強監管 防風險 促發展——資本市場新“國九條” 系列觀察

　　● 國浩律師（上海）事務所律師、 國浩金融證券合規委員會主任 黃江東

　　  國浩律師（上海）事務所律師 陳江松

　　新(xin)“國九(jiu)條(tiao)”充分體(ti)現(xian)強(qiang)監管(guan)、防風險、促高(gao)(gao)質(zhi)量(liang)發(fa)展(zhan)的(de)(de)主線。強(qiang)調要(yao)堅持穩為基調，要(yao)強(qiang)本(ben)(ben)(ben)強(qiang)基，嚴(yan)(yan)監嚴(yan)(yan)管(guan)（簡(jian)稱“兩(liang)強(qiang)兩(liang)嚴(yan)(yan)”），以資本(ben)(ben)(ben)市場自身的(de)(de)高(gao)(gao)質(zhi)量(liang)發(fa)展(zhan)更(geng)好(hao)地服務(wu)經(jing)濟(ji)社會高(gao)(gao)質(zhi)量(liang)發(fa)展(zhan)大局。筆者認(ren)為，如果(guo)說(shuo)2004年“國九(jiu)條(tiao)”的(de)(de)精(jing)神(shen)實(shi)質(zhi)是(shi)(shi)解決(jue)歷史遺留問題、推動股權分置改革，2014年“國九(jiu)條(tiao)”的(de)(de)精(jing)神(shen)實(shi)質(zhi)是(shi)(shi)促進多層次資本(ben)(ben)(ben)市場發(fa)展(zhan)、提(ti)升服務(wu)實(shi)體(ti)經(jing)濟(ji)能力，那么2024年新(xin)“國九(jiu)條(tiao)”的(de)(de)精(jing)神(shen)實(shi)質(zhi)則是(shi)(shi)“兩(liang)強(qiang)兩(liang)嚴(yan)(yan)”，這是(shi)(shi)解決(jue)當前資本(ben)(ben)(ben)市場深層次矛盾(dun)的(de)(de)需要(yao)，是(shi)(shi)推動資本(ben)(ben)(ben)市場高(gao)(gao)質(zhi)量(liang)發(fa)展(zhan)的(de)(de)需要(yao)，是(shi)(shi)建設金融(rong)強(qiang)國的(de)(de)需要(yao)。

　　投(tou)資者是(shi)市場(chang)之本，上市公司(si)是(shi)市場(chang)之基(ji)，分(fen)別(bie)代表(biao)了投(tou)資端(duan)(duan)和融資端(duan)(duan)，兩者是(shi)一體兩面、不可分(fen)割(ge)。“強本強基(ji)”理念在新“國(guo)九條”中處于核心地位。

　　在“強(qiang)(qiang)本”方面，必須真誠(cheng)善待投(tou)(tou)資(zi)(zi)者，更好(hao)地服務(wu)投(tou)(tou)資(zi)(zi)者，從法(fa)(fa)律(lv)、制度、監管執法(fa)(fa)和(he)司法(fa)(fa)上進一步加(jia)強(qiang)(qiang)對(dui)投(tou)(tou)資(zi)(zi)者的(de)保(bao)護，增強(qiang)(qiang)投(tou)(tou)資(zi)(zi)者對(dui)市(shi)場的(de)信心(xin)和(he)信任，吸引(yin)更多投(tou)(tou)資(zi)(zi)者特別(bie)是中長期資(zi)(zi)金(jin)參與市(shi)場。必須堅持監管的(de)政(zheng)治性(xing)、人民(min)性(xing)，始終踐(jian)行金(jin)融為(wei)民(min)的(de)理(li)念(nian)，突(tu)出以人民(min)為(wei)中心(xin)的(de)價值取向，更加(jia)有(you)效保(bao)護投(tou)(tou)資(zi)(zi)者特別(bie)是中小投(tou)(tou)資(zi)(zi)者合(he)法(fa)(fa)權益，助力更好(hao)滿足人民(min)群眾(zhong)日(ri)益增長的(de)財富(fu)管理(li)需求(qiu)。

