⊙记者 王璐

⊙ reporter jade (wang lu

　　上海证券交易所今日发布《上市公司现金分红指引（征求意见稿）》(全文见A4)，拟引导和推动上市公司建立持续、稳定、科学和透明的分红机制，促进资本市场理性投资、长期投资和价值投资，实现长期资金入市与现金分红之间的良性互动。征求意见将在8月30日结束，拟明年施行。

Shanghai stock exchange issued today《The listed company cash share out bonus, guide（draft）》(Full text see A4)，Intends to guide and promote the listed companies to establish continuous、stable、Science and transparent bonus mechanism，Promote capital market rational investment、Long-term investment and the value investment，To realize long-term capital entering the market and the benign interaction between the cash dividends。Seek advice will be on August 30th，Fitting and next year。

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

《guidelines》In making his idea shows three characteristics，Is not mandatory、Based on the information disclosure for this，And pay attention to the cash dividends of the decision-making process。

　　非强制性——通过制定一些外在的约束和鼓励性措施，引导、鼓励和支持上市公司作出有利于股东利益的现金分红决策，形成对股东现金回报的文化，并使之进一步与鼓励长期资金入市形成良性互动。

Not mandatory - by formulating some external restraint and incentive measures，guide、To encourage and support the listed company make conducive to the interests of the shareholders cash dividends decision，The formation of the culture of shareholders cash returns，And make further and encourage long-term capital market benign interaction。

　　信息披露为本——要求上市公司在定期报告中明确披露有关现金分红政策的明细化信息。

Information disclosure for the listed company - requirements at regular report clear disclosure about cash dividends policy Ming refining information。

　　重视现金分红的决策程序——引入对上市公司的现金分红决策的约束机制。例如，在例外情况下无法贯彻既定现金分红政策应经出席股东大会的股东所持表决权的2/3以上通过；要求不进行现金分红或分红比例低的上市公司为投资者提供网络投票方式。

Pay attention to cash share out bonus decision-making process - into the listed company cash share out bonus, decision-making constraint mechanism。For example，In exceptional cases cannot implement established cash dividends policy shall be subject to attend the shareholders meeting of the voting rights held by more than two-thirds；Request not to cash share out bonus, share out bonus or low proportion of the listed company for investors to provide network ballot。

　　《指引》内容包括六大方面： 《guidelines》Contents include six aspects：

　　一是提供备选现金分红政策，规范例外情况。引导公司通过信息披露进一步细化现金分红的具体政策，并增加相应的约束力。

One is to provide alternative cash dividends policy，Standard exception to。Guide the company through the information disclosure further refinement cash dividends of the specific policy，And increase corresponding binding upon both parties。

　　二是引导建立中小股东参与机制，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。

The second is to establish guide medium and small shareholders participation mechanism，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。

　　三是通过政策鼓励公司提高分红水平，将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；对于高分红且红利收益率高的公司，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。

The third is through the policy to encourage companies to improve the level of share out bonus，Will not be less than 30% of the proportion of the company dividends and bonus rate of return（Bonus and the proportion of the net assets）No less than 3 months deposit interest rates companies prepare special index to be concentrated reflection；For high dividends and bonus yield high company，Exchange in the case of refinancing、Merger and reorganization and market access situations or give support“Green channel”treatment。

　　四是倡导持续合理分红。针对以股票股利来迎合投资者偏好、逃避现金分红的现象，《指引》明确现金分红相对于股票股利在利润分配方式中的优先顺序，同时对采用股票股利进行利润分配的公司提出综合考量因素。

Four is the initiative for reasonable share out bonus。For to stock dividend to cater to investors preference、From the phenomenon of cash dividends，《guidelines》Clear cash share out bonus, relative to the stock dividend in profit distribution mode of the order of precedence，At the same time the stock dividend to undertake profit allocation company this paper puts forward the comprehensive considerations。

　　五是分红水平事后评价。鼓励具有专业能力且客观公允的社会第三方对公司各年度的分红能力和水平予以评价和披露。

Five is the level of share out bonus event evaluation。Encourage with professional ability and objective and fair society to the third party company annual bonus ability and level to evaluation and disclosure。

　　六是鼓励在现金股利之外采用多样化回报股东方式，如鼓励上市公司通过现金回购股票的方式回报投资者。

Six is to encourage outside in cash dividend by diversified ways returns to shareholders，Such as encouraging listed companies through the cash buy back shares way return investors。

　　上交所答记者问详见封五·要闻

ShangJiaoSuo reporters see sealing five · important news