中證網訊（記者(zhe) 昝秀麗）證監會(hui)9月15日消息，為(wei)(wei)深化(hua)并(bing)購重(zhong)組市場化(hua)改革，支持上市公(gong)(gong)司以向(xiang)(xiang)特定對象發行的可轉(zhuan)(zhuan)換(huan)公(gong)(gong)司債(zhai)券(quan)（以下(xia)簡稱(cheng)定向(xiang)(xiang)可轉(zhuan)(zhuan)債(zhai)）為(wei)(wei)支付工(gong)具實(shi)施重(zhong)組，證監會(hui)在總結前期試點(dian)經(jing)驗的基礎上，起草了(le)《上市公(gong)(gong)司向(xiang)(xiang)特定對象發行可轉(zhuan)(zhuan)換(huan)公(gong)(gong)司債(zhai)券(quan)購買資產規(gui)(gui)則(ze)（征求意見稿）》（以下(xia)簡稱(cheng)《規(gui)(gui)則(ze)》），并(bing)向(xiang)(xiang)社會(hui)公(gong)(gong)開征求意見。

　　上(shang)(shang)市(shi)公司并購重(zhong)組是資(zi)本(ben)市(shi)場發揮優化資(zi)源配置功能的(de)重(zhong)要渠道。定(ding)向(xiang)可轉債(zhai)(zhai)兼具“股(gu)性”和“債(zhai)(zhai)性”，能夠為(wei)交(jiao)易雙方提(ti)供更為(wei)靈活的(de)博弈機(ji)制，有(you)利(li)于提(ti)高重(zhong)組市(shi)場活力與效(xiao)率。2018年11月，證監會(hui)啟動(dong)定(ding)向(xiang)可轉債(zhai)(zhai)重(zhong)組試(shi)點。從(cong)試(shi)點情況(kuang)看，定(ding)向(xiang)可轉債(zhai)(zhai)重(zhong)組業(ye)務平穩有(you)序，促進了上(shang)(shang)市(shi)公司產業(ye)整(zheng)合與質(zhi)量提(ti)升。試(shi)點開展至(zhi)今，證監會(hui)共許可24家上(shang)(shang)市(shi)公司發行定(ding)向(xiang)可轉債(zhai)(zhai)40只(zhi)，發行規模(mo)215.31億(yi)元；其(qi)中，作為(wei)支(zhi)付工具的(de)24只(zhi)、交(jiao)易金(jin)額(e)92.86億(yi)元，作為(wei)融(rong)資(zi)工具的(de)16只(zhi)、融(rong)資(zi)金(jin)額(e)122.45億(yi)元。

　　為(wei)進一(yi)步明確定(ding)(ding)(ding)向(xiang)可(ke)轉(zhuan)債(zhai)重(zhong)(zhong)組(zu)相(xiang)關制度安(an)排，證監會起(qi)草了《規(gui)則》。《規(gui)則》共17條(tiao)，主要內容包括(kuo)：一(yi)是以援引上(shang)位法(fa)的方(fang)式(shi)，明確發行定(ding)(ding)(ding)向(xiang)可(ke)轉(zhuan)債(zhai)實(shi)施重(zhong)(zhong)組(zu)需(xu)符合《上(shang)市公(gong)(gong)司(si)(si)重(zhong)(zhong)大資產(chan)重(zhong)(zhong)組(zu)管理(li)辦法(fa)》《上(shang)市公(gong)(gong)司(si)(si)證券發行注冊管理(li)辦法(fa)》等規(gui)定(ding)(ding)(ding)；二是按(an)照“同樣(yang)情(qing)況同等處理(li)”的原則，參(can)照發行股份購買資產(chan)的相(xiang)關規(gui)定(ding)(ding)(ding)，就作(zuo)為(wei)支(zhi)(zhi)付(fu)工具的定(ding)(ding)(ding)向(xiang)可(ke)轉(zhuan)債(zhai)的定(ding)(ding)(ding)價機制、限售(shou)期(qi)限等作(zuo)出規(gui)定(ding)(ding)(ding)；三是明確作(zuo)為(wei)支(zhi)(zhi)付(fu)工具的定(ding)(ding)(ding)向(xiang)可(ke)轉(zhuan)債(zhai)在轉(zhuan)讓、轉(zhuan)股等環節的投資者適當(dang)性要求；四是明確在認定(ding)(ding)(ding)是否構成重(zhong)(zhong)組(zu)上(shang)市等情(qing)形時投資者擁有上(shang)市公(gong)(gong)司(si)(si)權益數量及比例(li)的計算方(fang)式(shi)。此外(wai)，根(gen)據《規(gui)則》，上(shang)市公(gong)(gong)司(si)(si)可(ke)單(dan)獨(du)以定(ding)(ding)(ding)向(xiang)可(ke)轉(zhuan)債(zhai)作(zuo)為(wei)支(zhi)(zhi)付(fu)工具，自行決定(ding)(ding)(ding)重(zhong)(zhong)組(zu)交易對(dui)價全(quan)部(bu)由定(ding)(ding)(ding)向(xiang)可(ke)轉(zhuan)債(zhai)支(zhi)(zhi)付(fu)或者搭配部(bu)分(fen)股份、現(xian)金支(zhi)(zhi)付(fu)。