證監會6月(yue)19日發布《關于(yu)深化科(ke)創板(ban)改革 服(fu)務科(ke)技(ji)創新和新質生產力發展(zhan)的八條措施》，進(jin)一步深化改革，提升對新產業新業態新技(ji)術的包容性，發揮資本市場(chang)功能，更(geng)好(hao)服(fu)務中國式現代化大局。

　　《八條措(cuo)施》明確(que)，強化(hua)(hua)科創板“硬科技(ji)”定(ding)位(wei)；開(kai)展深化(hua)(hua)發(fa)行承銷制(zhi)度試點(dian)；優(you)化(hua)(hua)科創板上市(shi)(shi)公(gong)(gong)司(si)股(gu)債融資(zi)制(zhi)度；更(geng)大(da)力度支持(chi)并購重組；完善股(gu)權激勵制(zhi)度；完善交易機制(zhi)，防范市(shi)(shi)場風險(xian)；加強科創板上市(shi)(shi)公(gong)(gong)司(si)全鏈(lian)條監管；積極營造良好市(shi)(shi)場生態。

　　五年多來(lai)，科(ke)創(chuang)(chuang)板堅守“硬科(ke)技”定位，從零(ling)起步不(bu)斷(duan)發(fa)展壯大，制度改革(ge)“試驗(yan)田”作用(yong)和服(fu)務(wu)科(ke)技創(chuang)(chuang)新(xin)的成效不(bu)斷(duan)顯(xian)現。《八條措(cuo)施》深(shen)入(ru)貫徹黨中央、國務(wu)院(yuan)和新(xin)“國九條”有關部署要求，緊(jin)緊(jin)圍繞服(fu)務(wu)高水平科(ke)技自(zi)(zi)立(li)自(zi)(zi)強和新(xin)質生產(chan)力發(fa)展，突出(chu)重(zhong)點、遠近結合，推出(chu)一(yi)攬子改革(ge)舉措(cuo)。特別是，針(zhen)對市場反映較為集(ji)中的新(xin)股發(fa)行高價超(chao)募(mu)、活躍并購重(zhong)組(zu)市場、加(jia)強上市公司(si)監管(guan)等問(wen)題，《八條措(cuo)施》作出(chu)了相應安排，既(ji)積極回應市場關切，也為下一(yi)步全(quan)面深(shen)化(hua)資本市場改革(ge)積累經驗(yan)、創(chuang)(chuang)造條件。同時，《八條措(cuo)施》對于(yu)助力上海加(jia)快“五個中心”建(jian)設也具(ju)有重(zhong)要意義。

　　《八(ba)條措施》聚焦強(qiang)(qiang)監(jian)(jian)(jian)管(guan)防(fang)風險促進高(gao)(gao)質(zhi)量發展(zhan)(zhan)主(zhu)線(xian)，堅持(chi)穩(wen)中(zhong)求進、綜(zong)合(he)(he)施策，目標導向、問題(ti)導向，尊重(zhong)(zhong)規律、守正創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)新(xin)(xin)的(de)原(yuan)則，在市(shi)場(chang)化(hua)(hua)法(fa)治(zhi)化(hua)(hua)軌道上(shang)(shang)(shang)推(tui)動(dong)(dong)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)持(chi)續(xu)健(jian)康(kang)發展(zhan)(zhan)。主(zhu)要(yao)包括(kuo)：一(yi)是(shi)強(qiang)(qiang)化(hua)(hua)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)“硬科(ke)(ke)技(ji)(ji)”定(ding)(ding)位。嚴(yan)把入(ru)(ru)口關(guan)，優(you)(you)(you)先支(zhi)持(chi)新(xin)(xin)產(chan)業新(xin)(xin)業態(tai)新(xin)(xin)技(ji)(ji)術(shu)(shu)領域突破關(guan)鍵(jian)核(he)心(xin)技(ji)(ji)術(shu)(shu)的(de)“硬科(ke)(ke)技(ji)(ji)”企(qi)業在科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)。進一(yi)步完(wan)(wan)善(shan)(shan)科(ke)(ke)技(ji)(ji)型(xing)企(qi)業精準識(shi)別機(ji)制(zhi)(zhi)(zhi)(zhi)。支(zhi)持(chi)優(you)(you)(you)質(zhi)未盈(ying)利(li)(li)科(ke)(ke)技(ji)(ji)型(xing)企(qi)業在科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)。