上(shang)市(shi)公司(si)披露的(de)公告中，有(you)(you)不少与分红(hong)相关，投(tou)资者看懂它们，有(you)(you)重要(yao)的(de)实(shi)际意(yi)义，原(yuan)因有(you)(you)三：一(yi)是分红(hong)方案在短期内(nei)对股价走势往往有(you)(you)较为明显的(de)影响；二(er)是现(xian)金分红(hong)已经成为一(yi)些上(shang)市(shi)公司(si)回报投(tou)资者的(de)主要(yao)手段；第三，分红(hong)也成为观(guan)察上(shang)市(shi)公司(si)财务健(jian)康状(zhuang)况，公司(si)治理(li)优良与否的(de)重要(yao)窗口。

确定与实施

一般来说，上市公(gong)司(si)分(fen)(fen)红(hong)(hong)，需经过(guo)这样几(ji)个步骤：首先，由上市公(gong)司(si)向(xiang)董(dong)事(shi)会提交初步拟定(ding)的分(fen)(fen)红(hong)(hong)方案(an)；接(jie)下来由董(dong)事(shi)会确(que)定(ding)分(fen)(fen)红(hong)(hong)预案(an)；之后，将预案(an)提交股东(dong)大会表决，确(que)定(ding)分(fen)(fen)红(hong)(hong)方案(an)；最终，上市公(gong)司(si)按(an)照确(que)定(ding)方案(an)实施分(fen)(fen)红(hong)(hong)。

相应的(de)(de)，投资者看(kan)到(dao)的(de)(de)分(fen)红(hong)(hong)系(xi)列公(gong)告(gao)，也亦步亦趋。首(shou)先，部(bu)分(fen)上市(shi)(shi)公(gong)司会(hui)在(zai)(zai)每年年初(chu)的(de)(de)业绩快(kuai)报、业绩预(yu)告(gao)或单(dan)独的(de)(de)利润(run)分(fen)配方案预(yu)披(pi)露公(gong)告(gao)中(zhong)，披(pi)露初(chu)步拟(ni)定的(de)(de)分(fen)红(hong)(hong)方案（注：由(you)于披(pi)露分(fen)红(hong)(hong)的(de)(de)初(chu)步方案并非强制性要求，因此，只有(you)部(bu)分(fen)公(gong)司会(hui)披(pi)露该内容），然后在(zai)(zai)披(pi)露年报的(de)(de)董(dong)事(shi)会(hui)决(jue)议公(gong)告(gao)当中(zhong)，会(hui)看(kan)到(dao)董(dong)事(shi)会(hui)通过的(de)(de)分(fen)红(hong)(hong)预(yu)案，接着在(zai)(zai)年度股东(dong)大会(hui)决(jue)议公(gong)告(gao)中(zhong)，会(hui)看(kan)到(dao)最终的(de)(de)分(fen)红(hong)(hong)方案，最后，是上市(shi)(shi)公(gong)司披(pi)露的(de)(de)分(fen)红(hong)(hong)派息实(shi)施公(gong)告(gao)。

有投(tou)资者(zhe)(zhe)可(ke)能(neng)问(wen)，在股(gu)(gu)东(dong)大(da)会(hui)审(shen)议前，披露的(de)(de)"拟(ni)定(ding)(ding)案(an)"、"预案(an)"是否可(ke)以当真(zhen)呢？从程序上讲(jiang)，股(gu)(gu)东(dong)大(da)会(hui)表决通(tong)过(guo)的(de)(de)分(fen)红方案(an)，才(cai)是定(ding)(ding)论，拟(ni)定(ding)(ding)案(an)与预案(an)都尚存(cun)变数。但从目(mu)前实际情况(kuang)看，在股(gu)(gu)东(dong)大(da)会(hui)召(zhao)开前，对(dui)拟(ni)定(ding)(ding)案(an)和(he)预案(an)进行调整，或者(zhe)(zhe)预案(an)不能(neng)被股(gu)(gu)东(dong)大(da)会(hui)通(tong)过(guo)的(de)(de)案(an)例并不多见。实际操作中，投(tou)资者(zhe)(zhe)可(ke)能(neng)还会(hui)发现，不同公司最终(zhong)实施(shi)分(fen)红的(de)(de)时间(jian)，差异较大(da)，似乎并无规律(lv)可(ke)循。投(tou)资者(zhe)(zhe)若想及(ji)时参(can)与分(fen)红，就必须密切关注最后(hou)的(de)(de)"分(fen)红派息实施(shi)公告"，只有在这个公告中，才(cai)能(neng)知悉分(fen)红的(de)(de)实施(shi)细则与时间(jian)。

