中證網訊(xun)(記者 歐陽劍環)全國(guo)(guo)人大代表(biao)、中國(guo)(guo)銀保監會(hui)信托部(bu)主(zhu)任(ren)賴秀福今(jin)年將提交關于(yu)完善發展我國(guo)(guo)中小企(qi)(qi)業債(zhai)券市(shi)場的建(jian)議(yi)。他建(jian)議(yi)進一(yi)步(bu)加大中小企(qi)(qi)業債(zhai)券創(chuang)新力(li)度,創(chuang)新發行模式和產品形式。
賴秀福表示,近年來,為拓(tuo)寬中(zhong)小(xiao)(xiao)企(qi)業融資渠道,我國積極探索推出了(le)多項服務中(zhong)小(xiao)(xiao)企(qi)業的創(chuang)新型債券品種(zhong),對緩解中(zhong)小(xiao)(xiao)企(qi)業融資難起到(dao)了(le)積極作用。
“在中小企(qi)業(ye)(ye)債券種類逐步豐富的(de)同時,也(ye)要看到我國中小企(qi)業(ye)(ye)債券規模還(huan)不(bu)大(da),在滿足中小企(qi)業(ye)(ye)融資(zi)需(xu)求方面的(de)作用發揮還(huan)不(bu)充(chong)分(fen)。”賴秀福稱,其中主(zhu)(zhu)要原因(yin)包括發債主(zhu)(zhu)體(ti)門檻過高(gao)、投資(zi)主(zhu)(zhu)體(ti)缺(que)位、涉嫌違(wei)規的(de)“高(gao)收益”融資(zi)工具游離于監管(guan)灰色(se)地(di)帶(dai)等。
為(wei)完善發(fa)展(zhan)我(wo)國中小(xiao)(xiao)企(qi)業(ye)(ye)債(zhai)(zhai)券市(shi)場,賴秀福建議,第一,降(jiang)低發(fa)債(zhai)(zhai)主(zhu)體(ti)的準入門檻。我(wo)國企(qi)業(ye)(ye)發(fa)行債(zhai)(zhai)券的準入機制過高,許(xu)多中小(xiao)(xiao)企(qi)業(ye)(ye)難以企(qi)及。建議進一步降(jiang)低發(fa)債(zhai)(zhai)主(zhu)體(ti)的凈資產、負債(zhai)(zhai)率等硬性指(zhi)(zhi)標,多引入相對性指(zhi)(zhi)標,轉(zhuan)向關注(zhu)企(qi)業(ye)(ye)成長性和創新型(xing)發(fa)展(zhan)的軟實力,重視企(qi)業(ye)(ye)的潛在價(jia)值,投資于“潛力股”。
第二(er),豐富債券(quan)市場(chang)的(de)(de)(de)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)主體。一方(fang)面,建議修改相(xiang)關(guan)法規,適(shi)度放寬對合格(ge)機(ji)構(gou)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者的(de)(de)(de)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)限(xian)制要求,允許(xu)其購買低級別債券(quan),將“能否投(tou)(tou)(tou)(tou)、怎么投(tou)(tou)(tou)(tou)”交(jiao)由(you)市場(chang)決(jue)定,同時可考慮發(fa)展專項投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)基金作為高(gao)(gao)(gao)收(shou)益(yi)(yi)債券(quan)的(de)(de)(de)合格(ge)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者,如(ru)私(si)募證券(quan)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)基金。另一方(fang)面,建議比(bi)照對中(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)的(de)(de)(de)貸(dai)款支持政策(ce)制定鼓勵中(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)債券(quan)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)的(de)(de)(de)監(jian)管(guan)政策(ce),如(ru)要求機(ji)構(gou)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者對中(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)債券(quan)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)達到一定比(bi)例,或者在財政獎勵及稅收(shou)補貼方(fang)面對投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者給予一定政策(ce)支持。此(ci)外,建議將我(wo)國高(gao)(gao)(gao)收(shou)益(yi)(yi)債券(quan)(公(gong)開(kai)發(fa)行和非公(gong)開(kai)發(fa)行)的(de)(de)(de)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者范(fan)圍限(xian)定為合格(ge)機(ji)構(gou)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者,并取消私(si)募債券(quan)合格(ge)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)者人數不高(gao)(gao)(gao)于200人的(de)(de)(de)限(xian)制,這有利于解決(jue)高(gao)(gao)(gao)收(shou)益(yi)(yi)債券(quan)發(fa)行難的(de)(de)(de)問題,也有助(zhu)于提升高(gao)(gao)(gao)收(shou)益(yi)(yi)債券(quan)二(er)級市場(chang)的(de)(de)(de)流(liu)動(dong)性。
