上市公司(si)再融(rong)(rong)資是資本市場直接融(rong)(rong)資的(de)(de)重要途(tu)徑，是服務上市公司(si)高(gao)質量發展的(de)(de)重要方式。2020年，面對突如其(qi)來(lai)的(de)(de)疫情(qing)影響和(he)復雜嚴峻(jun)的(de)(de)形勢(shi)變化，深市上市公司(si)積(ji)極運用(yong)再融(rong)(rong)資工具，累計實施(shi)完成再融(rong)(rong)資260家次(ci)，募集(ji)資金(jin)3,913.83億元，有力(li)促進企業加大科(ke)技創新力(li)度(du)、提升風(feng)險防(fang)控(kong)水平(ping)、增強可(ke)持續發展能力(li)，推動科(ke)技、資本和(he)實體經濟(ji)高(gao)水平(ping)循(xun)環(huan)。

　　融(rong)資(zi)規模大幅(fu)增(zeng)(zeng)長，市(shi)(shi)場(chang)活(huo)力(li)持續(xu)迸發(fa)。2020年，創(chuang)業板改革(ge)并試點注冊制順(shun)利(li)落地實(shi)施(shi)，發(fa)行條件(jian)優化、定(ding)價機制完(wan)(wan)善、審核效率提(ti)升等(deng)利(li)好政策(ce)疊加，進一步激(ji)發(fa)深市(shi)(shi)再(zai)融(rong)資(zi)市(shi)(shi)場(chang)活(huo)力(li)。據統計(ji)，深市(shi)(shi)全(quan)年共實(shi)施(shi)完(wan)(wan)成(cheng)(cheng)向(xiang)特定(ding)對象(xiang)發(fa)行股(gu)(gu)(gu)票、可(ke)轉債、配(pei)股(gu)(gu)(gu)等(deng)再(zai)融(rong)資(zi)260家次，募(mu)集(ji)資(zi)金(jin)3,913.83億(yi)元(yuan)，同(tong)(tong)比(bi)(bi)分(fen)別(bie)(bie)增(zeng)(zeng)長1.5倍(bei)和2.4倍(bei)。其中，向(xiang)特定(ding)對象(xiang)發(fa)行股(gu)(gu)(gu)票實(shi)施(shi)完(wan)(wan)成(cheng)(cheng)129家次，融(rong)資(zi)2,358.38億(yi)元(yuan)，同(tong)(tong)比(bi)(bi)分(fen)別(bie)(bie)大幅(fu)增(zeng)(zeng)長2.5倍(bei)、6.3倍(bei)，再(zai)度成(cheng)(cheng)為深市(shi)(shi)再(zai)融(rong)資(zi)“首選”；可(ke)轉債實(shi)施(shi)完(wan)(wan)成(cheng)(cheng)127家次，融(rong)資(zi)1,306.02億(yi)元(yuan)，同(tong)(tong)比(bi)(bi)分(fen)別(bie)(bie)增(zeng)(zeng)長1.8倍(bei)、2.5倍(bei)，創(chuang)歷(li)史(shi)新(xin)高。此外，2020年深市(shi)(shi)還完(wan)(wan)成(cheng)(cheng)11家次配(pei)股(gu)(gu)(gu)、1家次公(gong)開增(zeng)(zeng)發(fa)、2家次優先股(gu)(gu)(gu)，募(mu)集(ji)資(zi)金(jin)249.43億(yi)元(yuan)，多種工具擴寬企(qi)業融(rong)資(zi)渠道。

