《關(guan)于在國有股(gu)混合(he)所(suo)有制改革中推行優先股(gu)方式的提案(an)》收悉。經認真研究(jiu),并商(shang)發展(zhan)改革委(wei)和國資委(wei),現就有關(guan)問題答復如下:
關于(yu)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)支(zhi)持(chi)企業發(fa)(fa)展(zhan)方面(mian)。2013年11月,國務(wu)院發(fa)(fa)布《關于(yu)開展(zhan)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)試點(dian)的(de)(de)指導意見》(國發(fa)(fa)〔2013〕46號),對優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)(dong)的(de)(de)權利(li)與(yu)義務(wu)、優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)發(fa)(fa)行(xing)(xing)與(yu)交易以(yi)及相關組(zu)織管(guan)理和(he)配套政策等作出明(ming)確(que)規定。據此,我(wo)(wo)會(hui)于(yu)2014年3月出臺(tai)《優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)試點(dian)管(guan)理辦法(fa)(fa)》(證監會(hui)令第(di)97號),明(ming)確(que)了(le)上(shang)市(shi)公司(si)(si)(si)可以(yi)發(fa)(fa)行(xing)(xing)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu),非上(shang)市(shi)公眾公司(si)(si)(si)可以(yi)非公開發(fa)(fa)行(xing)(xing)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu),并(bing)規定了(le)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)的(de)(de)發(fa)(fa)行(xing)(xing)條(tiao)件(jian)、優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)(dong)行(xing)(xing)使權利(li)的(de)(de)情形,以(yi)及中(zhong)小投(tou)資者(zhe)合(he)法(fa)(fa)權益保(bao)障機制等。此后,我(wo)(wo)會(hui)持(chi)續完善相關配套文(wen)件(jian),明(ming)確(que)了(le)上(shang)市(shi)公司(si)(si)(si)和(he)非上(shang)市(shi)公眾公司(si)(si)(si)發(fa)(fa)行(xing)(xing)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)的(de)(de)信息(xi)披露義務(wu)、公司(si)(si)(si)章程修訂、利(li)用(yong)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)作為支(zhi)付手段(duan)實施并(bing)購重組(zu)等有關事(shi)項(xiang)。自優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)制度(du)推(tui)出以(yi)來,截至(zhi)2017年11月底,累計(ji)有29家(jia)上(shang)市(shi)公司(si)(si)(si)完成了(le)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)(xian)(xian)股(gu)(gu)(gu)發(fa)(fa)行(xing)(xing),合(he)計(ji)募(mu)集(ji)資金4600多億(yi)元,有力滿足了(le)企業的(de)(de)融資需(xu)(xu)求和(he)發(fa)(fa)展(zhan)需(xu)(xu)要(yao)。
關于在(zai)國(guo)有(you)(you)(you)企(qi)業(ye)混合所(suo)(suo)有(you)(you)(you)制(zhi)改(gai)革(ge)中引進優先股(gu)方面(mian)。《國(guo)務(wu)院關于國(guo)有(you)(you)(you)企(qi)業(ye)發展混合所(suo)(suo)有(you)(you)(you)制(zhi)經濟的(de)意見》(國(guo)發〔2015〕54號)提出,“國(guo)有(you)(you)(you)資(zi)本參股(gu)非國(guo)有(you)(you)(you)企(qi)業(ye)或國(guo)有(you)(you)(you)企(qi)業(ye)引入非國(guo)有(you)(you)(you)資(zi)本時,允許(xu)將部分(fen)國(guo)有(you)(you)(you)資(zi)本轉(zhuan)化為優先股(gu)”。在(zai)國(guo)有(you)(you)(you)企(qi)業(ye)混合所(suo)(suo)有(you)(you)(you)制(zhi)改(gai)革(ge)中,探索優先股(gu)制(zhi)度,有(you)(you)(you)利于實現(xian)國(guo)有(you)(you)(you)資(zi)本的(de)保值增(zeng)值,也有(you)(you)(you)助于提高非國(guo)有(you)(you)(you)資(zi)本參與混合所(suo)(suo)有(you)(you)(you)制(zhi)改(gai)革(ge)的(de)積極性。
國(guo)資(zi)(zi)(zi)(zi)委(wei)表(biao)示,支持符合條(tiao)件(jian)的(de)(de)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)(ye)在(zai)混(hun)合所有(you)(you)(you)制(zhi)改革(ge)(ge)中(zhong)將(jiang)部分(fen)國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本轉化為(wei)(wei)優(you)先(xian)(xian)股(gu)(gu)(gu)。