第三(san),進一(yi)步(bu)發(fa)(fa)(fa)揮(hui)市(shi)(shi)場(chang)機(ji)(ji)制(zhi)(zhi)(zhi)(zhi)的(de)(de)(de)作用(yong)。一(yi)是強(qiang)化信(xin)息披露(lu)(lu)。隨著債(zhai)券(quan)發(fa)(fa)(fa)行(xing)制(zhi)(zhi)(zhi)(zhi)度(du)由審核制(zhi)(zhi)(zhi)(zhi)向(xiang)注冊(ce)制(zhi)(zhi)(zhi)(zhi)改(gai)革,對于信(xin)息披露(lu)(lu)的(de)(de)(de)要(yao)求(qiu)必然越(yue)來越(yue)嚴格。建(jian)(jian)議(yi)(yi)通過建(jian)(jian)立有(you)效的(de)(de)(de)激勵約(yue)束機(ji)(ji)制(zhi)(zhi)(zhi)(zhi),同時利用(yong)大數據(ju)、云計算等(deng)(deng)手(shou)段,搭建(jian)(jian)全(quan)國性的(de)(de)(de)中小(xiao)企業(ye)(ye)債(zhai)券(quan)信(xin)息披露(lu)(lu)和共享平臺,降低(di)協調成本(ben)。同時,強(qiang)化信(xin)息披露(lu)(lu)的(de)(de)(de)追責(ze),加大對虛假披露(lu)(lu)、誤導陳述等(deng)(deng)行(xing)為導致投資(zi)者(zhe)利益(yi)損失等(deng)(deng)的(de)(de)(de)懲(cheng)罰力度(du)。二是改(gai)進債(zhai)券(quan)評(ping)級(ji)(ji)機(ji)(ji)制(zhi)(zhi)(zhi)(zhi)。強(qiang)化對評(ping)級(ji)(ji)機(ji)(ji)構的(de)(de)(de)評(ping)級(ji)(ji)質量管控要(yao)求(qiu)和評(ping)級(ji)(ji)質量信(xin)息披露(lu)(lu),發(fa)(fa)(fa)揮(hui)外(wai)部約(yue)束機(ji)(ji)制(zhi)(zhi)(zhi)(zhi)作用(yong);逐(zhu)步(bu)取(qu)消(xiao)債(zhai)券(quan)發(fa)(fa)(fa)行(xing)的(de)(de)(de)強(qiang)制(zhi)(zhi)(zhi)(zhi)評(ping)級(ji)(ji)要(yao)求(qiu),推動評(ping)級(ji)(ji)機(ji)(ji)構評(ping)級(ji)(ji)導向(xiang)的(de)(de)(de)重心從發(fa)(fa)(fa)行(xing)人(ren)向(xiang)投資(zi)人(ren)轉變,并(bing)鼓勵市(shi)(shi)場(chang)采用(yong)雙評(ping)級(ji)(ji)或多(duo)評(ping)級(ji)(ji)。三(san)是強(qiang)化債(zhai)券(quan)市(shi)(shi)場(chang)違約(yue)處(chu)置機(ji)(ji)制(zhi)(zhi)(zhi)(zhi)建(jian)(jian)設。建(jian)(jian)議(yi)(yi)完善債(zhai)券(quan)違約(yue)處(chu)置的(de)(de)(de)相關法(fa)規制(zhi)(zhi)(zhi)(zhi)度(du),降低(di)司法(fa)救濟的(de)(de)(de)成本(ben),提高債(zhai)券(quan)違約(yue)處(chu)置效率;探索建(jian)(jian)立全(quan)國統一(yi)的(de)(de)(de)專業(ye)(ye)破產法(fa)院,發(fa)(fa)(fa)揮(hui)仲(zhong)裁和市(shi)(shi)場(chang)化調解組織等(deng)(deng)機(ji)(ji)制(zhi)(zhi)(zhi)(zhi)作用(yong),切實保護債(zhai)券(quan)投資(zi)者(zhe)利益(yi),形(xing)成多(duo)層次、多(duo)元(yuan)化的(de)(de)(de)債(zhai)券(quan)風險處(chu)置渠道。
第四,進一(yi)(yi)步加(jia)大中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)創(chuang)(chuang)新(xin)力度。一(yi)(yi)是(shi)創(chuang)(chuang)新(xin)發(fa)行(xing)(xing)(xing)模(mo)式。在(zai)(zai)發(fa)行(xing)(xing)(xing)模(mo)式方(fang)(fang)面(mian)(mian),可(ke)(ke)借(jie)鑒銀行(xing)(xing)(xing)間市場(chang)(chang)中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)集(ji)合票據進行(xing)(xing)(xing)創(chuang)(chuang)新(xin),將(jiang)多只中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)私募債(zhai)券(quan)(quan)(quan)進行(xing)(xing)(xing)整合,形(xing)成(cheng)中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)集(ji)合私募債(zhai)券(quan)(quan)(quan),統一(yi)(yi)發(fa)行(xing)(xing)(xing)。中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)集(ji)合私募債(zhai)券(quan)(quan)(quan)一(yi)(yi)方(fang)(fang)面(mian)(mian)能降低(di)發(fa)行(xing)(xing)(xing)人(ren)的(de)綜(zong)合發(fa)行(xing)(xing)(xing)成(cheng)本,增加(jia)其發(fa)行(xing)(xing)(xing)的(de)積極(ji)(ji)性;另一(yi)(yi)方(fang)(fang)面(mian)(mian)能分散(san)投(tou)(tou)資(zi)(zi)風(feng)險(xian)(xian)(xian),調動(dong)投(tou)(tou)資(zi)(zi)的(de)積極(ji)(ji)性。