二是(shi)開展(zhan)(zhan)深化(hua)(hua)發行承銷制(zhi)(zhi)(zhi)(zhi)度試(shi)點(dian)。優(you)(you)(you)化(hua)(hua)新(xin)(xin)股(gu)(gu)(gu)發行定(ding)(ding)價(jia)(jia)(jia)機(ji)制(zhi)(zhi)(zhi)(zhi)，試(shi)點(dian)調整適(shi)用(yong)新(xin)(xin)股(gu)(gu)(gu)定(ding)(ding)價(jia)(jia)(jia)高(gao)(gao)價(jia)(jia)(jia)剔除比例。完(wan)(wan)善(shan)(shan)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)新(xin)(xin)股(gu)(gu)(gu)配(pei)(pei)售安排，提高(gao)(gao)有長期(qi)持(chi)股(gu)(gu)(gu)意(yi)愿(yuan)的(de)網下投(tou)資(zi)者配(pei)(pei)售比例。加強(qiang)(qiang)詢報價(jia)(jia)(jia)行為監(jian)(jian)(jian)管(guan)。三是(shi)優(you)(you)(you)化(hua)(hua)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司股(gu)(gu)(gu)債融(rong)資(zi)制(zhi)(zhi)(zhi)(zhi)度。建立健(jian)全開展(zhan)(zhan)關(guan)鍵(jian)核(he)心(xin)技(ji)(ji)術(shu)(shu)攻(gong)關(guan)的(de)“硬科(ke)(ke)技(ji)(ji)”企(qi)業股(gu)(gu)(gu)債融(rong)資(zi)、并(bing)(bing)購(gou)重(zhong)(zhong)組(zu)(zu)(zu)“綠色通道”。探索建立“輕(qing)資(zi)產(chan)、高(gao)(gao)研發投(tou)入(ru)(ru)”認(ren)定(ding)(ding)標準。推(tui)動(dong)(dong)再融(rong)資(zi)儲架發行試(shi)點(dian)案例率先在科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)落地。四是(shi)更(geng)大力度支(zhi)持(chi)并(bing)(bing)購(gou)重(zhong)(zhong)組(zu)(zu)(zu)。支(zhi)持(chi)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司開展(zhan)(zhan)產(chan)業鏈(lian)上(shang)(shang)(shang)下游的(de)并(bing)(bing)購(gou)整合(he)(he)。提高(gao)(gao)并(bing)(bing)購(gou)重(zhong)(zhong)組(zu)(zu)(zu)估值(zhi)包容性(xing)，支(zhi)持(chi)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司收購(gou)優(you)(you)(you)質(zhi)未盈(ying)利(li)(li)“硬科(ke)(ke)技(ji)(ji)”企(qi)業。豐富并(bing)(bing)購(gou)重(zhong)(zhong)組(zu)(zu)(zu)支(zhi)付工(gong)具，開展(zhan)(zhan)股(gu)(gu)(gu)份(fen)對價(jia)(jia)(jia)分(fen)期(qi)支(zhi)付研究(jiu)。支(zhi)持(chi)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司聚焦做(zuo)優(you)(you)(you)做(zuo)強(qiang)(qiang)主(zhu)業開展(zhan)(zhan)吸收合(he)(he)并(bing)(bing)。五是(shi)完(wan)(wan)善(shan)(shan)股(gu)(gu)(gu)權激(ji)(ji)勵制(zhi)(zhi)(zhi)(zhi)度。提高(gao)(gao)股(gu)(gu)(gu)權激(ji)(ji)勵精準性(xing)，與(yu)投(tou)資(zi)者更(geng)好(hao)實現利(li)(li)益綁定(ding)(ding)。