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尽快改变再融资被滥用的现象

来源: 南方日报网络版     时间: 2019年09月18日 15:28:42
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(原)(标)(题)(:尽)(快)(改)(变)(再)(融)(资)(被)(滥)(用)(的)(现)(象)(
证)(监)(会)(日)(前)(宣)(布)(修)(订)(再)(融)(资)(规)(则)(,旨)(在)(抑)(制)(上)(市)(公)(司)(过)(度)(融)(资)(,引)(导)(资)(金)(流)(向)(实)(体)(经)(济)(最)(需)(要)(的)(地)(方)(,避)(免)(资)(金)(“脱)(实)(向)(虚)(”。
修)(订)(后)(的)(再)(融)(资)(规)(则)(,新)(增)(了)(对)(定)(增)(发)(行)(的)(股)(本)(限)(制)(、再)(融)(资)(间)(隔)(期)(的)(设)(定)(。其)(中)(,上)(市)(公)(司)(申)(请)(非)(公)(开)(发)(行)(股)(票)(的)(,拟)(发)(行)(的)(股)(票)(数)(量)(不)(得)(超)(过)(本)(次)(发)(行)(前)(总)(股)(份)(的)(20%。上)(市)(公)(司)(申)(请)(增)(发)(、配)(股)(、非)(公)(开)(发)(行)(股)(票)(的)(,本)(次)(发)(行)(董)(事)(会)(决)(议)(日)(距)(离)(前)(次)(募)(集)(资)(金)(到)(位)(日)(原)(则)(上)(不)(得)(少)(于)(18个)(月)(。新)(规)(还)(要)(求)(,将)(非)(公)(开)(发)(行)(的)(定)(价)(基)(准)(日)(明)(确)(为)(发)(行)(期)(首)(日)(。而)(此)(前)(的)(规)(定)(中)(,定)(价)(基)(准)(日)(可)(以)(是)(董)(事)(会)(决)(议)(公)(告)(日)(、股)(东)(大)(会)(决)(议)(公)(告)(日)(,也)(可)(以)(为)(发)(行)(期)(的)(首)(日)(。
这)(些)(新)(规)(定)(将)(改)(善)(中)(国)(资)(本)(市)(场)(的)(生)(态)(。尽)(管)(有)(所)(谓)(的)(市)(场)(派)(认)(为)(新)(的)(限)(制)(可)(能)(会)(损)(害)(市)(场)(自)(由)(发)(展)(,但)(恰)(恰)(是)(再)(融)(资)(缺)(乏)(监)(管)(的)(现)(象)(导)(致)(了)(中)(国)(证)(券)(市)(场)(中)(部)(分)(机)(构)(和)(上)(市)(公)(司)(相)(互)(勾)(结)(剪)(羊)(毛)(的)(现)(象)(。对)(再)(融)(资)(缺)(乏)(管)(束)(导)(致)(这)(种)(工)(具)(越)(来)(越)(金)(融)(化)(,而)(不)(是)(为)(实)(体)(经)(济)(的)(融)(资)(服)(务)(,进)(而)(大)(规)(模)(推)(动)(资)(本)(市)(场)(跟)(风)(式)(的)(编)(项)(目)(、炒)(概)(念)(,让)(市)(场)(参)(与)(者)(都)(具)(有)(了)(投)(机)(性)(。
长)(期)(以)(来)(,市)(场)(对)(IPO极)(为)(抵)(触)(,认)(为)(IPO会)(对)(市)(场)(流)(动)(性)(产)(生)(冲)(击)(,影)(响)(股)(市)(稳)(定)(。而)(这)(种)(以)(股)(市)(稳)(定)(绑)(架)(IPO的)(做)(法)(,只)(不)(过)(是)(为)(机)(构)(在)(定)(增)(市)(场)(套)(利)(服)(务)(。比)(如)(,去)(年)(沪)(深)(两)(市)(再)(融)(资)(总)(规)(模)(达)(到)(1.79万)(亿)(,是)(同)(期)(IPO融)(资)(规)(模)(的)(近)(13倍)(。这)(导)(致)(了)(极)(为)(罕)(见)(的)(现)(象)(:真)(正)(需)(要)(上)(市)(融)(资)(的)(公)(司)(不)(得)(不)(排)(着)(长)(长)(的)(队)(伍)(,并)(聚)(集)(成)(堰)(塞)(湖)(;而)(存)(量)(的)(上)(市)(公)(司)(却)(可)(以)(轻)(而)(易)(举)(地)(大)(规)(模)(再)(融)(资)(,这)(鼓)(励)(了)(这)(些)(公)(司)(低)(成)(本)(获)(取)(资)(金)(然)(后)(进)(行)(资)(本)(运)(作)(套)(利)(,从)(而)(加)(速)(了)(脱)(实)(向)(虚)(。比)(如)(,有)(的)(公)(司)(融)(资)(后)(就)(四)(处)(收)(购)(,脱)(离)(公)(司)(主)(业)(发)(展)(,希)(望)(通)(过)(重)(组)(、收)(购)(等)(进)(行)(扩)(张)(和)(市)(值)(管)(理)(;有)(的)(公)(司)(甚)(至)(直)(接)(将)(融)(资)(变)(相)(投)(向)(理)(财)(产)(品)(等)(财)(务)(性)(投)(资)(和)(类)(金)(融)(业)(务)(。
