Finally, how to pay dividends should be decided by the board of directors and the shareholders’ meeting. The board of directors decides whether and how much to pay, and all shareholders rather part of shareholders should be paid. In summary, who should be paid dividends depends on a clear property right structure. There is no need to complicate this matter. 5.
Conclusions In my personal view, to clarify property right and improve corporate governance, we should make efforts to reach consensus through discussion of dividends distribution by state-owned enterprises and investment returns of state owned shares in enterprises with mixed ownerships.