特朗普签署第14372号行政令：表现不佳的国防承包商不得回购股票与分红
2026年1月7日，美国总统特朗普在华盛顿白宫签署第14372号行政令《在国防承包中把作战人员放在首位》。行政令规定，凡被战争部长认定履约表现不佳的国防承包商，在问题解决之前，一律不得派发股息，也不得回购自家股票。
行政令说，美国生产的军事装备是世界上最好的，但产量不够、交付不够快。许多大型承包商一边在既有合同上表现不佳，一边追求利润更高的新合同、回购股票、向股东派发高额股息，代价是产能、创新与按时交付。行政令称，自即日起，这类承包商在能够按时、按预算交付更好的产品之前，不得以任何形式分红或回购股票。
按照行政令，战争部长须在30天内开始并持续查明：承建关键武器、物资与装备的承包商中，哪些存在履约不佳、没有投入自有资金扩大产能、没有优先保障美国政府合同或者生产速度不足，并且在表现不佳期间进行过股票回购或公司分派。被点名的承包商将收到一份说明问题性质的通知，并可在通知后15天内提交经本公司董事会批准的整改计划，供部长审查。此前已经被查明并研究过的承包商，可以不再重复这一轮审查。
如果整改计划达不到要求，或者双方在15天协商期内无法解决争议，战争部长可以采取一切依法可行的补救行动，包括动用《国防生产法》与联邦采购规则下的执法手段，促使承包商加快生产、回到合格表现。战争部长还要商请国务部长与商务部长，考虑是否停止为这类承包商在国际军售竞争中提供支持。
行政令还要求，战争部长在60天内确保今后所有新签与续签的国防合同都写入条款：承包商在表现不佳期间禁止回购股票与公司分派；高管激励薪酬不得再与自由现金流、每股收益等短期财务指标挂钩，改与按时交付、提高产量和扩大产能的投资挂钩；在表现不佳期间，高管基本工资可以被冻结在现行水平，仅按通胀调整。行政令同时请证券交易委员会主席考虑修改股票回购规则的安全港规定，不让被点名的承包商使用。行政令的执行费用由战争部承担。
Trump Signs Executive Order 14372 Barring Underperforming Defense Contractors From Stock Buybacks and Dividends
On January 7, 2026, President Donald Trump signed Executive Order 14372, "Prioritizing the Warfighter in Defense Contracting," at the White House in Washington. The order provides that any defense contractor identified by the Secretary of War as underperforming may not pay dividends or buy back its own stock in any way until the problem is resolved.
The order says the United States produces the best military equipment in the world, but not enough of it and not quickly enough. Many large contractors, while underperforming on existing contracts, pursue newer and more lucrative contracts, stock buybacks and excessive dividends to shareholders at the cost of production capacity, innovation and on-time delivery. Effective immediately, the order says, such contractors are not permitted to pay dividends or buy back stock until they are able to produce a superior product, on time and on budget.
Under the order, within 30 days and on a continuing basis thereafter, the Secretary of War must identify contractors for critical weapons, supplies and equipment that are underperforming on their contracts, not investing their own capital in necessary production capacity, not sufficiently prioritizing United States Government contracts, or whose production speed is insufficient, and that engaged in a stock buyback or corporate distribution during that period. An identified contractor receives a notice describing the problem and may submit a board-approved remediation plan for the Secretary's review during the 15 days following notification. Contractors already identified and studied may not need an additional review.
If a remediation plan is insufficient or a dispute cannot be resolved within the 15-day negotiation period, the Secretary may initiate immediate actions to secure remedies to the maximum extent permitted by law, including enforcement tools under the Defense Production Act and federal acquisition rules. The Secretary must also consult the Secretaries of State and Commerce on whether to cease advocacy support for such contractors competing for international military sales.
The order further requires that within 60 days, all future defense contracts, including renewals, contain a provision prohibiting stock buybacks and corporate distributions during a period of underperformance, stipulate that executive incentive compensation be linked to on-time delivery, increased production and capacity investment rather than short-term financial metrics such as free cash flow or earnings per share, and allow executive base salaries to be capped at current levels during underperformance. The Chairman of the Securities and Exchange Commission is asked to consider amending the stock buyback safe-harbor rule so that identified contractors cannot use it. The costs of publishing the order are borne by the Department of War.
来源：白宫
发布：GSM·美国（发布链接）
图片来源：GSM 行政令统一模板（美国总统行政令）
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