華僑(qiao)城提供免(mian)費游不(bu)屬于分(fen)紅，屬于對(dui)股東(dong)贈(zeng)與

結合監(jian)管實踐對現行(xing)分(fen)紅制度進一步(bu)修改、補充和(he)完善，要求上市公司更加(jia)注重現金分(fen)紅政策的(de)持續性(xing)、穩定性(xing)和(he)透明(ming)度

支持上市公(gong)司制定差(cha)異化(hua)的現金分紅(hong)(hong)政策(ce)以(yi)及采取多元化(hua)方式回報投資(zi)者。同時，完(wan)善分紅(hong)(hong)監管規定，加(jia)大對未按(an)規定分紅(hong)(hong)和(he)有能力但長期不分紅(hong)(hong)公(gong)司的監管約(yue)束

積極協調國資管理(li)部門(men)完善國有上市公(gong)(gong)(gong)司業績(ji)考核體系，提高國有上市公(gong)(gong)(gong)司分紅水平；推動(dong)社保基金等有持續穩定分紅需求(qiu)的長期投(tou)資者積極介入公(gong)(gong)(gong)司治理(li)

針對(dui)近(jin)期有(you)網友(you)和個別媒體對(dui)上(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)現(xian)(xian)(xian)金(jin)分(fen)紅現(xian)(xian)(xian)狀(zhuang)提出(chu)的(de)質疑，證監會(hui)昨日在官方微博(bo)回(hui)應稱，上(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)現(xian)(xian)(xian)金(jin)分(fen)紅是資本(ben)市(shi)(shi)場(chang)的(de)一項基礎性(xing)制(zhi)(zhi)度(du)，也是屬于公(gong)(gong)司(si)(si)(si)自治(zhi)范(fan)疇的(de)事(shi)項。下一步(bu)，證監會(hui)將(jiang)繼續圍繞保護中小投資者權益的(de)工(gong)作(zuo)重心，在充分(fen)尊重公(gong)(gong)司(si)(si)(si)自治(zhi)的(de)基礎上(shang)，結合目前上(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)規(gui)范(fan)運作(zuo)水(shui)平，從完善現(xian)(xian)(xian)行分(fen)紅制(zhi)(zhi)度(du)、支持上(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)建(jian)立“兩化”分(fen)紅制(zhi)(zhi)度(du)以及推動社(she)保基金(jin)介入公(gong)(gong)司(si)(si)(si)治(zhi)理等三方面，將(jiang)現(xian)(xian)(xian)金(jin)分(fen)紅作(zuo)為資本(ben)市(shi)(shi)場(chang)一項重要(yao)基礎制(zhi)(zhi)度(du)建(jian)設常抓不(bu)懈(xie)。

華僑城免費游屬于公司對股東贈與

近(jin)期(qi)，華僑(qiao)城一紙公告(gao)引起(qi)了市(shi)場熱議(yi)。華僑(qiao)城公告(gao)稱全體自然人股(gu)東(dong)可免費游玩歡樂谷、世界(jie)之(zhi)窗、錦繡中華等景點。而在此(ci)前，南方食品等上市(shi)公司也(ye)宣布向股(gu)東(dong)發放一定數(shu)量的實物產品，有觀點認為這是(shi)上市(shi)公司實物分紅。

對(dui)此，證(zheng)監會表(biao)示，根據公告內容，華僑城提供免費游覽(lan)的對(dui)象并不包括全體股(gu)東，也不是嚴格按照持股(gu)比例來決(jue)定發放數量的，不符合分(fen)紅的基本特征(zheng)。因(yin)此，上述行為不屬(shu)于分(fen)紅，在性質(zhi)上屬(shu)于公司對(dui)股(gu)東的贈與。

證(zheng)監會稱，根據《公(gong)司(si)(si)法》等(deng)規(gui)(gui)定(ding)，上市公(gong)司(si)(si)在有盈(ying)余(yu)的(de)(de)情況下，可以將(jiang)彌(mi)補企業虧損(sun)、提取法定(ding)公(gong)積(ji)金(jin)后剩余(yu)的(de)(de)稅后利潤按照持股(gu)比(bi)(bi)例分配給(gei)全體股(gu)東。因此“無盈(ying)不分”和(he)“同股(gu)同權”是(shi)公(gong)司(si)(si)分紅(hong)的(de)(de)兩大基(ji)本(ben)特征。至于(yu)分紅(hong)的(de)(de)形(xing)式，法律未作(zuo)限(xian)制。理論上，分紅(hong)可以現金(jin)或者現金(jin)以外的(de)(de)其(qi)他資產(chan)形(xing)式（如股(gu)票、債券或者實(shi)物），但在實(shi)踐(jian)中，比(bi)(bi)較常見的(de)(de)是(shi)現金(jin)或者股(gu)票形(xing)式的(de)(de)分紅(hong)。在英美(mei)日德及我國港臺地(di)區等(deng)境外成(cheng)熟(shu)市場(chang)的(de)(de)公(gong)司(si)(si)制度中，都沒有關于(yu)實(shi)物分紅(hong)的(de)(de)禁止性規(gui)(gui)定(ding)。