　　在(zai)“強基”方(fang)面(mian)(mian)，必須聚焦提高上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)質(zhi)(zhi)量，讓企(qi)(qi)業更(geng)好發(fa)揮主(zhu)體(ti)作(zuo)用，提升(sheng)投(tou)資價值。如果上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)質(zhi)(zhi)量不行(xing)，缺乏(fa)持(chi)(chi)(chi)續(xu)創新發(fa)展和(he)盈利能(neng)(neng)(neng)力(li)，保護投(tou)資者利益就是(shi)無(wu)(wu)(wu)源(yuan)之水、無(wu)(wu)(wu)本之木，根本無(wu)(wu)(wu)從(cong)(cong)談(tan)起。新“國(guo)九條(tiao)(tiao)”從(cong)(cong)嚴(yan)(yan)(yan)(yan)把發(fa)行(xing)上(shang)(shang)市(shi)(shi)準入關(guan)、嚴(yan)(yan)(yan)(yan)格上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)持(chi)(chi)(chi)續(xu)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、加大退市(shi)(shi)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)力(li)度(du)等方(fang)面(mian)(mian)作(zuo)出(chu)部署安排。特別(bie)強調(diao)從(cong)(cong)源(yuan)頭上(shang)(shang)把關(guan)，不能(neng)(neng)(neng)把不合格的公(gong)司(si)(si)帶(dai)(dai)到(dao)二級(ji)市(shi)(shi)場(chang)(chang)上(shang)(shang)來，如果公(gong)司(si)(si)本身就是(shi)帶(dai)(dai)病上(shang)(shang)市(shi)(shi)甚至造假上(shang)(shang)市(shi)(shi)，只為(wei)圈錢、套現而來，這種情況下談(tan)提高上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)質(zhi)(zhi)量，無(wu)(wu)(wu)異于與虎謀皮(pi)。要加強上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)全(quan)鏈條(tiao)(tiao)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)，特別(bie)是(shi)要嚴(yan)(yan)(yan)(yan)打造假，嚴(yan)(yan)(yan)(yan)格規(gui)(gui)制大股(gu)東違(wei)規(gui)(gui)減(jian)持(chi)(chi)(chi)，加大分(fen)紅監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)力(li)度(du)等。遵(zun)循優勝劣汰(tai)的市(shi)(shi)場(chang)(chang)規(gui)(gui)律，加大市(shi)(shi)場(chang)(chang)出(chu)清力(li)度(du)，不合格的公(gong)司(si)(si)“應退盡(jin)退”，凈化市(shi)(shi)場(chang)(chang)生(sheng)態。嚴(yan)(yan)(yan)(yan)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)嚴(yan)(yan)(yan)(yan)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)，就是(shi)依法從(cong)(cong)嚴(yan)(yan)(yan)(yan)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)市(shi)(shi)場(chang)(chang)，依紀從(cong)(cong)嚴(yan)(yan)(yan)(yan)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理隊(dui)伍。在(zai)市(shi)(shi)場(chang)(chang)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)方(fang)面(mian)(mian)，要實現監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)全(quan)覆(fu)蓋，強化機構監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、行(xing)為(wei)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、功能(neng)(neng)(neng)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、穿透式監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、持(chi)(chi)(chi)續(xu)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)。針(zhen)對(dui)股(gu)票(piao)市(shi)(shi)場(chang)(chang)、債券市(shi)(shi)場(chang)(chang)、期(qi)貨和(he)衍生(sheng)品市(shi)(shi)場(chang)(chang)等各領(ling)域(yu)、各主(zhu)體(ti)、各環節(jie)，全(quan)面(mian)(mian)檢視并(bing)加快補齊監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)存在(zai)的短板(ban)弱(ruo)項。對(dui)問題(ti)機構、問題(ti)企(qi)(qi)業強化早期(qi)糾正，對(dui)各類風險及早處(chu)置，對(dui)各種違(wei)法違(wei)規(gui)(gui)行(xing)為(wei)露頭就打，對(dui)重(zhong)(zhong)點領(ling)域(yu)的重(zhong)(zhong)大違(wei)法行(xing)為(wei)重(zhong)(zhong)點嚴(yan)(yan)(yan)(yan)打。在(zai)隊(dui)伍管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理上(shang)(shang)，證監(jian)(jian)(jian)(jian)(jian)(jian)(jian)會將刀刃向內(nei)，嚴(yan)(yan)(yan)(yan)抓(zhua)嚴(yan)(yan)(yan)(yan)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)，著力(li)打造政治過(guo)硬、能(neng)(neng)(neng)力(li)過(guo)硬、作(zuo)風過(guo)硬的監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)鐵軍。“嚴(yan)(yan)(yan)(yan)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)嚴(yan)(yan)(yan)(yan)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)”在(zai)新“國(guo)九條(tiao)(tiao)”中處(chu)于突出(chu)地位。全(quan)文中，“嚴(yan)(yan)(yan)(yan)”字共出(chu)現了20次(ci)，“監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)”出(chu)現了33次(ci)；九條(tiao)(tiao)規(gui)(gui)定中，有七條(tiao)(tiao)涉及“嚴(yan)(yan)(yan)(yan)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)嚴(yan)(yan)(yan)(yan)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)”，內(nei)容(rong)包括上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、機構監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、交易監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)、監(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)隊(dui)伍建(jian)設等。