完(wan)(wan)善(shan)(shan)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司股(gu)(gu)(gu)權激(ji)(ji)勵實施程序，優(you)(you)(you)化(hua)(hua)適(shi)用(yong)短線(xian)交(jiao)(jiao)易(yi)、窗(chuang)口期(qi)等規定(ding)(ding)，研究(jiu)優(you)(you)(you)化(hua)(hua)股(gu)(gu)(gu)權激(ji)(ji)勵預留權益的(de)安排。六是(shi)完(wan)(wan)善(shan)(shan)交(jiao)(jiao)易(yi)機(ji)制(zhi)(zhi)(zhi)(zhi)，防(fang)范市(shi)場(chang)風險。加強(qiang)(qiang)交(jiao)(jiao)易(yi)監(jian)(jian)(jian)管(guan)，研究(jiu)優(you)(you)(you)化(hua)(hua)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)做(zuo)市(shi)商機(ji)制(zhi)(zhi)(zhi)(zhi)、盤后交(jiao)(jiao)易(yi)機(ji)制(zhi)(zhi)(zhi)(zhi)。豐富科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)指(zhi)數、ETF品(pin)類及ETF期(qi)權產(chan)品(pin)。七是(shi)加強(qiang)(qiang)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司全鏈(lian)條監(jian)(jian)(jian)管(guan)。從(cong)嚴(yan)打擊科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)欺(qi)詐(zha)發行、財(cai)務造(zao)假等市(shi)場(chang)亂(luan)象，更(geng)加有效(xiao)保護中(zhong)小投(tou)資(zi)者合(he)(he)法(fa)權益。引導創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)始團隊、核(he)心(xin)技(ji)(ji)術(shu)(shu)骨干等自愿(yuan)延(yan)長股(gu)(gu)(gu)份(fen)鎖定(ding)(ding)期(qi)限。優(you)(you)(you)化(hua)(hua)私募股(gu)(gu)(gu)權創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)投(tou)基金(jin)退(tui)出“反向掛鉤”制(zhi)(zhi)(zhi)(zhi)度。嚴(yan)格執行退(tui)市(shi)制(zhi)(zhi)(zhi)(zhi)度。八(ba)是(shi)積極營造(zao)良好(hao)市(shi)場(chang)生態(tai)。推(tui)動(dong)(dong)優(you)(you)(you)化(hua)(hua)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)司法(fa)保障制(zhi)(zhi)(zhi)(zhi)度機(ji)制(zhi)(zhi)(zhi)(zhi)。加強(qiang)(qiang)與(yu)地方政府、相關(guan)部委協作，常(chang)態(tai)化(hua)(hua)開展(zhan)(zhan)科(ke)(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)(ban)(ban)上(shang)(shang)(shang)市(shi)公(gong)司走訪，共同推(tui)動(dong)(dong)提升上(shang)(shang)(shang)市(shi)公(gong)司質(zhi)量。深入(ru)(ru)實施“提質(zhi)增效(xiao)重(zhong)(zhong)回(hui)報”行動(dong)(dong)，加強(qiang)(qiang)投(tou)資(zi)者教育服務。

　　證監會表示，下一步將(jiang)按照穩(wen)(wen)中求進(jin)(jin)工(gong)作總基調，推(tui)動股(gu)票發(fa)行注(zhu)冊制走(zou)深走(zou)實，穩(wen)(wen)步推(tui)進(jin)(jin)深化科創板(ban)改革各項政策措施(shi)落實落地(di)，動態評(ping)估(gu)優化相關制度(du)規則，形(xing)成可復(fu)制可推(tui)廣經驗后，再平穩(wen)(wen)有序推(tui)向其他(ta)市(shi)場(chang)板(ban)塊(kuai)，持續深化資本市(shi)場(chang)服(fu)務高水平科技(ji)自立自強和(he)新質生產力發(fa)展(zhan)的(de)功能。