两项内容

分(fen)(fen)配(pei)预(yu)案(an)可(ke)以包括两项内容，一是(shi)利(li)润分(fen)(fen)配(pei)预(yu)案(an)；二是(shi)资本(ben)公(gong)积(ji)金(jin)转增(zeng)股本(ben)预(yu)案(an)。其(qi)中利(li)润分(fen)(fen)配(pei)又(you)有(you)两种方式可(ke)以选择，分(fen)(fen)现金(jin)与送(song)(song)红股。分(fen)(fen)现金(jin)容易理解，而送(song)(song)红股是(shi)指(zhi)用未分(fen)(fen)配(pei)利(li)润或盈余公(gong)积(ji)金(jin)转增(zeng)股本(ben)，实际(ji)上是(shi)会计科目之(zhi)间(jian)的(de)调整，不涉(she)及现金(jin)流出(chu)，但(dan)公(gong)司通常需代(dai)个(ge)人投资者代(dai)扣代(dai)缴个(ge)人所得税。

资本(ben)公(gong)积金转(zhuan)(zhuan)增股本(ben)，严格来讲(jiang)，不属于分红范畴，但由于这一(yi)行为的实(shi)质(zhi)与送(song)红股类似，一(yi)般也可将(jiang)其视为分红的一(yi)种。因此，在上(shang)市公(gong)司年报(bao)中，利(li)润分配预(yu)(yu)案与资本(ben)公(gong)积金转(zhuan)(zhuan)增预(yu)(yu)案被并置表述(shu)。至于盈余公(gong)积金转(zhuan)(zhuan)增股本(ben)预(yu)(yu)案，虽然在理论上(shang)可行，但上(shang)市公(gong)司极(ji)少实(shi)施。

分红

先(xian)说(shuo)说(shuo)分(fen)现金(jin)与(yu)送红股(gu)(gu)(gu)(gu)(gu)。假设有(you)一家上市(shi)公司叫：人民控(kong)股(gu)(gu)(gu)(gu)(gu)，总股(gu)(gu)(gu)(gu)(gu)本100股(gu)(gu)(gu)(gu)(gu)，共有(you)10个股(gu)(gu)(gu)(gu)(gu)东，每个股(gu)(gu)(gu)(gu)(gu)东持有(you)10股(gu)(gu)(gu)(gu)(gu)。2009年人民控(kong)股(gu)(gu)(gu)(gu)(gu)赚(zhuan)了(le)200元，公司股(gu)(gu)(gu)(gu)(gu)东大(da)会决定(ding)，从200元中(zhong)拿(na)出(chu)100元分(fen)红。这100元怎(zen)么(me)分(fen)呢？有(you)两种方(fang)式可选：一种是真分(fen)；一种是"假分(fen)"。

真(zhen)分是分现金，每1股可分得(de)1元(yuan)（上述(shu)(shu)操作在现实中通常被(bei)表述(shu)(shu)为每10股派发10元(yuan)现金红利，或简(jian)称(cheng)为10派10），分完后，每位(wei)股东的账户上就多了10元(yuan)现金，但除(chu)权后公司股价每股将下降1元(yuan)。

"假(jia)分"是送(song)红股(gu)(gu)(gu)(gu)(gu)，将(jiang)100元(yuan)折合成100股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票送(song)给(ji)股(gu)(gu)(gu)(gu)(gu)东，每1股(gu)(gu)(gu)(gu)(gu)可得到1股(gu)(gu)(gu)(gu)(gu)红股(gu)(gu)(gu)(gu)(gu)（上述(shu)操作在(zai)现实中通常被表述(shu)为每10股(gu)(gu)(gu)(gu)(gu)送(song)10股(gu)(gu)(gu)(gu)(gu)红股(gu)(gu)(gu)(gu)(gu)，或简称为10送(song)10），每位股(gu)(gu)(gu)(gu)(gu)东会发现，账(zhang)户上的(de)股(gu)(gu)(gu)(gu)(gu)票变(bian)成了20股(gu)(gu)(gu)(gu)(gu)。当然，这时人民控股(gu)(gu)(gu)(gu)(gu)的(de)总股(gu)(gu)(gu)(gu)(gu)本也(ye)变(bian)成了200股(gu)(gu)(gu)(gu)(gu)。

为什(shen)么说是"假分"呢(ni)，因为送红股时，上市公司实际上没有付(fu)现金(jin)，而(er)是将(jiang)现金(jin)按1：1的比例(li)折(zhe)合成了(le)股票，送给了(le)股东，钱仍(reng)然留在(zai)了(le)公司。