鑒于(yu)公(gong)益類(lei)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)(ye)以保障(zhang)民生、服務社會、提(ti)供(gong)公(gong)共產品和(he)服務為(wei)(wei)主要(yao)(yao)(yao)目(mu)標,商業(ye)(ye)二類(lei)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)(ye)以保障(zhang)國(guo)家安(an)全和(he)國(guo)民經濟運(yun)行(xing)(xing)(xing)(xing)為(wei)(wei)目(mu)標,需要(yao)(yao)(yao)保證國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本深(shen)度(du)參與(yu)或保持國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本控(kong)股(gu)(gu)(gu)地位,均不(bu)宜推行(xing)(xing)(xing)(xing)優(you)先(xian)(xian)股(gu)(gu)(gu),可優(you)先(xian)(xian)選擇(ze)處于(yu)充分(fen)競(jing)爭領域(yu)的(de)(de)商業(ye)(ye)一類(lei)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)(ye)進行(xing)(xing)(xing)(xing)試(shi)點(dian)。國(guo)有(you)(you)(you)企(qi)(qi)業(ye)(ye)將(jiang)部分(fen)國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本轉化為(wei)(wei)優(you)先(xian)(xian)股(gu)(gu)(gu),應合理確定國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本轉化為(wei)(wei)優(you)先(xian)(xian)股(gu)(gu)(gu)的(de)(de)比(bi)例,并按照有(you)(you)(you)關法律(lv)法規規定履行(xing)(xing)(xing)(xing)必要(yao)(yao)(yao)的(de)(de)決策審批程(cheng)序(xu),通過(guo)設定國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本固定回報率(lv)、設置安(an)全退出機(ji)制(zhi)、設定優(you)先(xian)(xian)股(gu)(gu)(gu)股(gu)(gu)(gu)東的(de)(de)財(cai)務監督(du)權、依法派出監事會、強(qiang)化信息(xi)披(pi)露(lu)等方式,保障(zhang)國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)本安(an)全。發(fa)展(zhan)改革(ge)(ge)委(wei)表(biao)示,按照黨中(zhong)央、國(guo)務院(yuan)部署,他們正(zheng)與(yu)國(guo)資(zi)(zi)(zi)(zi)委(wei)共同推進部分(fen)重要(yao)(yao)(yao)領域(yu)混(hun)合所有(you)(you)(you)制(zhi)改革(ge)(ge)試(shi)點(dian)示范工作。2016年以來(lai),已(yi)開展(zhan)三批試(shi)點(dian),但(dan)現有(you)(you)(you)試(shi)點(dian)中(zhong),還沒有(you)(you)(you)發(fa)行(xing)(xing)(xing)(xing)優(you)先(xian)(xian)股(gu)(gu)(gu)的(de)(de)相關實踐。接下(xia)來(lai),發(fa)展(zhan)改革(ge)(ge)委(wei)將(jiang)繼續(xu)鼓(gu)勵支持有(you)(you)(you)意愿、有(you)(you)(you)條(tiao)件(jian)的(de)(de)試(shi)點(dian)企(qi)(qi)業(ye)(ye)在(zai)優(you)先(xian)(xian)股(gu)(gu)(gu)制(zhi)度(du)方面進行(xing)(xing)(xing)(xing)積(ji)極探索(suo)。
下一步,我會(hui)將推(tui)進(jin)國(guo)有(you)(you)(you)資(zi)本轉化為優(you)先(xian)股的專題研究(jiu),與發(fa)展改(gai)(gai)革(ge)委、國(guo)資(zi)委保持(chi)密切溝通,做好意見(jian)建議的反饋,積極(ji)配(pei)合研究(jiu)制(zhi)定相(xiang)關(guan)政策(ce)。同時,在(zai)評(ping)估現有(you)(you)(you)《優(you)先(xian)股試點管理(li)辦法》實(shi)施效果的基礎(chu)上(shang),創造條(tiao)件,積極(ji)穩(wen)妥地拓展優(you)先(xian)股用(yong)途,更好地發(fa)揮優(you)先(xian)股作用(yong)。研究(jiu)完善將優(you)先(xian)股權益納(na)入上(shang)市公(gong)司治理(li)的相(xiang)關(guan)措施,夯實(shi)國(guo)有(you)(you)(you)企業混合所有(you)(you)(you)制(zhi)改(gai)(gai)革(ge)涉及優(you)先(xian)股的制(zhi)度基礎(chu)。
中證(zheng)網(wang)(wang)聲(sheng)明(ming):凡(fan)本(ben)網(wang)(wang)注(zhu)明(ming)“來(lai)源(yuan)(yuan):中國證(zheng)券報·中證(zheng)網(wang)(wang)”的所(suo)有作(zuo)(zuo)品(pin),版權均(jun)屬于(yu)(yu)中國證(zheng)券報、中證(zheng)網(wang)(wang)。中國證(zheng)券報·中證(zheng)網(wang)(wang)與作(zuo)(zuo)品(pin)作(zuo)(zuo)者聯合聲(sheng)明(ming),任何組織未(wei)經中國證(zheng)券報、中證(zheng)網(wang)(wang)以及(ji)作(zuo)(zuo)者書(shu)面授(shou)權不得轉載、摘(zhai)編(bian)或利(li)用其它方式(shi)使用上(shang)述作(zuo)(zuo)品(pin)。凡(fan)本(ben)網(wang)(wang)注(zhu)明(ming)來(lai)源(yuan)(yuan)非中國證(zheng)券報·中證(zheng)網(wang)(wang)的作(zuo)(zuo)品(pin),均(jun)轉載自(zi)其它媒體,轉載目的在于(yu)(yu)更好服務讀者、傳(chuan)遞信息之需,并(bing)不代(dai)表本(ben)網(wang)(wang)贊同其觀(guan)點(dian),本(ben)網(wang)(wang)亦(yi)不對其真實性負責,持異議(yi)者應與原出處(chu)單位主(zhu)張權利(li)。
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