sinopec (<>) and other dividend payouts of more than <>%.
The Listing Association said that state-owned enterprises have become benchmarks for sharing business results and actively giving back to investors, and have played a good exemplary role in the capital market.
In terms of sectors, listed companies on the main board of Shanghai and Shenzhen will pay a total dividend of 2022 trillion yuan in 2, accounting for 94% of the total. Most of the listed companies on the Main Board are high-quality enterprises with mature business models, stable business performance and representative industries, and are the main force of dividends in the capital market. At the same time, the awareness of cash dividends of listed companies in the entrepreneurship and entrepreneurship sector is also increasing. In 2022, the dividend payout ratio of listed companies on the Star Market and ChiNext increased by 2.7 percentage points and 1.7 percentage points respectively over the previous year.
The dividend-to-financing ratio of the whole market has increased year by year
According to statistics, since the establishment of the capital market, the cumulative total cash dividends of all listed companies have reached nearly 16 trillion yuan, which is close to the total equity financing of 18 trillion yuan, including initial offerings and refinancing. The total dividends in 2022 have far exceeded the equity financing of 1.53 trillion yuan in that year. According to the analysis of the Listing Association, since 2017, cash dividends have exceeded 8 trillion yuan, the growth rate of dividends has accelerated, dividend financing has increased year by year, and the role of capital markets in returning investors has become more significant.
A total of 626 companies in the market have accumulated total cash dividends that have exceeded their total equity financing since listing. The total dividend of Kweichow Moutai (600519) is 80 times the total amount of financing, and the ratio of total dividends of Ninghu Expressway (600377), Yankuang Energy (600188) and Shanxi Fenjiu (600809) to the total financing amount is more than 50 times.
In addition, the latest data from Wonder shows that the dividend yield of the Korean Composite Index is 1.90%, the dividend rate of the Nikkei 225 Index is 1.85%, the dividend rate of the Dow Jones Industrial Index is 1.52%, the dividend rate of China's CSI 300 Index is 3.12%, and the dividend rate of the Shanghai Stock Exchange 50 Index is 4.21%, all higher than the overseas market in the same period and the highest level in the past five years.
Compared with cash dividends, share repurchases still have more room for development
The two ways of rewarding shareholders, share repurchases and cash dividends, have a certain degree of substitution in terms of motivation and market effects. In 2022, a total of 1155,17 listed companies carried out share repurchases, an increase of 38.1029% over the previous year, with an amount of about 17.<> billion yuan.
"The active repurchase of listed companies reflects the recognition of enterprise value by industrial capital, which is conducive to stabilizing the company's stock price; On the other hand, it can also promote listed companies to establish and improve long-term incentive mechanisms to help companies achieve long-term development. The Listing Association said.
At the same time, compared with developed capital markets, the proportion of repurchase and cancellation of A-share listed companies is low, and there is still more room for the effect of helping investors return through repurchase. For example, Apple's share repurchase in 2022 will reach 6420 billion yuan, and Coca-Cola's repurchase amount will be about 95.<> billion yuan.
With the continuous development of the capital market, the continuous advocacy of regulatory authorities, and the increasing demand for investors to share the fruits of economic growth, the awareness of listed companies to return investors through cash dividends has been strengthened.