《上海证券交易所上市公司现金分红指引》已开始向社会征求意见。这意味着在上交所上市的公司如何分红将有具体政策指引。

    《Shanghai stock exchange listed company cash share out bonus, guide》Already began to social for advice。This means that in the ShangJiaoSuo listed company how to share out bonus will have specific policy guidelines。

    20家公司自上市以来从未分红 20 listed company since had never been share out bonus

    近年来，沪市上市公司现金分红总体水平逐年提高，凸显了良好的投资价值，沪市上市公司的现金分红总额逐年上升。仅2011年就达4720亿元。现金分红上市公司数量与占比平稳上升，截至2011年底，连续10年分红的上市公司129家，占上市满10年上市公司总数的18.5%；连续5年（2007—2011）分红金额超过50亿元的公司12家；股利支付率连续5年超过40%的公司24家。

    In recent years，Shanghai listed companies cash share out bonus, overall level increased year by year，Highlight a good investment value，Shanghai listed companies total cash share out bonus is rising year by year。Only in 2011 reached 472 billion yuan。The cash dividends of listed company quantity and than rising steadily，By the end of 2011，For 10 years in a row of share out bonus listed company 129，Listing of 10 years 18.5% of the total number of listed companies；For five years（2007-2011）Share out bonus amount exceeds 5 billion yuan company and home；Dividend payments rate five consecutive years of more than 40% of the company and home。

    与此同时，整体股息率也逐年上升。近3年（2009—2011）分红公司的平均股息率（以年末收盘价计算）分别为0.85%、0.94%和1.49%。2011年，股息率超过1年期银行存款利率的上市公司52家。

    meanwhile，The overall dividend rate has increased year by year。Nearly 3 years（2009-2011）Share out bonus is the company's average dividend rate（By the end of the year the closing price calculation）Were 0.85%、0.94% and 1.49%。In 2011,，Dividend rate more than one-year bank deposit interest rate of the listed company and home。

    但是，在上市公司分红实践中，也存在着一些问题，主要体现在部分公司分红预期不明确，分红机制有待完善，股利支付率还不够理想等方面。有的公司分红不连续、不稳定，截至2011年底，沪市连续3年分配现金红利的公司有347家，仅占上市满3年企业的40%。总体股利支付率同成熟市场相比，仍存在一定差距。例如，有的公司该分红但不分红。截至2011年底，沪市有20家上市时间超过10年的公司从未发放过现金红利，公用事业与工业类等比较成熟且有稳定现金流的企业现金分红水平较低。

    but，In the listed company in the practice of share out bonus，There is also some problems，Mainly manifests in the part of the company is expected to share out bonus is not clear，Share out bonus mechanism remains to be perfect，Dividend payments rate also insufficient ideal, etc。Some companies share out bonus is discontinuous、unstable，By the end of 2011，Shanghai continuous 3 years distribution cash bonus company has 347，Accounted for only listed full 3 years 40% of the enterprise。Overall dividend payments rate compared with the mature market，There still exists certain gaps。For example，Some companies should share out bonus, but not share out bonus。By the end of 2011，Shanghai has 20 listed time more than 10 years of the company never issue a cash bonus，Utility and industry such as more mature and stable cash flow enterprise cash dividends level is low。

    提供四种备选现金分红政策 Provide four alternative cash dividends policy

    《指引》在制定的思路上体现出三大特征：非强制性、以信息披露为本、重视现金分红的决策程序。

    《guidelines》In the formulation of his ideas shows three characteristics：Not mandatory、Based on the information disclosure for this、Pay attention to the cash dividends of the decision-making process。

    《指引》提供了固定金额政策、固定比率政策、超额股利政策、剩余股利政策等四种备选分红政策。对于选择剩余股利政策的公司，需披露未来投资项目基本情况。例外情况下无法按照既定分红政策实施利润分配的，应在年度报告中披露具体原因以及独立董事的明确意见，并经出席股东大会的股东所持表决权的2/3以上通过。

