the old republic power leveling even excluding listed companies under three years of age VTH

-Lung Yeuk Tau, reporter in the pursuit of maximising shareholder stock markets in Europe and America, "dividends" is one of the indicators of most concern to investors. Partly because the dividend has become a ruler to measure profitability of listed companies, on the other hand derived from the dividend dividend rate are also important indicators of evaluation of investment value of listed companies. However, if present in the a-share market to talk about bonuses, moreRare slightly awkward. Guidelines on dividend policies of listed companies as an opportunity, we organized this week on the "nuggets dividends" series. After the press articles, some readers to call, believing that Zhang Yue Yantai Wanhua, a and two publicly traded companies deserved to be praised in this regard. For the past ten years, these two companies has not been an issue and allotment for the stock marketRefinancing and cumulative dividend amount in ten years has far exceeded initial financing. Is to be noted that, refinance a company does, is not high percentage bonus, associated with the company's development strategy, on the management of all listed companies are "bonus torture", don't seem to be appropriate. But the unavoidable problem is, the a-share listed companies often excessiveAttention from the capital market, "money", while back on shareholders ' returns. From the bonus point of view, the latest statistics show that in all 2 the old republic power leveling,297 in the a-share listed companies, the most recent three years of continuous dividend only 620, even excluding listed companies under three years of age, this number is very low. At the same time, the 620 companies swtor credits, dividend or dividendAttractive rate of companies are even more scarce. Even the a-share market this year experienced a sharp fall in valuations of many listed companies is already in the bottom area of history, 2010 dividend and dividend yield of the current share price is higher than the one-year deposit rates, only 34. In other words, relative to bank deposits and other financial products, stock marketCompetitiveness of the field in dividends, a ring almost to zero. Compared with dividends, interest on the issue of financing of listed companies is very strong. Objective, the company attaches importance to financing and the stages of economic development in China are closely related. After all, still in a stage of rapid growth in the economy, development and growth is the important task of the enterprise, this will inevitably raise huge funding needs. However, not all listed publicSecretary needed capital. In fact, in recent years, part of the annual reports of listed companies have massive free monetary resources, and many of these cash from refinancing and first Super proceeds.����Idle money in stocks, bonds every year listed companies are not alone. In practice, Zhang Yue Yantai Wanhua, a and the last ten years between dividends and financing, prefer the former, andDid not affect firm growth, without obvious to its bottlenecks. Companies like when Changyu Yantai Wanhua, a and "otherness", when stock market attractiveness and stability will inevitably be compromised. For investors, has significantly increased the steady weakening of dividend income investor risk, which may also be the country's "401K" one of the important reasons for delayed starts�� For the a-share market, when money cannot make a profit-sharing when, the pursuit of price difference is necessarily a passive choice for maximize revenues.����In this case, it's not hard to understand why the a-share market foam unit stacks appear often in subject matter, and the market is always difficult to jump out of the repeated cycle of downs. Lifting dividend policies of listed companies in the extent to which the reverse sharesMarket "financing, the light return" evils, it is not known. However, the related policies, no doubt the boot had taken an important step in China's capital market matures, is expected to trigger a system of the future dividends. The short term, to relevant policies and guidelines as the turning point, did not rule out dividends of listed companies will be increased this year. Ability of the company because it is obvious dividends andNot small. For example, as at the end of the third quarter, a total of 146 companies undistributed profits per share and free cash flow per share is over 1, displays its dividends are not normal.