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IPO常态化是股市发展基石 不必过分纠结核发速度

2017-09-26 07:17:53   中国经济网

上周五,证监会核准了9家企业的首发申请,筹资总额不超过66亿元。这是证监会今年下发的第36批IPO批文。由此,今年以来,已经有323家企业拿到了批文,筹资总额为1643亿元。有业内人士认为,今年前三季度A股新股发行300多家,相比去年前三季度的低基数,今年的新股发行速度显得有些快。对此,笔者认为,不管IPO审核发行的节奏是快还是慢,都是IPO常态化的体现,而IPO的常态化也是保证股市健康发展的基础。

据德勤中国的最新报告预测,截至三季度末,A股新股市场的新股数量和融资金额预计将会显著增加,由去年同期126只新股增加至349只新股,增长177%,而新股融资总额则从772亿元人民币上涨至1759亿元人民币,上升128%。

虽然新股发行节奏加快了,但单只新股的募集资金却在下降。统计显示,尽管2015年、2016年新股发行提速,但实际上单只新股募集资金平稳,保持在6亿元至7亿元。2017年以来,单只新股的募集资金平均为5.5亿元,规模更是稳中略降。

此外,2014年至2016年,A股市场整体募集资金(IPO、再融资合计)分别为7490亿元、15215亿元、18355亿元,其中IPO募集资金分别为669亿元、1576亿元、1476亿元。三年的IPO融资占比均在10%左右。这也说明了IPO融资的空间仍然很大,不要因为多发了几只新股就担心速度是不是快了,市场是不是承受不住了,事实上,市场的包容性远比想象的要强得多。

今年7月份召开的全国金融工作会议强调,要把发展直接融资放在重要位置,形成融资功能完备、基础制度扎实、市场监管有效、投资者合法权益得到有效保护的多层次资本市场体系。随后证监会召开全国证券期货监管系统年中监管工作座谈会,提出下一步要切实加大发行质量审核力度,保持首次公开发行的常态化,充分发挥好资本市场的功能。

笔者认为,IPO是资本市场的基本功能,IPO常态化是发挥市场在资源配置中决定性作用的重要内容,是支持实体经济服务实体经济的具体体现。要使IPO常态化,就必须维持股市健康稳定发展的局面,这是IPO常态化的前提条件。没有了股市的健康稳定发展,IPO常态化也就无从谈起。

因此,我们看到,IPO常态化的同时,审核更加严格。证监会新闻发言人近日明确表示,证监会将继续按照依法监管、全面监管、从严监管的工作要求,严把上市公司入口关,坚持问题导向,完善IPO现场检查等工作机制,依法严格审核、严格监管,督促发行人和中介机构归位尽责,防止企业带病上市。

IPO发行常态化的同时,被否企业的数量也在不断增加。统计数据显示,今年以来,证监会发审委已经否决了53家企业的首发申请。

笔者认为,IPO常态化是发展资本市场的基本目的,是资本市场服务实体经济的重要或主要渠道。资本市场最基本的功能就是给合格企业提供上市融资的渠道,以此服务实体经济。因此,不必过分纠结IPO核发的速度是快还是慢,只要新股发行在正常进行,就是IPO常态化。

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