每經評論員 杜恒峰

減持新規對上(shang)市(shi)公(gong)(gong)司(si)(si)價值觀(guan)的(de)(de)重(zhong)塑(su)已(yi)經產生實效(xiao)。截(jie)至8月31日，上(shang)市(shi)公(gong)(gong)司(si)(si)半年報(bao)已(yi)披露(lu)完畢，其中有180家(jia)(jia)發布中報(bao)分(fen)紅(hong)預案，同(tong)比增幅超50%。其中，吉電股(gu)份分(fen)紅(hong)金額高(gao)達3.07億(yi)元，而(er)公(gong)(gong)司(si)(si)上(shang)次分(fen)紅(hong)還要追溯(su)到2006年；秦川機床計劃分(fen)紅(hong)3029.65萬元，其上(shang)次分(fen)紅(hong)是在(zai)2011年；這兩家(jia)(jia)“鐵(tie)公(gong)(gong)雞”上(shang)市(shi)公(gong)(gong)司(si)(si)中報(bao)都(dou)發布于減持新規公(gong)(gong)布之后。包括新股(gu)在(zai)內(nei)，最近3年未進行現金分(fen)紅(hong)的(de)(de)上(shang)市(shi)公(gong)(gong)司(si)(si)有1055家(jia)(jia)，這也意味著A股(gu)的(de)(de)現金分(fen)紅(hong)還有巨大提升空間。

8月27日晚間(jian)，證監會發文進一(yi)步規范股份減持(chi)(chi)行為。其中規定，上(shang)(shang)市(shi)公(gong)司(si)存在(zai)破發、破凈(jing)或最(zui)近三年未(wei)進行現金分紅、累計(ji)現金分紅金額低于最(zui)近三年年均凈(jing)利潤(run)30%的，控(kong)(kong)股股東(dong)、實際控(kong)(kong)制(zhi)人(ren)不得通過二級市(shi)場減持(chi)(chi)股份；無控(kong)(kong)股股東(dong)的，第一(yi)大股東(dong)及其實控(kong)(kong)人(ren)比照上(shang)(shang)述要(yao)求執行。同時(shi)，從嚴控(kong)(kong)制(zhi)其他(ta)上(shang)(shang)市(shi)公(gong)司(si)股東(dong)減持(chi)(chi)總量(liang)，引導其根據市(shi)場形勢合理安排(pai)減持(chi)(chi)節奏。

在8月27日晚的(de)評論文章中，筆者(zhe)指出(chu)，有2377家、市(shi)值總計32.64萬億元的(de)上(shang)市(shi)公(gong)(gong)司就(jiu)在上(shang)述限制范圍內，分別占上(shang)市(shi)公(gong)(gong)司（滬(hu)深兩市(shi)，下同）的(de)45.06%、41.3%，減(jian)(jian)持新(xin)規超(chao)出(chu)預期，其(qi)實(shi)際影響會非(fei)常大(da)。截至8月31日，總計有上(shang)百家公(gong)(gong)司披露了(le)(le)股東(dong)(dong)減(jian)(jian)持計劃(hua)提前終止公(gong)(gong)告。這其(qi)中，有相當(dang)比例觸(chu)發(fa)了(le)(le)上(shang)述“紅(hong)線”，比如當(dang)虹科技、康希諾(nuo)等(deng)存(cun)在破發(fa)情形，天(tian)舟文化、劍橋科技、超(chao)華科技等(deng)公(gong)(gong)司則是近三年都未(wei)進行分紅(hong)。此(ci)(ci)外，麗人麗妝股東(dong)(dong)減(jian)(jian)持計劃(hua)發(fa)布3小時即撤回(hui)、東(dong)(dong)方時尚股東(dong)(dong)減(jian)(jian)持后又立即表態(tai)將購回(hui)。如此(ci)(ci)種(zhong)種(zhong)，可(ke)謂樹立了(le)(le)減(jian)(jian)持新(xin)規的(de)嚴肅(su)性，對(dui)其(qi)他上(shang)市(shi)公(gong)(gong)司也形成了(le)(le)足夠(gou)的(de)震懾力。

