北京證券交易所副總經理(li)王麗(li)10月21日在2021金融街論壇年會(hui)上表示(shi)，按照中國證監會(hui)統一部(bu)署，北交所開市(shi)各項(xiang)準備工(gong)(gong)作正緊鑼密鼓(gu)地推(tui)進(jin)。目前(qian)，北交所基礎制度和規則架構基本成型，投資者預開戶、技術改造測(ce)試等工(gong)(gong)作穩步(bu)推(tui)進(jin)。

　　她(ta)表(biao)示，在(zai)北交(jiao)所設(she)立后(hou)，希望能得到司(si)法界的(de)大力支持。建議明(ming)確集中(zhong)管(guan)(guan)轄，將(jiang)涉(she)及北交(jiao)所行(xing)使(shi)自律監(jian)(jian)管(guan)(guan)職權的(de)訴(su)訟(song)以及北交(jiao)所上市(shi)公(gong)司(si)相關(guan)訴(su)訟(song)由指定法院集中(zhong)管(guan)(guan)轄；加強(qiang)司(si)法與行(xing)政監(jian)(jian)管(guan)(guan)的(de)溝通銜(xian)接，在(zai)必要情況(kuang)下可(ke)以援(yuan)引(yin)證監(jian)(jian)會(hui)和交(jiao)易(yi)所的(de)證券監(jian)(jian)管(guan)(guan)規(gui)則作(zuo)為(wei)(wei)審判依據(ju)，引(yin)入行(xing)業專家作(zuo)為(wei)(wei)陪審員(yuan)，由交(jiao)易(yi)所和結算(suan)機構為(wei)(wei)涉(she)及證券市(shi)場的(de)訴(su)訟(song)案(an)件(jian)損失認(ren)定提(ti)供數據(ju)支持等。

　　提高上市準入精準度和適應性

　　“從功(gong)能定位看(kan)，北交所(suo)是主要(yao)服務(wu)于創新型中(zhong)小(xiao)企業的證券(quan)交易(yi)所(suo)，在制度(du)設計上(shang)既要(yao)符合(he)證券(quan)交易(yi)所(suo)和上(shang)市公司(si)監管(guan)一般規(gui)(gui)律，也(ye)要(yao)契合(he)中(zhong)小(xiao)企業特點，充分考慮(lv)企業發展階(jie)段(duan)早、規(gui)(gui)模相對小(xiao)的實際情況，兼顧規(gui)(gui)范性與包(bao)容性。”王麗表示(shi)，北交所(suo)制度(du)內(nei)容可概括(kuo)為如下(xia)幾個方面。

　　一是精準(zhun)包容的(de)發(fa)行(xing)上(shang)(shang)(shang)(shang)市(shi)制度(du)。北交(jiao)所發(fa)行(xing)上(shang)(shang)(shang)(shang)市(shi)條(tiao)(tiao)件綜合(he)運用盈(ying)利能(neng)力(li)、成長(chang)性、研(yan)(yan)發(fa)能(neng)力(li)等多元評價體(ti)系(xi)，提高上(shang)(shang)(shang)(shang)市(shi)準(zhun)入(ru)(ru)精準(zhun)度(du)和(he)適應性；市(shi)值(zhi)和(he)財(cai)務(wu)標(biao)準(zhun)總體(ti)上(shang)(shang)(shang)(shang)低于(yu)其(qi)他交(jiao)易所各(ge)板塊上(shang)(shang)(shang)(shang)市(shi)條(tiao)(tiao)件，契合(he)中小企業(ye)(ye)發(fa)展階段和(he)經營特征(zheng)。考慮到創(chuang)新型(xing)企業(ye)(ye)前期研(yan)(yan)發(fa)投入(ru)(ru)大(da)、盈(ying)虧平衡周期長(chang)的(de)特點，專門設(she)置(zhi)以研(yan)(yan)發(fa)投入(ru)(ru)和(he)研(yan)(yan)發(fa)強(qiang)度(du)為核心的(de)上(shang)(shang)(shang)(shang)市(shi)條(tiao)(tiao)件，允許尚未盈(ying)利但研(yan)(yan)發(fa)能(neng)力(li)突出(chu)、業(ye)(ye)務(wu)創(chuang)新性較(jiao)強(qiang)、技(ji)術含量(liang)高的(de)科(ke)技(ji)型(xing)中小企業(ye)(ye)上(shang)(shang)(shang)(shang)市(shi)。

