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对丧失分红能力的上市公司应强制退市
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Topic: 对丧失分红能力的上市公司应强制退市 (Read 90 times)
zengqingrong
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对丧失分红能力的上市公司应强制退市
February 07, 2018, 08:39:38 AM
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日前,为鼓励上市公司现金分红,切实回报投资者,上交所组织阳泉煤业、东安动力等5家上市公司召开“上市公司现金分红专项说明会”。此前,我们见得最多的是上市公司资产重组说明会,其大多由上市公司出面。而由上交所组织的事关上市公司现金分红且还是专项的说明会,却是首次出现。这从侧面也说明,上市公司现金分红问题得到上交所的格外重视。
现金分红是上市公司回报投资者最重要的方式,也是引导投资者长期价值投资的基础,监管部门也从多项制度建设中进行规范。如早在2004年出台的《关于加强社会公众股股东权益保护的若干规定》就规定,上市公司应实施积极的利润分配方法,上市公司可以进行中期现金分红。《上市公司证券发行管理办法》第八条第(五)项 规定,最近三年以现金方式累计分配的利润不少于最近三年实现的年均可分配利润的30%,将上市公司的再融资与现金分红“捆绑”在一起。
整体上看,上市公司分红显得比原来积极,特别是在沪深证券交易所强化现金分红监管的背景下更是如此。如自上交所于2013年出台并实施《上海证券交易所上市公司现金分红指引》以来,沪市公司分红家数及金额稳步上升。从分红公司家数来看,由674家稳步上升到899家,分红家数占比基本维持在七成以上。从派现金额看,持续保持高位,2016年达到6800亿元,创历史新高。
尽管如此,实践中不重视现金分红,或无视投资者回报,或有能力也不分红的上市公司仍然大有人在,客观上在市场中起到了不好的示范作用。对于市场上的“铁公鸡”,日前,上交所非常罕见地向辅仁药业、浪莎股份、金杯汽车等下发了关于现金分红事项的监管工作函,要求上市公司就长期不能实施现金分红的原因等作出详细说明。
三家“老牌”上市公司中,金杯汽车“资历”最老,“铁公鸡”的“成色”也最深,堪称“铁公鸡”中的“战斗机”。该上市公司1992年上市,除了1992年度、1993年度利润分配方案分别为10送3、10送1外,其余年度回报投资者的都是“不分配不转增”,上市25年来,从未实施过现金分红,哪怕是10派0.1元都没有过。这样的“铁公鸡”苟活于资本市场中,除了投机价值外,到底还有什么价值?这样的上市公司挂牌,到底又有什么意义呢?
此次上交所组织5家上市公司召开现金分红的专项说明会,显然并非只是针对出席会议的5家上市公司;上交所对金杯汽车等三家上市公司出具监管工作函,也并非只“针对”三家上市公司。笔者以为,这是上交所对所有在沪市挂牌上市公司中的“铁公鸡”发出“警告”,如果不重视现金分红,或继续扮演“铁公鸡”的角色,上交所要么会请相关上市公司的高管“喝茶”,要么事关现金分红的监管工作函会不期而至。
A股市场除了存在有能力却不分红的“铁公鸡”外,也存在由于长期业绩较差丧失了分红能力的上市公司,这是另一种类型的“铁公鸡”。就像金杯汽车一样,只剩下可怜的投机价值。对于这样的“铁公鸡”,无论如何强化监管,无论是召开专项说明会也好,还是下发监管工作函也好,其早已是一副“死猪不怕开水烫”的姿态,在目前的监管环境中,监管部门是“无力”对付的。
但对这类“铁公鸡”还是有办法应对的。自2014年证监会出台《关于改革完善并严格实施上市公司退市制度的若干意见》以来,虽然有重大信息披露违法与欺诈发行的上市公司先后退市,但退市率偏低,僵尸公司死不退市的症结仍然无解。对于现行的退市制度,监管部门曾多次在公开场合表态要进行改革。笔者以为,对于股市中的“铁公鸡”,特别是丧失分红能力的上市公司,应该设置一定的考核指标,如果像金杯汽车一样多年不分红,应该直接强制其退市。如此,股市不仅能清理掉丧失分红能力的上市公司,对股市上的众多“铁公鸡”也会产生一种强大的威慑效果。
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