　　制度包(bao)容(rong)性顯著提升，市(shi)場獲得感增強。創業板注冊(ce)制試點(dian)和(he)再融(rong)(rong)(rong)(rong)資(zi)制度改革(ge)有(you)效改善市(shi)場融(rong)(rong)(rong)(rong)資(zi)環境，集(ji)中釋放(fang)上(shang)市(shi)公司融(rong)(rong)(rong)(rong)資(zi)需(xu)求。2020年，深市(shi)公司共披露665家次(ci)再融(rong)(rong)(rong)(rong)資(zi)預案(an)，合(he)計(ji)擬募集(ji)資(zi)金8,673.02億(yi)元，同比分別(bie)增長1.5倍和(he)1.4倍。創業板有(you)55家次(ci)可轉債融(rong)(rong)(rong)(rong)資(zi)受(shou)益于(yu)“最近(jin)一期末資(zi)產負(fu)債率不(bu)低(di)于(yu)45%”發(fa)(fa)行(xing)(xing)(xing)(xing)條(tiao)件(jian)的(de)取消，合(he)計(ji)擬融(rong)(rong)(rong)(rong)資(zi)481.17億(yi)元；有(you)91家次(ci)向特定(ding)對象發(fa)(fa)行(xing)(xing)(xing)(xing)股票(piao)的(de)融(rong)(rong)(rong)(rong)資(zi)方(fang)案(an)受(shou)益于(yu)“最近(jin)兩年盈利(li)”發(fa)(fa)行(xing)(xing)(xing)(xing)條(tiao)件(jian)的(de)取消，合(he)計(ji)擬融(rong)(rong)(rong)(rong)資(zi)922.90億(yi)元。此外，大多(duo)數向特定(ding)對象發(fa)(fa)行(xing)(xing)(xing)(xing)股票(piao)融(rong)(rong)(rong)(rong)資(zi)方(fang)案(an)的(de)發(fa)(fa)行(xing)(xing)(xing)(xing)底價(jia)放(fang)寬為市(shi)場參(can)考價(jia)的(de)80%，定(ding)價(jia)空間更大。

　　創(chuang)業(ye)(ye)板(ban)注冊制(zhi)改革平(ping)(ping)穩落地，融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)效(xiao)(xiao)率(lv)進(jin)一步提(ti)(ti)高(gao)(gao)。創(chuang)業(ye)(ye)板(ban)改革首(shou)次將(jiang)增量(liang)與存量(liang)市場(chang)改革同步推進(jin)，再(zai)(zai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)審(shen)核同步實施(shi)注冊制(zhi)，促進(jin)提(ti)(ti)升市場(chang)資(zi)(zi)(zi)(zi)源(yuan)配置效(xiao)(xiao)率(lv)。一是(shi)審(shen)核注冊工(gong)作(zuo)平(ping)(ping)穩有序。截至2020年(nian)底，深交所(suo)共受理(li)創(chuang)業(ye)(ye)板(ban)公司(si)再(zai)(zai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)申請267家(jia)次，累計提(ti)(ti)交注冊160家(jia)次，其中131家(jia)次已注冊通(tong)過(guo)。二是(shi)審(shen)核時限明(ming)顯縮(suo)短。2020年(nian)，深市再(zai)(zai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)項目(mu)平(ping)(ping)均審(shen)核及回復平(ping)(ping)均用(yong)時較上(shang)年(nian)下降(jiang)近(jin)30%，再(zai)(zai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)審(shen)核效(xiao)(xiao)率(lv)明(ming)顯提(ti)(ti)高(gao)(gao)。三是(shi)創(chuang)業(ye)(ye)板(ban)小額(e)快速融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)功能有效(xiao)(xiao)發(fa)揮。仟源(yuan)醫藥、溫州(zhou)宏豐的小額(e)快速融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)項目(mu)，從提(ti)(ti)交申請到注冊通(tong)過(guo)僅耗時8個(ge)工(gong)作(zuo)日，注冊通(tong)過(guo)到資(zi)(zi)(zi)(zi)金到位分別僅耗時9個(ge)和5個(ge)工(gong)作(zuo)日，大幅提(ti)(ti)高(gao)(gao)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)便(bian)利性。四(si)是(shi)發(fa)行效(xiao)(xiao)率(lv)進(jin)一步提(ti)(ti)高(gao)(gao)。深交所(suo)制(zhi)定(ding)發(fa)布9項再(zai)(zai)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)業(ye)(ye)務辦(ban)理(li)指南(nan)，提(ti)(ti)升市場(chang)服務水(shui)平(ping)(ping)，壓縮(suo)各品種發(fa)行上(shang)市周期，便(bian)利上(shang)市公司(si)高(gao)(gao)效(xiao)(xiao)快捷辦(ban)理(li)業(ye)(ye)務。