这)(种)(现)(象)(是)(具)(有)(中)(国)(特)(色)(的)(“壳)(资)(源)(”的)(根)(源)(之)(一)(,由)(于)(IPO困)(难)(而)(上)(市)(公)(司)(再)(融)(资)(便)(利)(,导)(致)(中)(国)(证)(券)(市)(场)(的)(“壳)(价)(格)(”越)(来)(越)(高)(。这)(也)(导)(致)(中)(国)(资)(本)(市)(场)(出)(现)(炒)(作)(借)(壳)(的)(概)(念)(,从)(机)(构)(到)(散)(户)(,无)(不)(乐)(于)(投)(机)(。
退)(市)(难)(以)(及)(融)(资)(便)(利)(提)(升)(壳)(价)(值)(的)(另)(一)(个)(后)(果)(,就)(是)(创)(业)(板)(的)(泡)(沫)(化)(。市)(场)(给)(予)(中)(小)(板)(与)(创)(业)(板)(公)(司)(过)(高)(的)(估)(值)(,除)(了)(某)(种)(成)(长)(性)(神)(话)(之)(外)(,主)(要)(是)(他)(们)(可)(以)(依)(靠)(增)(发)(收)(购)(资)(产)(以)(及)(稀)(释)(泡)(沫)(。在)(创)(业)(板)(中)(,有)(龙)(头)(公)(司)(融)(资)(与)(收)(购)(的)(循)(环)(过)(于)(快)(速)(,导)(致)(了)(资)(金)(链)(紧)(张)(,使)(得)(这)(种)(模)(式)(具)(有)(旁)(氏)(融)(资)(的)(某)(些)(特)(征)(。
在)(过)(去)(数)(年)(,一)(些)(机)(构)(与)(上)(市)(公)(司)(相)(互)(配)(合)(,利)(用)(非)(公)(开)(发)(行)(定)(价)(机)(制)(的)(套)(利)(空)(间)(,通)(过)(频)(繁)(的)(增)(发)(,闷)(声)(发)(大)(财)(,让)(中)(小)(投)(资)(者)(埋)(单)(。因)(为)(非)(公)(开)(发)(行)(股)(票)(主)(要)(面)(向)(机)(构)(投)(资)(者)(,门)(槛)(低)(,监)(管)(少)(,机)(构)(投)(资)(者)(更)(看)(重)(发)(行)(价)(格)(相)(比)(市)(价)(的)(折)(扣)(,而)(不)(重)(视)(公)(司)(成)(长)(性)(和)(内)(在)(投)(资)(价)(值)(,导)(致)(上)(市)(公)(司)(与)(机)(构)(目)(标)(都)(短)(期)(化)(,市)(场)(行)(为)(投)(机)(化)(。
可)(以)(看)(出)(,中)(国)(股)(市)(的)(融)(资)(功)(能)(存)(在)(问)(题)(,鼓)(励)(了)(一)(些)(上)(市)(公)(司)(与)(机)(构)(不)(断)(进)(行)(金)(融)(炒)(作)(,损)(害)(了)(资)(本)(市)(场)(的)(健)(康)(成)(长)(与)(中)(小)(投)(资)(者)(的)(利)(益)(。这)(也)(是)(长)(期)(以)(来)(股)(市)(无)(法)(正)(本)(清)(源)(,反)(而)(成)(了)(金)(融)(市)(场)(的)(“负)(担)(”与)(风)(险)(的)(重)(要)(原)(因)(。不)(受)(约)(束)(的)(再)(融)(资)(行)(为)(还)(以)(其)(过)(大)(的)(规)(模)(,加)(速)(了)(中)(国)(经)(济)(“脱)(实)(向)(虚)(”的)(问)(题)(,制)(造)(了)(金)(融)(风)(险)(。因)(此)(,不)(管)(是)(让)(证)(券)(市)(场)(恢)(复)(正)(常)(的)(融)(资)(功)(能)(、保)(护)(中)(小)(投)(资)(者)(、打)(击)(投)(机)(,还)(是)(避)(免)(中)(国)(经)(济)(过)(度)(金)(融)(化)(、防)(范)(金)(融)(风)(险)(,都)(有)(必)(要)(尽)(快)(改)(变)(目)(前)(再)(融)(资)(被)(滥)(用)(的)(现)(象)(。
习)(近)(平)(总)(书)(记)(在)(中)(央)(财)(经)(领)(导)(小)(组)(第)(十)(一)(次)(会)(议)(上)(指)(出)(,“要)(防)(范)(化)(解)(金)(融)(风)(险)(,加)(快)(形)(成)(融)(资)(功)(能)(完)(备)(、基)(础)(制)(度)(扎)(实)(、市)(场)(监)(管)(有)(效)(、投)(资)(者)(权)(益)(得)(到)(充)(分)(保)(护)(的)(股)(票)(市)(场)(。”新)(规)(定)(就)(是)(为)(落)(实)(习)(总)(书)(记)(的)(这)(一)(指)(示)(,让)(资)(本)(市)(场)(恢)(复)(本)(来)(的)(功)(能)(,为)(供)(给)(侧)(结)(构)(性)(改)(革)(服)(务)(,实)(现)(优)(化)(资)(本)(市)(场)(资)(源)(配)(置)(功)(能)(。监)(管)(部)(门)(还)(要)(引)(导)(规)(范)(上)(市)(公)(司)(并)(购)(重)(组)(行)(为)(,不)(断)(完)(善)(相)(关)(制)(度)(,保)(护)(中)(小)(投)(资)(者)(合)(法)(权)(益)(,更)(好)(地)(支)(持)(实)(体)(经)(济)(发)(展)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(
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