　　二是靈活多元的持續融(rong)資(zi)制(zhi)度。北(bei)交所緊緊圍繞(rao)創新型中小(xiao)企(qi)業(ye)(ye)需求，在融(rong)資(zi)品(pin)種(zhong)上，形成(cheng)普通股、優先股、可轉債等較豐(feng)富的權益融(rong)資(zi)工具；在發(fa)行(xing)方式(shi)上，實行(xing)向(xiang)不特定合格投資(zi)者公開發(fa)行(xing)、向(xiang)特定對象發(fa)行(xing)等多元的融(rong)資(zi)方式(shi)，引入授權發(fa)行(xing)、儲架發(fa)行(xing)、自(zi)辦發(fa)行(xing)等靈活的發(fa)行(xing)機制(zhi)，進一步降低(di)中小(xiao)企(qi)業(ye)(ye)融(rong)資(zi)成(cheng)本。

　　三是(shi)寬(kuan)嚴適度的持(chi)續(xu)監(jian)管(guan)制度。一方(fang)面，在公(gong)司(si)治(zhi)理(li)、信(xin)息披(pi)露(lu)、停復牌(pai)管(guan)理(li)等方(fang)面接軌現(xian)行上市(shi)公(gong)司(si)主(zhu)要(yao)(yao)監(jian)管(guan)安排，保持(chi)各證券(quan)交(jiao)易(yi)所監(jian)管(guan)標準的總體一致性，增強(qiang)提(ti)高(gao)公(gong)司(si)質量內生動力(li)。另一方(fang)面，引入更加靈(ling)活、有彈性的監(jian)管(guan)要(yao)(yao)求。例如，董(dong)事會組成充(chong)分(fen)尊重公(gong)司(si)自治(zhi)，不強(qiang)制要(yao)(yao)求設立(li)專門委(wei)員會；對現(xian)金分(fen)紅比例不作硬性要(yao)(yao)求，鼓(gu)勵(li)公(gong)司(si)根(gen)據自身實際“量力(li)而為”；對于股權(quan)激勵(li)，允許在充(chong)分(fen)披(pi)露(lu)并履(lv)行相應程序前提(ti)下，合理(li)設置低于股票市(shi)價(jia)(jia)的期權(quan)行權(quan)價(jia)(jia)格，以增強(qiang)激勵(li)功(gong)效等。

　　四是循(xun)序漸進(jin)(jin)的(de)成長路徑(jing)。北交所堅持與新(xin)(xin)三板創新(xin)(xin)層(ceng)(ceng)、基礎(chu)層(ceng)(ceng)一體發(fa)展(zhan)與制(zhi)度聯動(dong)，堅持與區(qu)域股權市(shi)(shi)場(chang)、滬深交易(yi)所錯位發(fa)展(zhan)與互聯互通(tong)。北交所上(shang)市(shi)(shi)公司由新(xin)(xin)三板創新(xin)(xin)層(ceng)(ceng)公司產(chan)生。這種逐層(ceng)(ceng)遞(di)進(jin)(jin)的(de)上(shang)市(shi)(shi)模式，為企業提供了一條“邊融資(zi)、邊交易(yi)、邊發(fa)展(zhan)”，始終獲(huo)得(de)支持、逐步發(fa)展(zhan)壯大的(de)資(zi)本市(shi)(shi)場(chang)路徑(jing)。