　　中(zhong)長期來看，新(xin)“國九條”所(suo)確(que)立(li)的(de)“兩(liang)強兩(liang)嚴(yan)”核(he)心監管理(li)念可能會在以下幾(ji)個方(fang)面產生重大、深遠(yuan)的(de)影響。

　　一(yi)批配(pei)套規(gui)(gui)則(ze)將(jiang)迅(xun)速出臺(tai)。新“國(guo)九條”與證監(jian)會(hui)會(hui)同相關方面組織(zhi)實施的落(luo)實安(an)排(pai)，將(jiang)共同形(xing)成(cheng)“1+N”政(zheng)策體系(xi)。3月15日，證監(jian)會(hui)已(yi)集(ji)中(zhong)發(fa)布4項配(pei)套制度(du)。4月12日，證監(jian)會(hui)發(fa)布《關于嚴(yan)格執行退市制度(du)的意見》，并就6項規(gui)(gui)則(ze)草案公開征求(qiu)意見。顯然(ran)，還將(jiang)有一(yi)大批配(pei)套規(gui)(gui)則(ze)迅(xun)速出臺(tai)。

　　IPO堰塞湖有(you)望緩(huan)解。新(xin)“國九條”再(zai)次重(zhong)申“強化發(fa)行(xing)上市全鏈條責任”，對于欺詐發(fa)行(xing)等嚴重(zhong)損害投資者(zhe)(zhe)利益的(de)違法行(xing)為要(yao)堅決重(zhong)拳(quan)打擊，讓其“傾家(jia)蕩產、牢底坐穿”，對參與(yu)造假的(de)中介機構一體追責，讓其痛到不(bu)敢再(zai)為。一些(xie)潛在投機者(zhe)(zhe)將很可(ke)能不(bu)敢申報，排隊中的(de)申報者(zhe)(zhe)則(ze)可(ke)能撤回申請，未來(lai)IPO排隊現象(xiang)應有(you)所緩(huan)解。

　　上市(shi)公(gong)(gong)司監(jian)管將(jiang)持續(xu)從嚴，立(li)體追責(ze)成常態(tai)。在“嚴監(jian)嚴管”的(de)監(jian)管導向下(xia)，預計對上市(shi)公(gong)(gong)司的(de)監(jian)管將(jiang)持續(xu)從嚴，上市(shi)公(gong)(gong)司被(bei)調查、處罰成常態(tai)，行政處罰、民事賠償、刑事追責(ze)的(de)立(li)體追責(ze)體系更加(jia)完(wan)善。

　　退(tui)市(shi)公(gong)司數量將明(ming)顯增多。新“國九條”強調，要深化(hua)退(tui)市(shi)制度改革，加(jia)快形成(cheng)應退(tui)盡退(tui)、及(ji)時出清的常態化(hua)退(tui)市(shi)格局。2022年以來，上市(shi)公(gong)司退(tui)市(shi)節奏(zou)已明(ming)顯加(jia)快，預(yu)計(ji)這一(yi)(yi)趨(qu)勢還將持(chi)續；未來兩年內，退(tui)市(shi)公(gong)司數量上升到一(yi)(yi)百(bai)家左右的概率(lv)較大。

　　對(dui)二(er)(er)級市(shi)(shi)場違(wei)規行為持續(xu)保持高壓嚴(yan)打態(tai)勢(shi)。今年以來(lai)，證(zheng)監會(hui)、交易所已公(gong)布(bu)大量(liang)違(wei)法違(wei)規交易的監管案例。新(xin)“國(guo)九條”強調要加(jia)強交易監管，預(yu)計未來(lai)對(dui)二(er)(er)級市(shi)(shi)場違(wei)法交易的嚴(yan)打不會(hui)放松、露頭就打、嚴(yan)刑峻(jun)法。

　　上市(shi)公司分(fen)紅(hong)比例將(jiang)(jiang)有所提(ti)高。新“國(guo)九條”提(ti)出，對多(duo)年未(wei)(wei)分(fen)紅(hong)或分(fen)紅(hong)比例偏低(di)的公司，限(xian)制大股東減(jian)持、實施風險警(jing)示。預計未(wei)(wei)來A股上市(shi)公司的整體(ti)分(fen)紅(hong)比例將(jiang)(jiang)進一步提(ti)高，投(tou)資者的獲(huo)得感將(jiang)(jiang)明(ming)顯提(ti)升。