根據公告內容，華僑城提供免(mian)費游(you)覽的(de)對象并不包括全體股(gu)東，也不是嚴格按照持股(gu)比例(li)來(lai)決(jue)定(ding)發(fa)放數量(liang)的(de)，不符合分(fen)紅的(de)基本(ben)特(te)征。此(ci)前，南方食品、量(liang)子科(ke)技、人福科(ke)技等上市公司也有(you)類(lei)似情況，向股(gu)東贈送黑芝麻乳、龜苓膏等實物。因此(ci)，上述行(xing)為不屬于(yu)分(fen)紅，在性(xing)質上屬于(yu)公司對股(gu)東的(de)贈與。

推動社保基金等長期投資者介入治理

證監會表示(shi)，上(shang)市(shi)公(gong)(gong)(gong)司(si)現金分紅(hong)(hong)是(shi)資本市(shi)場的(de)一(yi)項基礎性制度，也(ye)是(shi)屬(shu)于(yu)公(gong)(gong)(gong)司(si)自治范疇的(de)事項。我國(guo)上(shang)市(shi)公(gong)(gong)(gong)司(si)現金分紅(hong)(hong)因受經濟、體制、金融環(huan)境等多方面因素影響，仍存在現金分紅(hong)(hong)高度集中于(yu)少數優質公(gong)(gong)(gong)司(si)、分紅(hong)(hong)的(de)連續性和穩定性不足、成(cheng)長性企業分紅(hong)(hong)水平總體高于(yu)成(cheng)熟企業、分紅(hong)(hong)回(hui)報方式較(jiao)為單一(yi)、結構不夠合理等問(wen)題(ti)。

下一(yi)(yi)步，證監會將繼(ji)續圍繞(rao)保護中小(xiao)投資(zi)者(zhe)權益的(de)(de)(de)(de)工(gong)作重(zhong)心，在(zai)充分(fen)尊重(zhong)公(gong)(gong)(gong)(gong)(gong)司自治的(de)(de)(de)(de)基(ji)礎(chu)上，結合目前(qian)上市(shi)公(gong)(gong)(gong)(gong)(gong)司規(gui)范(fan)運作水平，將現(xian)(xian)金(jin)分(fen)紅(hong)(hong)(hong)(hong)作為資(zi)本(ben)市(shi)場(chang)一(yi)(yi)項重(zhong)要(yao)基(ji)礎(chu)制(zhi)度建設常抓(zhua)不懈。一(yi)(yi)是，結合監管實踐對(dui)現(xian)(xian)行分(fen)紅(hong)(hong)(hong)(hong)制(zhi)度進一(yi)(yi)步修改(gai)、補充和(he)完(wan)善(shan)，要(yao)求上市(shi)公(gong)(gong)(gong)(gong)(gong)司更加注重(zhong)現(xian)(xian)金(jin)分(fen)紅(hong)(hong)(hong)(hong)政策(ce)(ce)的(de)(de)(de)(de)持續性、穩定(ding)性和(he)透(tou)明(ming)度，在(zai)現(xian)(xian)金(jin)分(fen)紅(hong)(hong)(hong)(hong)決(jue)策(ce)(ce)過程中充分(fen)聽取(qu)獨立董事和(he)中小(xiao)投資(zi)者(zhe)的(de)(de)(de)(de)意(yi)見和(he)訴(su)求，不斷(duan)規(gui)范(fan)和(he)完(wan)善(shan)利潤分(fen)配的(de)(de)(de)(de)內幕決(jue)策(ce)(ce)程序和(he)機制(zhi)，增強現(xian)(xian)金(jin)分(fen)紅(hong)(hong)(hong)(hong)的(de)(de)(de)(de)透(tou)明(ming)度，穩定(ding)市(shi)場(chang)預期；二是，支持上市(shi)公(gong)(gong)(gong)(gong)(gong)司制(zhi)定(ding)差異化的(de)(de)(de)(de)現(xian)(xian)金(jin)分(fen)紅(hong)(hong)(hong)(hong)政策(ce)(ce)以及采(cai)取(qu)多元化方式(shi)回(hui)報投資(zi)者(zhe)。同時，完(wan)善(shan)分(fen)紅(hong)(hong)(hong)(hong)監管規(gui)定(ding)，加大對(dui)未(wei)按規(gui)定(ding)分(fen)紅(hong)(hong)(hong)(hong)和(he)有(you)能力但長期不分(fen)紅(hong)(hong)(hong)(hong)公(gong)(gong)(gong)(gong)(gong)司的(de)(de)(de)(de)監管約束；三是，積極(ji)協調國資(zi)管理部門完(wan)善(shan)國有(you)上市(shi)公(gong)(gong)(gong)(gong)(gong)司業績(ji)考(kao)核體系(xi)，提(ti)高國有(you)上市(shi)公(gong)(gong)(gong)(gong)(gong)司分(fen)紅(hong)(hong)(hong)(hong)水平；推(tui)動社保基(ji)金(jin)等有(you)持續穩定(ding)分(fen)紅(hong)(hong)(hong)(hong)需求的(de)(de)(de)(de)長期投資(zi)者(zhe)積極(ji)介入公(gong)(gong)(gong)(gong)(gong)司治理，促使(shi)上市(shi)公(gong)(gong)(gong)(gong)(gong)司不斷(duan)增強回(hui)報股(gu)東意(yi)識，培(pei)育健康的(de)(de)(de)(de)股(gu)權文化。