证监会发布《上市公司监管指引第3号——上市公司现金分红（2023年修订）》等规范性文件
发布：时间：2023-12-26返回列表
为进一步健全(quan)上市公(gong)(gong)司(si)常态化分红(hong)机制(zhi)，提高(gao)投(tou)资者回报水平(ping)，证监(jian)会发布《上市公(gong)(gong)司(si)监(jian)管(guan)指(zhi)(zhi)引(yin)第3号——上市公(gong)(gong)司(si)现金分红(hong)》（以(yi)(yi)下简(jian)称(cheng)《现金分红(hong)指(zhi)(zhi)引(yin)》），以(yi)(yi)及《关(guan)于修(xiu)改〈上市公(gong)(gong)司(si)章程(cheng)指(zhi)(zhi)引(yin)〉的决定(ding)》（以(yi)(yi)下简(jian)称(cheng)《章程(cheng)指(zhi)(zhi)引(yin)》），自公(gong)(gong)布之日(ri)起施行。沪深证券交易(yi)所同步修(xiu)改完善规范运(yun)作(zuo)指(zhi)(zhi)引(yin)，明确操作(zuo)性(xing)要求(qiu)。
《现金(jin)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)指引》修订(ding)内容主(zhu)(zhu)要有三(san)个方面(mian)：一(yi)(yi)是(shi)进一(yi)(yi)步(bu)明确鼓(gu)励(li)现金(jin)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)导(dao)向(xiang)，推(tui)动(dong)提(ti)高分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)水平。对不分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)的公(gong)(gong)司(si)(si)(si)加强披露要求等制度约束督促(cu)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)。对财务投(tou)资较(jiao)多但分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)水平偏低(di)的公(gong)(gong)司(si)(si)(si)进行重(zhong)点监管关注(zhu)，督促(cu)提(ti)高分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)水平，专注(zhu)主(zhu)(zhu)业(ye)。二(er)是(shi)简(jian)化(hua)(hua)中(zhong)期分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)程序，推(tui)动(dong)进一(yi)(yi)步(bu)优化(hua)(hua)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)方式(shi)和节奏。鼓(gu)励(li)公(gong)(gong)司(si)(si)(si)在(zai)条(tiao)件允许的情况下增(zeng)加分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)频次，结合监管实践，允许上市公(gong)(gong)司(si)(si)(si)在(zai)召开年度股东大会审议年度利润(run)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)配方案时，在(zai)一(yi)(yi)定(ding)(ding)额(e)度内审议批准下一(yi)(yi)年中(zhong)期现金(jin)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)条(tiao)件和上限(xian)，便利公(gong)(gong)司(si)(si)(si)进一(yi)(yi)步(bu)提(ti)升(sheng)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)频次，让(rang)投(tou)资者更好规(gui)划资金(jin)安排，更早分(fen)(fen)(fen)(fen)(fen)(fen)(fen)享企(qi)业(ye)成长(zhang)红(hong)(hong)(hong)(hong)利。三(san)是(shi)加强对异常高比例分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)企(qi)业(ye)的约束，引导(dao)合理分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)。强调上市公(gong)(gong)司(si)(si)(si)制定(ding)(ding)现金(jin)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)政策时，应综合考(kao)虑(lv)自身盈(ying)利水平、资金(jin)支出安排和债(zhai)务偿还能力，兼顾投(tou)资者回报和公(gong)(gong)司(si)(si)(si)发展。对资产负债(zhai)率较(jiao)高且经营(ying)活动(dong)现金(jin)流量不佳，存(cun)在(zai)大比例现金(jin)分(fen)(fen)(fen)(fen)(fen)(fen)(fen)红(hong)(hong)(hong)(hong)情形(xing)的公(gong)(gong)司(si)(si)(si)保持(chi)重(zhong)点关注(zhu)，防止对企(qi)业(ye)生(sheng)产经营(ying)、偿债(zhai)能力产生(sheng)不利影响。
《章(zhang)程(cheng)指引》相关条款修改(gai)主要有两个方面：一是鼓励上市公司(si)(si)增(zeng)加(jia)(jia)现金分红(hong)频次，引导形(xing)成中(zhong)期(qi)(qi)分红(hong)习惯，稳(wen)定投资(zi)者(zhe)分红(hong)预(yu)期(qi)(qi)。同时(shi)，增(zeng)加(jia)(jia)对中(zhong)期(qi)(qi)分红(hong)的完成时(shi)限要求。二是督促公司(si)(si)在章(zhang)程(cheng)中(zhong)细化分红(hong)政策，明(ming)确现金分红(hong)的目(mu)标，更(geng)好稳(wen)定投资(zi)者(zhe)预(yu)期(qi)(qi)。同时(shi)，引导公司(si)(si)在章(zhang)程(cheng)中(zhong)制定分红(hong)约束(shu)条款，防(fang)范企业在利润不真实(shi)等情(qing)形(xing)下实(shi)施分红(hong)。
《现金分红(hong)(hong)(hong)指引(yin)》和《章程指引(yin)》的实施，将(jiang)有(you)助于推(tui)动上市(shi)公(gong)司(si)增(zeng)强投(tou)资者回报，更好(hao)引(yin)导(dao)(dao)公(gong)司(si)专注主(zhu)业，促进市(shi)场平稳健康发展。下一步，证(zheng)监会将(jiang)在(zai)尊(zun)重公(gong)司(si)自治(zhi)的基础上，更好(hao)发挥监管的引(yin)导(dao)(dao)约(yue)束作用，推(tui)动上市(shi)公(gong)司(si)不断增(zeng)强分红(hong)(hong)(hong)意识，优(you)化分红(hong)(hong)(hong)方式(shi)，培育分红(hong)(hong)(hong)习惯，提高分红(hong)(hong)(hong)水平，同时约(yue)束异(yi)常分红(hong)(hong)(hong)，促进上市(shi)公(gong)司(si)整体分红(hong)(hong)(hong)水平稳中(zhong)有(you)升。