　　加強司法與行政監管溝通銜接

　　王麗表(biao)示，在(zai)北交(jiao)所(suo)設(she)立后，市(shi)(shi)場(chang)(chang)的(de)交(jiao)易(yi)所(suo)屬性和(he)上市(shi)(shi)公(gong)司(si)的(de)法(fa)律地位均已非常明(ming)確，證券(quan)(quan)法(fa)關(guan)于(yu)上市(shi)(shi)公(gong)司(si)監管及(ji)交(jiao)易(yi)所(suo)行使自律監管職權(quan)的(de)規定(ding)均自然適(shi)(shi)用(yong)于(yu)北交(jiao)所(suo)，刑法(fa)、公(gong)司(si)法(fa)、破產法(fa)及(ji)證券(quan)(quan)糾紛代表(biao)人訴訟(song)、內幕交(jiao)易(yi)等司(si)法(fa)解釋(shi)中關(guan)于(yu)上市(shi)(shi)公(gong)司(si)相關(guan)規定(ding)也(ye)可(ke)適(shi)(shi)用(yong)。市(shi)(shi)場(chang)(chang)法(fa)治(zhi)建設(she)需求可(ke)能主要集中在(zai)具體的(de)司(si)法(fa)實踐方面。

　　從科創(chuang)板、創(chuang)業板試點注(zhu)(zhu)冊制經驗看，最高(gao)法(fa)院(yuan)均出臺專項司(si)法(fa)保障意見，地方高(gao)院(yuan)、中院(yuan)或金融法(fa)院(yuan)也配套出臺相關政(zheng)策性文件，體(ti)(ti)現司(si)法(fa)對證券市場重大改革創(chuang)新的支(zhi)持(chi)與(yu)關注(zhu)(zhu)。北交所設立后，也希(xi)望能(neng)得到司(si)法(fa)界大力支(zhi)持(chi)，建議明(ming)確集中管(guan)轄(xia)，加強司(si)法(fa)與(yu)行政(zheng)監管(guan)的溝通銜(xian)接。貫徹落(luo)實注(zhu)(zhu)冊制以(yi)信(xin)息披(pi)露為核心的追責(ze)理(li)念，通過(guo)嚴格落(luo)實信(xin)息披(pi)露追責(ze)原(yuan)則、合理(li)區(qu)分風(feng)險自擔投資(zi)損(sun)失與(yu)欺詐受(shou)損(sun)，引導上(shang)市公司(si)、中介機(ji)構與(yu)投資(zi)者各(ge)方主(zhu)體(ti)(ti)歸位盡責(ze)；

　　推(tui)動(dong)多(duo)元化(hua)糾(jiu)紛解(jie)決機制(zhi)落實，引導相關爭(zheng)議(yi)主體盡量通過交易所的復(fu)核、聽證等機制(zhi)表達訴求和維權(quan)，在訴訟階(jie)段充分發揮好調解(jie)制(zhi)度功能，依托人民(min)法院一站式多(duo)元解(jie)紛平臺(tai)機制(zhi)，健全有機銜(xian)接、協調聯動(dong)、高(gao)效便民(min)的證券糾(jiu)紛多(duo)元化(hua)解(jie)機制(zhi)。

　　完善北交所、新三板法律與制度

　　談及完善北(bei)交所、新三板(ban)(ban)法律與(yu)制度(du)的建議(yi)，王麗表示，北(bei)交所制度(du)建設(she)立足多層次資本(ben)市(shi)(shi)(shi)場的整體格(ge)局，維持了新三板(ban)(ban)基礎層、創新層與(yu)北(bei)交所“層層遞進”的市(shi)(shi)(shi)場結構，上市(shi)(shi)(shi)公司均由新三板(ban)(ban)創新層公司產生(sheng)。這一(yi)與(yu)滬深市(shi)(shi)(shi)場不同的制度(du)安排，在(zai)司法實踐(jian)中(zhong)可能(neng)產生(sheng)一(yi)些(xie)新情況、新問(wen)題。

