促分紅保護投資者利益(yi)系列(lie)評論之三
2月5日,一(yi)場特(te)殊的(de)上市公司現(xian)金分(fen)紅(hong)現(xian)場說(shuo)(shuo)明(ming)會在上交所(suo)舉行(xing),五家企業的(de)高管(guan)來到現(xian)場公開(kai)接(jie)受質詢,公開(kai)在互(hu)聯網(wang)上進行(xing)網(wang)絡直播,面向所(suo)有投資(zi)者(zhe)說(shuo)(shuo)明(ming)未實(shi)(shi)現(xian)分(fen)紅(hong)的(de)原因(yin),這在A股市場,實(shi)(shi)屬(shu)一(yi)件罕見的(de)新(xin)鮮事。
一直以來(lai),A股(gu)上(shang)(shang)(shang)市公(gong)司(si)“鐵公(gong)雞(ji)”問題屢(lv)被市場詬病。對于符合(he)分(fen)紅(hong)條件卻(que)長期不(bu)(bu)分(fen)紅(hong)或(huo)者(zhe)從不(bu)(bu)分(fen)紅(hong)的上(shang)(shang)(shang)市公(gong)司(si),究其(qi)原因(yin)(yin),當(dang)然有(you)(you)(you)的是(shi)因(yin)(yin)為(wei)自(zi)身經營和業績方面的困難或(huo)者(zhe)其(qi)他制約(yue)因(yin)(yin)素,但也確實(shi)有(you)(you)(you)少數企業卻(que)就是(shi)因(yin)(yin)為(wei)忽視投資(zi)者(zhe)回(hui)報(bao),更有(you)(you)(you)甚者(zhe)為(wei)了可以規避分(fen)紅(hong)涉嫌利潤下沉(chen)。如何采取切(qie)實(shi)能落(luo)地(di)、見實(shi)效的措(cuo)施,能夠給(gei)予(yu)這些企業有(you)(you)(you)效的督(du)促力,引導上(shang)(shang)(shang)市公(gong)司(si)積極履行分(fen)紅(hong)回(hui)報(bao)責(ze)任,是(shi)監(jian)管部(bu)門(men)面臨的一道難題。
此(ci)次在上(shang)交所舉行(xing)的(de)(de)上(shang)市(shi)公司(si)現金(jin)分紅現場(chang)說(shuo)明會,用(yong)公開(kai)的(de)(de)方式,用(yong)專(zhuan)業的(de)(de)語言,用(yong)平等的(de)(de)視(shi)角,讓上(shang)市(shi)公司(si)解釋未(wei)分紅理由和(he)(he)下一步措施,讓投(tou)資者(zhe)和(he)(he)機構當面質詢(xun),不(bu)(bu)可謂不(bu)(bu)是一次非(fei)常有突破性的(de)(de)監管履責。此(ci)舉值得投(tou)資者(zhe)的(de)(de)集體點(dian)贊。
監(jian)管層一(yi)(yi)直(zhi)高度(du)重(zhong)視分(fen)(fen)(fen)紅(hong)(hong)(hong)問題,強調引導和鼓勵上(shang)市(shi)(shi)(shi)公(gong)司(si)持續(xu)(xu)、穩定(ding)(ding)(ding)地(di)進(jin)行(xing)現金(jin)(jin)分(fen)(fen)(fen)紅(hong)(hong)(hong)。2004年(nian)以(yi)來(lai),圍繞鼓勵上(shang)市(shi)(shi)(shi)公(gong)司(si)現金(jin)(jin)分(fen)(fen)(fen)紅(hong)(hong)(hong),證監(jian)會(hui)陸續(xu)(xu)出臺了包括《關于(yu)修改上(shang)市(shi)(shi)(shi)公(gong)司(si)現金(jin)(jin)分(fen)(fen)(fen)紅(hong)(hong)(hong)若干規定(ding)(ding)(ding)的決定(ding)(ding)(ding)》(證監(jian)會(hui)令第57號(hao))、《關于(yu)進(jin)一(yi)(yi)步落實上(shang)市(shi)(shi)(shi)公(gong)司(si)現金(jin)(jin)分(fen)(fen)(fen)紅(hong)(hong)(hong)有(you)關事項的通知》(證監(jian)發(fa)〔2012〕37號(hao))等規定(ding)(ding)(ding)。上(shang)交所2013年(nian)出臺《上(shang)海證券交易所現金(jin)(jin)分(fen)(fen)(fen)紅(hong)(hong)(hong)指引》,其后不斷創新監(jian)管形式,對連續(xu)(xu)多年(nian)不分(fen)(fen)(fen)紅(hong)(hong)(hong)的上(shang)市(shi)(shi)(shi)公(gong)司(si)進(jin)行(xing)統計,并(bing)分(fen)(fen)(fen)析原因。對于(yu)分(fen)(fen)(fen)紅(hong)(hong)(hong)意識薄(bo)弱的上(shang)市(shi)(shi)(shi)公(gong)司(si),除了督促公(gong)司(si)從信息披露(lu)角(jiao)度(du)進(jin)行(xing)補(bu)充說明解釋外,還進(jin)一(yi)(yi)步加大監(jian)管力度(du)。
此次(ci)選取部分(fen)公(gong)(gong)司召開(kai)現場專項說明會,集中回(hui)應廣大投資者的質疑(yi)。即(ji)為系列監(jian)(jian)管辦(ban)法(fa)中最受關注(zhu)的措施之(zhi)一。據了解,上交所在組(zu)織召開(kai)說明會的同(tong)時,還向3家(jia)市場質疑(yi)比較大的多年未分(fen)紅公(gong)(gong)司以及8家(jia)具備分(fen)紅條件但不分(fen)紅或(huo)分(fen)紅較少的公(gong)(gong)司發(fa)出監(jian)(jian)管工作函。
事(shi)實(shi)(shi)上(shang),依(yi)規讓市場和投資(zi)者們普遍質(zhi)疑(yi)的(de)“‘鐵公雞’們出(chu)(chu)來走兩步(bu)”,執行(xing)從嚴(yan)原則督促上(shang)市公司(si)(si)進(jin)行(xing)現金分紅,既是對上(shang)市公司(si)(si)的(de)一(yi)種公開(kai)監督,也是探(tan)索監管(guan)制度創(chuang)新(xin)的(de)一(yi)次(ci)主動作(zuo)為(wei),此次(ci)上(shang)交所邁出(chu)(chu)重(zhong)要一(yi)步(bu),有(you)理(li)由相信,這樣接地(di)氣(qi)、見(jian)實(shi)(shi)效的(de)“監管(guan)創(chuang)新(xin)”舉措(cuo)會將成為(wei)常態化(hua)。有(you)理(li)由相信,在(zai)此強力(li)措(cuo)施推進(jin)之下,A股上(shang)市公司(si)(si)重(zhong)融資(zi)輕(qing)回報的(de)頑疾(ji)有(you)望得到積極改變,也期待(dai)未來有(you)更(geng)多(duo)見(jian)實(shi)(shi)效的(de)主動監管(guan)作(zuo)為(wei)出(chu)(chu)爐,切實(shi)(shi)保障投資(zi)者權益,夯(hang)實(shi)(shi)建設資(zi)本市場強國的(de)制度根基(ji)。(高暢(chang))
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