Trading delisting accounts for the highest proportion, and dividend delisting must be put on the agenda.

   Statistics show that as of November 20th,hot news 45 listed companies in Shanghai and Shenzhen Main Board, Growth Enterprise Market and science and technology innovation board have been delisted this year. Among them, transaction delisting accounts for the highest proportion, which is also a major feature of listed companies' delisting. Personally, it is necessary to put dividend delisting on the agenda under the background of normalization of delisting of listed companies.

   Of the 45 delisting companies, 20 were delisted because "the daily stock closing price for 20 consecutive trading days was lower than RMB 1 yuan", accounting for 44.44%, nearly half. In addition, 18 companies withdrew from the market because they touched financial indicators, others withdrew from the market because of fraudulent issuance, illegal disclosure of major information, or failure to disclose annual reports within the prescribed time limit.

   The normalization of delisting of listed companies is undoubtedly the result of the deepening reform and improvement of delisting mechanism. Nowadays, the delisting of listed companies is characterized by diversified ways and more detailed standards, such as mandatory delisting of financial indicators, voluntary delisting, fraudulent issuance delisting, illegal delisting of major information disclosure, delisting of face value, delisting of non-standard annual reports, and delisting of non-disclosure annual reports. From the data, transaction delisting (face value delisting) has become the "mainstream" of delisting of listed companies in recent years. This is not only the result of investors voting with their feet, but also the concrete embodiment of market progress.

   In order to improve the quality of listed companies, it is obviously an indispensable aspect to clear out inferior companies in the market and further strengthen the mechanism of survival of the fittest in the market. For an enterprise, it is important to create value in the capital market. If it can't create value for the market, investors and shareholders after listing, its listing will actually lose its meaning. Such a listed company only has speculative value and has no investment value at all. Unfortunately, such listed companies are not uncommon in the market.

   The value created by a company after listing is not only reflected in its social responsibility, but also in its return to its investors. Capital market has financing function, but it must also have investment attribute. If a company can't repay its investors, especially can't pay dividends for investors, the value of its listing is also debatable.

   However, such listed companies are everywhere in Shanghai and Shenzhen markets. According to statistics, among the 2,300 listed companies that have been listed for more than 10 years, 162 have not paid dividends for 10 years, 50 have not paid dividends for 20 years, and 13 have not paid dividends for more than 25 years. Among these stock market "iron cocks", there are listed companies that have never paid dividends after listing, and some listed companies have never paid dividends in cash for 29 years.

   For the capital market, these stock market "iron cocks" live in the market, and only exist as trading targets, which has no other value. In particular, a few "iron cocks" with a very small amount of accumulated dividends after listing have a lot of accumulated financing. For example, there are as many as 17 listed companies with the ratio of accumulated financing to accumulated dividends exceeding 133 times, and even a listed company has accumulated dividends of only 3 million yuan since its listing, while the accumulated financing is as high as 40.79 billion yuan, and the financing dividend ratio is as high as 13,000 times, which really makes the market stunned. Such listed companies "take" more in the market and return less to investors.

   On the issue of returning investors, the market needs more cash "cows", not "iron cocks". There are many "iron cocks" in the capital market, which is not conducive to the market to advocate and establish the concept of value investment. On the contrary, it is easy to trigger speculation in the market. It is easy to aggravate the fluctuation of individual stock prices, and it is also easy to trigger investment risks in the market.

   Therefore, in order to further improve the delisting mechanism and speed up the liquidation of inferior listed companies, I personally think it is necessary to add dividend delisting indicators. For example, it can be stipulated that listed companies that have not paid dividends for five consecutive years will implement delisting risk warning; Listed companies that have not paid dividends for 10 consecutive years should be forced to withdraw from the market. In addition, it is suggested that listed companies that have been listed for five years and the cumulative financing dividend ratio exceeds 100 times should also implement delisting risk warning.

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