　　王麗認(ren)(ren)為(wei)，一(yi)是關注“首(shou)次(ci)(ci)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發(fa)(fa)行(xing)”概(gai)念(nian)的(de)(de)使用。建議(yi)后續上位法修(xiu)改的(de)(de)過程(cheng)中(zhong)(zhong)，考(kao)慮和(he)(he)關注新的(de)(de)市場(chang)結構，完(wan)善(shan)相應規定(ding)。二是“遞進(jin)(jin)”過程(cheng)中(zhong)(zhong)法律(lv)(lv)責(ze)任(ren)(ren)認(ren)(ren)定(ding)的(de)(de)具(ju)體司法實(shi)(shi)踐問題。由于(yu)北交所上市公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司均(jun)需(xu)在(zai)(zai)新三(san)板掛(gua)牌(pai)滿一(yi)年，相關法律(lv)(lv)責(ze)任(ren)(ren)的(de)(de)認(ren)(ren)定(ding)也較滬深市場(chang)更為(wei)復雜，需(xu)進(jin)(jin)一(yi)步(bu)研究(jiu)。以欺(qi)詐發(fa)(fa)行(xing)和(he)(he)虛假陳(chen)述為(wei)例：由于(yu)北交所上市公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司來源(yuan)于(yu)新三(san)板掛(gua)牌(pai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司，發(fa)(fa)行(xing)上市環(huan)節申請(qing)文件已在(zai)(zai)新三(san)板市場(chang)通(tong)過定(ding)期(qi)報告方式公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)披露，同一(yi)行(xing)為(wei)可(ke)能(neng)(neng)同時(shi)涉(she)及欺(qi)詐發(fa)(fa)行(xing)和(he)(he)虛假陳(chen)述，如(ru)何確(que)(que)認(ren)(ren)損(sun)失和(he)(he)確(que)(que)定(ding)法律(lv)(lv)責(ze)任(ren)(ren)，還需(xu)要(yao)在(zai)(zai)實(shi)(shi)踐中(zhong)(zhong)不斷探索(suo)和(he)(he)完(wan)善(shan)。三(san)是“公(gong)(gong)(gong)(gong)(gong)(gong)(gong)眾(zhong)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司”概(gai)念(nian)引(yin)入。在(zai)(zai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司法修(xiu)改中(zhong)(zhong)，關于(yu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司分類(lei)標準的(de)(de)討論在(zai)(zai)學界和(he)(he)實(shi)(shi)務界都很(hen)熱烈。在(zai)(zai)實(shi)(shi)踐中(zhong)(zhong)，“公(gong)(gong)(gong)(gong)(gong)(gong)(gong)眾(zhong)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司”概(gai)念(nian)已有相當的(de)(de)實(shi)(shi)踐基礎，但(dan)在(zai)(zai)法律(lv)(lv)法規層面尚無(wu)明確(que)(que)規定(ding)。引(yin)入公(gong)(gong)(gong)(gong)(gong)(gong)(gong)眾(zhong)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司概(gai)念(nian)，明確(que)(que)非公(gong)(gong)(gong)(gong)(gong)(gong)(gong)眾(zhong)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司、非上市公(gong)(gong)(gong)(gong)(gong)(gong)(gong)眾(zhong)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司和(he)(he)上市公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司的(de)(de)不同監管要(yao)求，將有利(li)于(yu)多(duo)層次(ci)(ci)資本市場(chang)建設。四是公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發(fa)(fa)行(xing)與(yu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)轉(zhuan)讓的(de)(de)概(gai)念(nian)區分。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)轉(zhuan)讓是新三(san)板市場(chang)的(de)(de)一(yi)項特色制度，雖然實(shi)(shi)踐中(zhong)(zhong)將公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)轉(zhuan)讓視同公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發(fa)(fa)行(xing)管理，但(dan)轉(zhuan)讓與(yu)發(fa)(fa)行(xing)畢竟不能(neng)(neng)完(wan)全(quan)等同，如(ru)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)轉(zhuan)讓是否適(shi)用公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發(fa)(fa)行(xing)的(de)(de)條件，財務造假的(de)(de)法律(lv)(lv)責(ze)任(ren)(ren)如(ru)何認(ren)(ren)定(ding)，需(xu)在(zai)(zai)司法實(shi)(shi)踐中(zhong)(zhong)進(jin)(jin)一(yi)步(bu)研究(jiu)和(he)(he)明確(que)(que)。