假设人民控股(gu)的资本(ben)公积金(jin)上记有50元(yuan)，全(quan)部折(zhe)合(he)成股(gu)票送给全(quan)体股(gu)东，50元(yuan)按1：1比(bi)例可(ke)折(zhe)合(he)成50股(gu)，平均下(xia)来就是每(mei)股(gu)可(ke)获转增股(gu)0.5股(gu)。（上述(shu)操作在现实中通常(chang)被表述(shu)为每(mei)10股(gu)转增5股(gu)，或(huo)简(jian)称10转增5）

送(song)红(hong)股(gu)与公(gong)(gong)(gong)(gong)(gong)积(ji)金转增股(gu)本(ben)(ben)(ben)，本(ben)(ben)(ben)质上都是(shi)会(hui)计科目之间的(de)(de)(de)(de)(de)调整，也(ye)就(jiu)是(shi)上市公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)(de)会(hui)计账(zhang)(zhang)目调整。公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)还是(shi)那个公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，毫发(fa)未损(sun)，不像分现金，上市公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)真的(de)(de)(de)(de)(de)"出(chu)(chu)血"。股(gu)东(dong)持有股(gu)票的(de)(de)(de)(de)(de)数量增多，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)总(zong)股(gu)本(ben)(ben)(ben)同(tong)步增大，但股(gu)东(dong)在公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)中(zhong)的(de)(de)(de)(de)(de)持股(gu)比例(li)(li)并没(mei)有发(fa)生变化(hua)。但对股(gu)东(dong)来说(shuo)，直观的(de)(de)(de)(de)(de)感受就(jiu)是(shi)自己(ji)账(zhang)(zhang)户中(zhong)的(de)(de)(de)(de)(de)股(gu)票多了。公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)为(wei)什么要进行送(song)红(hong)股(gu)或用(yong)资本(ben)(ben)(ben)公(gong)(gong)(gong)(gong)(gong)积(ji)金转增股(gu)本(ben)(ben)(ben)呢，通(tong)常(chang)的(de)(de)(de)(de)(de)目的(de)(de)(de)(de)(de)有两个，一个是(shi)降低公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)(de)股(gu)价，以便让资金较少的(de)(de)(de)(de)(de)投资者也(ye)能(neng)买得(de)起公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)(de)股(gu)票，从而增加(jia)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)票的(de)(de)(de)(de)(de)流(liu)动性，另一个是(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)向外(wai)界(jie)传递出(chu)(chu)一种(zhong)基本(ben)(ben)(ben)面向好的(de)(de)(de)(de)(de)积(ji)极信号，表明(ming)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)看好未来的(de)(de)(de)(de)(de)盈(ying)利(li)前(qian)景。但是(shi)，也(ye)会(hui)有个别公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)利(li)用(yong)这(zhei)种(zhong)大众心理，在公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)基本(ben)(ben)(ben)面一般、盈(ying)利(li)前(qian)景不乐观的(de)(de)(de)(de)(de)情况下推出(chu)(chu)高比例(li)(li)的(de)(de)(de)(de)(de)送(song)股(gu)转增方(fang)案，试图影响(xiang)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)(de)股(gu)价，此时，需要投资者擦亮眼睛，不要被(bei)这(zhei)种(zhong)数字(zi)游戏所蒙骗。

分红时还(hai)要确定一(yi)(yi)(yi)个日(ri)子——股(gu)(gu)(gu)权(quan)登记(ji)日(ri)。由于上(shang)市(shi)公司的(de)股(gu)(gu)(gu)票每(mei)天(tian)(tian)都在(zai)交易，上(shang)市(shi)公司的(de)股(gu)(gu)(gu)东也(ye)就(jiu)(jiu)每(mei)天(tian)(tian)都在(zai)变化(hua)。但上(shang)市(shi)公司分红必须要以某一(yi)(yi)(yi)天(tian)(tian)为准，以规(gui)定哪(na)些股(gu)(gu)(gu)东可(ke)以参(can)加(jia)分红，而(er)这一(yi)(yi)(yi)天(tian)(tian)就(jiu)(jiu)是(shi)股(gu)(gu)(gu)权(quan)登记(ji)日(ri)。也(ye)就(jiu)(jiu)是(shi)说，在(zai)股(gu)(gu)(gu)权(quan)登记(ji)日(ri)这一(yi)(yi)(yi)天(tian)(tian)收盘后，持有(you)该公司股(gu)(gu)(gu)票的(de)股(gu)(gu)(gu)东就(jiu)(jiu)可(ke)以参(can)加(jia)分红。这个日(ri)子到底是(shi)哪(na)一(yi)(yi)(yi)天(tian)(tian)，上(shang)市(shi)公司会通过(guo)在(zai)分红派息实施(shi)公告中(zhong)通知大家(jia)。