有效的中小投资者法律保护是证券市场健康发展的重要保证。投资者保护水平的区别是各国证券市场发展程度差异的最重要原因之一。但在中国证券市场上,中小投资者长期缺乏有效保护,这种缺失在现金分红问题上表现得尤为明显。为了尽快解决分红问题,中国证监会制定了一系列的政策法规,被称为强制分红制度。本文主要探讨强制分红制度的制定背景。由于我国股票市场机制还不健全,实体立法和私人执法的不完善,导致中小投资者提起私人诉讼障碍重重,这时候就需要政府监管来弥补市场和立法的不足。 Effective legal protection of small and medium investors is an important guarantee for the sound development of the securities market. The difference between the level of investor protection is one of the most important reasons for the differences in the degree of development of securities markets in various countries. However, in the Chinese stock market, small and medium-sized investors lacks effective protection for a long period of time. This kind of deficiency is particularly evident in cash dividends. In order to resolve the issue of dividends as soon as possible, China Securities Regulatory Commission has formulated a series of policies and regulations, known as the mandatory dividend system. This article mainly discusses the background of compulsory dividend system. Due to the imperfect stock market mechanism in our country and the imperfection of substantive legislation and private law enforcement, the small and medium-sized investors have many obstacles to initiate private litigation. At this time, government regulation is needed to make up for the lack of market and legislation.