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资本市场严监管与促开放齐头并进

2017-09-20 09:27:23   中国经济网

今天,中国社科院经济研究所、中国社科院上市公司研究中心和社科文献出版社在京发布的《中国上市公司蓝皮书:中国上市公司发展报告(2017)》指出,资本市场监管风暴来袭,市场规范度、透明度和法治度得到提高。与严监管相伴的是资本市场快速开放,资产的国际化步伐在大大加快。

蓝皮书指出,资本市场监管风暴来袭,市场规范度、透明度和法治度得到提高。近年来,为鼓励金融企业支持实体经济发展,市场流动性宽裕。然而,低利率环境下,金融系统却衍生出了变异的资金链条,大量资金没能进入实体,金融机构“自娱自乐”(表外循环、资金空转、产品嵌套等)。为了扭转当前金融业脱实向虚的趋势,整治市场乱象,防范金融风险,监管风暴再度升级。以降低金融杠杆为政策导向的监管风暴于2016年下半年展开。

监管风暴包括四个方面:第一,央行将表外业务纳入MPA考核;第二,三会协调统一资管框架;第三,各个监管部门守土有责,银监会连续推出七个监管函,证监会对并购重组、定增、资管底线、基金子公司、保本和分级基金等提出监管意见,保监会提出了严格监管通道业务和停止万能险等监管措施;第四,财政部发文对地方债务、政府购买服务等提出自查自纠要求。

蓝皮书指出,除了配合金融降杠杆的要求,证监会更结合近年来股票市场乱象进行规范投融资的建设,逐步形成了投融资的规范化制度,限制了靠股票市场大发“内幕”财的套利行为,使得股票投资者和上市公司更加关注公司和市场本身的问题。

这方面突出表现在五个方面:第一,股票减持新规,增加了Pre-IPO和认购非公开发行股东,并提出了减持期限和细节,堵住了通过各种方式进入IPO套利的渠道;第二,严格了定增的财务和规模,定增套利被堵住;第三,规范了并购重组,靠讲“故事”炒作的行为被遏制;第四,借壳上市新规范,让垃圾股难以借尸还魂,而好公司也应该正道上市;第五,国有股减持规范。

这些系列措施将斩断股市“毒瘤”之源。规范了上市公司治理行为,推动上市公司从只关心短期炒作,转向关心业绩成长,资本市场配置资源的有效性在规范中得到提高。资本市场的规范逐步起到了“正本清源”的作用,上市公司与资本市场逐步有序化,价值投资重现。

蓝皮书指出,与严监管相伴的是资本市场快速开放,资产的国际化步伐在大大加快。沪港通后开通深港通,资本的双向流动大为加强。债券通使得国外投资者可以投资中国的债券市场。A股被纳入MSCI指标体系意味着中国股市成为全球投资标的。增加RQFII额度,说明资本项目开放明显加快。

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