　　助(zhu)力(li)(li)產(chan)業升級轉型(xing)，加速推進動能轉換。2020年，深市公司積極(ji)應對(dui)(dui)復雜經濟環(huan)境挑戰，抓(zhua)住國(guo)內產(chan)業結構轉型(xing)升級和(he)我國(guo)經濟高質量發展(zhan)的歷史性(xing)機遇，加大核心(xin)產(chan)業投(tou)入力(li)(li)度(du)，努力(li)(li)實(shi)現核心(xin)技術(shu)自(zi)主可(ke)控。電(dian)子通信(xin)、計算機、生(sheng)物(wu)醫(yi)藥(yao)、電(dian)氣設(she)(she)備(bei)、化(hua)工(gong)等(deng)行(xing)業公司實(shi)施(shi)再融(rong)資132家(jia)次，募(mu)(mu)(mu)集(ji)資金(jin)1,978.06億(yi)元，投(tou)入前沿科技，擴大先進產(chan)能，實(shi)施(shi)家(jia)次及募(mu)(mu)(mu)集(ji)資金(jin)占比均超五成。寧德時代(dai)向(xiang)特定對(dui)(dui)象(xiang)發行(xing)股票(piao)募(mu)(mu)(mu)集(ji)197億(yi)元，用于(yu)先導高端智能裝備(bei)制造基地建設(she)(she)、自(zi)動化(hua)設(she)(she)備(bei)生(sheng)產(chan)基地能級提升、鋰電(dian)智能制造數字(zi)化(hua)整體解決方案研發及產(chan)業化(hua)等(deng)項目；中興通訊(xun)向(xiang)特定對(dui)(dui)象(xiang)發行(xing)股票(piao)募(mu)(mu)(mu)集(ji)115億(yi)元，用于(yu)面向(xiang)網絡(luo)技術(shu)研究和(he)產(chan)品開(kai)發等(deng)項目。

　　可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)監(jian)管(guan)不斷完(wan)善，市(shi)場(chang)炒(chao)作有所(suo)降溫。針對可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)市(shi)場(chang)炒(chao)作問(wen)題(ti)，深交所(suo)一(yi)方(fang)面(mian)深化(hua)信(xin)(xin)息披(pi)露與交易監(jian)管(guan)聯動，及時關注、主動問(wen)詢，督促上(shang)市(shi)公(gong)司做好(hao)信(xin)(xin)息披(pi)露，充分揭示公(gong)司及可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)相關風險，同時加強盤中實(shi)時監(jian)控、強化(hua)交易核(he)查，及時采取監(jian)管(guan)措(cuo)施、上(shang)報違(wei)法違(wei)規(gui)線索，要求交易異常情況突出的(de)可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)停牌(pai)核(he)查；另一(yi)方(fang)面(mian)優(you)化(hua)制(zhi)度安排，完(wan)善可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)臨時停牌(pai)制(zhi)度，發布(bu)可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)投資風險揭示書必備條(tiao)款，遏制(zhi)炒(chao)作行為。目前，深交所(suo)正(zheng)按照證監(jian)會(hui)《可(ke)(ke)(ke)轉換公(gong)司債(zhai)(zhai)(zhai)券管(guan)理(li)辦法》要求，加快制(zhi)定相關配套業務(wu)規(gui)則，進(jin)一(yi)步完(wan)善可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)制(zhi)度，加強可(ke)(ke)(ke)轉債(zhai)(zhai)(zhai)管(guan)理(li)，促進(jin)市(shi)場(chang)規(gui)范(fan)發展。

　　2021年是“十(shi)四五”規劃開局之年，提高直接融(rong)資(zi)比重是“十(shi)四五”時期資(zi)本市場實現(xian)高質量(liang)發(fa)展的(de)重點任務。深交(jiao)所將繼續認真(zhen)踐行(xing)“建制度、不(bu)干預、零容忍”方(fang)針，堅持(chi)(chi)市場化(hua)、法(fa)治化(hua)改(gai)革方(fang)向，按照證監(jian)會統一(yi)部署，不(bu)斷豐(feng)富制度供給，優化(hua)審核機制，加強(qiang)一(yi)線監(jian)管，提升服務水平(ping)，發(fa)揮市場功能，支(zhi)持(chi)(chi)深市上市公司利(li)用再融(rong)資(zi)工具實現(xian)高質量(liang)發(fa)展。