二(er)是(shi)創(chuang)(chuang)新(xin)產品形(xing)式。一(yi)(yi)方(fang)(fang)面(mian)(mian),可(ke)(ke)考慮在(zai)(zai)中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)中(zhong)(zhong)(zhong)(zhong)引入可(ke)(ke)轉股條(tiao)款(kuan)。通(tong)(tong)過設計可(ke)(ke)轉股條(tiao)款(kuan),明確在(zai)(zai)一(yi)(yi)定(ding)條(tiao)件下(xia)債(zhai)權(quan)可(ke)(ke)轉化(hua)(hua)為(wei)(wei)股權(quan),滿(man)(man)足投(tou)(tou)資(zi)(zi)者在(zai)(zai)風(feng)險(xian)(xian)(xian)低(di)于股權(quan)投(tou)(tou)資(zi)(zi)的(de)前提(ti)下(xia)獲(huo)得(de)資(zi)(zi)本增值的(de)需(xu)求。更(geng)(geng)為(wei)(wei)重要的(de)是(shi),債(zhai)權(quan)轉化(hua)(hua)為(wei)(wei)股權(quan)可(ke)(ke)將(jiang)中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)市場(chang)(chang)與中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)股權(quan)流通(tong)(tong)的(de)場(chang)(chang)外(wai)市場(chang)(chang)聯系起來,二(er)者的(de)緊密(mi)結(jie)合將(jiang)有助于提(ti)高(gao)中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)的(de)流通(tong)(tong)性,使其具備更(geng)(geng)大的(de)投(tou)(tou)資(zi)(zi)價(jia)值。另一(yi)(yi)方(fang)(fang)面(mian)(mian),可(ke)(ke)考慮在(zai)(zai)中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)中(zhong)(zhong)(zhong)(zhong)引入分級(ji)(ji)(ji)機制(zhi)。通(tong)(tong)過引入分級(ji)(ji)(ji)機制(zhi),進行(xing)(xing)(xing)結(jie)構創(chuang)(chuang)新(xin),把中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)與基金、理財(cai)產品、信托等產品捆綁之后,按(an)照(zhao)一(yi)(yi)定(ding)比例將(jiang)產品劃分為(wei)(wei)優先(xian)級(ji)(ji)(ji)、中(zhong)(zhong)(zhong)(zhong)間級(ji)(ji)(ji)和(he)劣后級(ji)(ji)(ji)。優先(xian)級(ji)(ji)(ji)風(feng)險(xian)(xian)(xian)小(xiao)(xiao)(xiao),僅獲(huo)得(de)固定(ding)收(shou)益;中(zhong)(zhong)(zhong)(zhong)間級(ji)(ji)(ji)風(feng)險(xian)(xian)(xian)和(he)收(shou)益均適中(zhong)(zhong)(zhong)(zhong);劣后級(ji)(ji)(ji)風(feng)險(xian)(xian)(xian)高(gao),可(ke)(ke)獲(huo)得(de)高(gao)收(shou)益。這樣既可(ke)(ke)保障中(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)(xiao)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)債(zhai)券(quan)(quan)(quan)的(de)發(fa)行(xing)(xing)(xing)和(he)銷(xiao)售,又可(ke)(ke)滿(man)(man)足投(tou)(tou)資(zi)(zi)者多元化(hua)(hua)的(de)投(tou)(tou)資(zi)(zi)需(xu)求。
中(zhong)(zhong)證網聲明(ming):凡(fan)本(ben)(ben)網注明(ming)“來(lai)源(yuan):中(zhong)(zhong)國(guo)(guo)證券(quan)報(bao)(bao)·中(zhong)(zhong)證網”的(de)所有作(zuo)(zuo)品,版(ban)權均屬(shu)于(yu)中(zhong)(zhong)國(guo)(guo)證券(quan)報(bao)(bao)、中(zhong)(zhong)證網。中(zhong)(zhong)國(guo)(guo)證券(quan)報(bao)(bao)·中(zhong)(zhong)證網與作(zuo)(zuo)品作(zuo)(zuo)者聯合(he)聲明(ming),任何組織(zhi)未經中(zhong)(zhong)國(guo)(guo)證券(quan)報(bao)(bao)、中(zhong)(zhong)證網以及作(zuo)(zuo)者書(shu)面授權不(bu)得(de)轉載、摘編或利(li)用其它(ta)方式使用上述作(zuo)(zuo)品。凡(fan)本(ben)(ben)網注明(ming)來(lai)源(yuan)非中(zhong)(zhong)國(guo)(guo)證券(quan)報(bao)(bao)·中(zhong)(zhong)證網的(de)作(zuo)(zuo)品,均轉載自(zi)其它(ta)媒體,轉載目的(de)在于(yu)更好服務讀者、傳遞(di)信(xin)息之需,并不(bu)代表本(ben)(ben)網贊同其觀點,本(ben)(ben)網亦不(bu)對其真實性負責(ze),持異(yi)議者應與原出(chu)處單位(wei)主張權利(li)。
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