減(jian)持(chi)新規(gui)將重塑(su)上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)的(de)“價(jia)值(zhi)觀(guan)”。上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)理應為所(suo)有(you)股(gu)(gu)(gu)東創造(zao)最(zui)大價(jia)值(zhi)。從(cong)長(chang)期來(lai)看(kan)，業(ye)績的(de)數量和質量是決定(ding)企(qi)業(ye)價(jia)值(zhi)的(de)核心變(bian)量，但并非所(suo)有(you)上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)都有(you)這樣的(de)長(chang)遠視角。在(zai)以(yi)個人投資(zi)者為絕對(dui)主體的(de)A股(gu)(gu)(gu)市(shi)(shi)(shi)(shi)場，控股(gu)(gu)(gu)股(gu)(gu)(gu)東與(yu)公(gong)(gong)眾股(gu)(gu)(gu)東、董事會(hui)等(deng)高管(guan)與(yu)中小股(gu)(gu)(gu)東之間很難形成穩定(ding)的(de)關系，賺取價(jia)差仍是A股(gu)(gu)(gu)盈利的(de)主要(yao)方式。近年來(lai)，監(jian)管(guan)層以(yi)各(ge)種手段(duan)強調上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)要(yao)以(yi)現(xian)金分紅回(hui)饋(kui)投資(zi)者，其目的(de)就在(zai)于塑(su)造(zao)上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)注重業(ye)績的(de)“價(jia)值(zhi)觀(guan)”，但仍有(you)數量不(bu)少(shao)的(de)上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)不(bu)分紅或很少(shao)分紅。如(ru)今控股(gu)(gu)(gu)股(gu)(gu)(gu)東減(jian)持(chi)和現(xian)金分紅掛鉤(gou)，同時證監(jian)會(hui)正(zheng)在(zai)抓緊(jin)修改《上(shang)市(shi)(shi)(shi)(shi)公(gong)(gong)司(si)股(gu)(gu)(gu)東、董監(jian)高減(jian)持(chi)股(gu)(gu)(gu)份的(de)若干規(gui)定(ding)》，未來(lai)關鍵少(shao)數想要(yao)減(jian)持(chi)股(gu)(gu)(gu)份，就必(bi)須做好業(ye)績，且這個業(ye)績必(bi)須有(you)實實在(zai)在(zai)的(de)現(xian)金流入，以(yi)大量應收賬款或貿易業(ye)務(wu)呈現(xian)出(chu)的(de)虛假繁榮行(xing)不(bu)通(tong)了(le)。

減持(chi)新(xin)規(gui)還(huan)能大(da)幅(fu)(fu)壓縮變相減持(chi)的(de)空(kong)間。從(cong)減持(chi)數量、減持(chi)時(shi)點、減持(chi)的(de)信息披露等各個環節，上市公司控股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)其實(shi)一直都受到(dao)嚴格限(xian)制，但控股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)的(de)限(xian)售股(gu)(gu)(gu)還(huan)是可(ke)以作(zuo)為(wei)股(gu)(gu)(gu)票質押(ya)(ya)標的(de)，或通過(guo)“融券+大(da)宗(zong)交(jiao)易”的(de)組合(he)實(shi)現變相減持(chi)。在減持(chi)新(xin)規(gui)出(chu)臺后(hou)，類似(si)手段(duan)可(ke)能還(huan)會出(chu)現，但新(xin)增的(de)硬約束將大(da)幅(fu)(fu)壓低(di)(di)(di)質押(ya)(ya)率，壓低(di)(di)(di)融券或大(da)宗(zong)交(jiao)易的(de)定價，控股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)變相減持(chi)的(de)利潤空(kong)間大(da)幅(fu)(fu)降低(di)(di)(di)，這將有效降低(di)(di)(di)其變相減持(chi)的(de)積極性。