    《guidelines》Provides a fixed amount policy、Fixed rate policy、Excess dividend policy、Surplus dividend policy and so on four kind of optional dividends policy。To choose surplus dividend policy of the company，Need to disclose the basic situation of investment projects。Exceptional cases cannot share out bonus according to the established policy implementation of the distribution of profits，Shall, in the annual report disclosure specific reasons and independent director's clear opinion，And the to attend the shareholders meeting of the voting rights held by more than two-thirds。

    引导不进行现金分红或现金分红支付率低于平均数（30%）的公司建立与中小股东沟通交流机制：与中小股东充分沟通交流；要求网络投票，为中小股东参与现金分红决策提供便捷渠道；按持股比例分段、分市值披露表决结果。

    Lead not to cash dividends or cash share out bonus payment rates lower than average（30%）Company establishment and small and medium-sized shareholders communication mechanism：And small and medium-sized shareholders fully communication；Network voting requirements，For small and medium-sized shareholders to participate in cash dividends decision provides convenient channel；The proportions of section、Points value disclosure voting results。

    《指引》通过政策导向来鼓励公司分红：（1）对公司分红比例不低于30%且红利收益率（红利与净资产的比例）不低于3个月定期存款利率的公司编制专项指数予以集中反映；（2）对于高分红（不低于50%）且红利收益率高（红利与净资产的比例不低于1年期存款利率）的公司，交易所在涉及再融资、并购重组等市场准入情形时给予支持或“绿色通道”待遇，并在相关评奖或考核时予以优先考虑。

    《guidelines》Through policy direction to encourage the company dividends：（1）To the company dividends proportion is not less than 30% and dividend yield（Bonus and the proportion of the net assets）No less than 3 months deposit interest rates companies prepare special index to be concentrated reflection；（2）For high share out bonus（No less than 50%）And the dividend yield high（Bonus and the proportion of the net assets is not lower than one-year deposit rate）company，Exchange in the case of refinancing、Merger and reorganization and market access situations or give support“Green channel”treatment，And in the related awards or attention to be preferred。

    吸引长期资金入市 Attract long-term capital entering the market

    上市公司现金分红是投资者获得回报的重要途径，是增强股票市场长期投资吸引力的必要条件，也是资本市场平稳运行的重要基石。

    The listed company cash share out bonus is an important way of investors rewarded，Is to enhance the stock market long-term investment attraction of the necessary condition，Is capital market stable operation of the important cornerstone。

    《指引》提出,上市公司现金分红可以改善投资者的收益结构，使其重点关注上市公司分红水平，从而有助于培育价值投资理念，减少投机行为。而且，连续稳定的现金分红机制可以使投资者对公司的经营前景形成理性预期，增强公司股价波动与基本面的相关性，引导投资者形成稳定的股利偏好，普及健康的股权文化。

    《guidelines》Put forward,The listed company cash dividends can improve investors' income structure，Make its focus on listed companies share out bonus level，Which helps to cultivate the value investment idea，Reduce speculation。and，Continuous stable cash dividends mechanism can make investors to the company's business prospects form rational expectation，Strengthen company's share price volatility and correlation between fundamentals，Lead investors to form stable dividend preference，Universal health equity culture。

    分红也可以吸引长期资金入市，增强市场稳定性。养老金、企业年金、保险与公积金等长期资金需要长期稳定的投资回报。鼓励上市公司现金分红，可以提高股票市场对养老金、企业年金、保险与公积金等长期资金的吸引力，增加长期资金入市规模与投资比重，促进股票市场平稳发展，避免市场出现习惯性的大起大落。（记者 谢卫群）

    Share out bonus can also attract long-term capital entering the market，Enhance market stability。pension、Enterprise annuity、Insurance and provident fund and long-term capital need long-term stable return on investment。Encourage the listed company cash dividends，Can improve the stock market to the pension、Enterprise annuity、Insurance and provident fund and long-term capital attraction，Increase long-term capital entering the market scale and the proportion of investment，To promote the smooth development of the stock market，Avoid market appear habitual are always ups and downs。（Reporter XieWeiQun）