IPO前“清仓式”分红行为及其外部监督机制研究  

Research on the Behaviour of Pre-IPO"Clearance"Dividend and Its External Supervision Mechanism

作　　者：叶小杰[1] 罗幸怡 YE Xiaojie;LUO Xingyi

机构地区：[1]上海国家会计学院

出　　处：《财务研究》2025年第1期26-37,共12页Finance Research

摘　　要：2024年4月,资本市场新“国九条”发布,将上市前突击“清仓式”分红等情形纳入发行上市负面清单。本文聚焦IPO前“清仓式”分红样本,手工收集相关数据,对拟上市公司IPO前“清仓式”分红行为及其引发的外部监督进行分析。研究发现:其一,IPO前“清仓式”分红的具体动机主要包括满足早期股东先发投资的回报期望、清理关联方资金占用和调整财务指标。其二,“清仓式”分红给企业带来财务风险和声誉压力。其三,“监管审核——问询回复”和“媒体关注——奥情应对”两种机制,能够有效督促公司强化分红事项的信息披露、调整募投项目内容或主动撤回发行上市申请。本文的研究有助于深化对资本市场高质量发展、监管问询与媒体治理的理解。In April 2024,"The New Nine Guidelines for Capital Markets"was released,which incorporated the sudden"clearance"of dividends before IPO into the negative list for issuance and listing.Based on the pre-IPO"clearance"dividend samples and manually collected data,this paper analyses the pre-IPO"clearance"dividend payout behaviour of companies to be listed and the external supervision it triggers.The research finds that:Firstly,the specific motives of pre-IPO"clearance"dividend payout mainly include meeting early shareholders'expectations of return on their initial investment,clearing the use of funds by related parties,and adjusting financial indicators;Secondly,"clearance"dividend payout brings financial risks and reputation pressure to the company;Thirdly,two types of the mechanisms of"regulatory review-inquiry response"and"media coverage-public opinion response"effectively urge companies to enhance information disclosure on dividend matters,adjust the contents of fund-raising and investment projects,or withdraw their applications for listing.This paper contributes to a deeper understanding of highquality development of capital market,as well as regulatory inquiry and media governance.

关 键 词：“清仓式”分红 监管问询 媒体监督 

分 类 号：F275[经济管理—企业管理] F233[经济管理—国民经济]