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证监会两则监管问答明确IPO流程 “刨根问底”实现多赢

2017-12-11 07:31:16   中国经济网

上周四(12月7日),证监会发行监管部发布《关于首次公开发行股票预先披露等问题(2017年12月6日修订)》和《首次公开发行股票申请审核过程中有关中止审查等事项的要求》两则发行监管问答,其中,后者明确了发行人的申请受理后至通过发审会期间,中止审查的8种情形。在这8种情形中,“尚未结案”“尚未解除”等字眼引人关注。这就意味着发行人和中介服务结构,不仅要了解对方目前的状况,更要对其过去的情况刨根问底,否则一旦问题曝光发行中止甚至终止,发行人的发行计划和中介服务的费用都可能会面临竹篮打水一场空。

监管政策的落地,将逐渐打破过去形成的发行人、保荐人、会计师事务所之间的利益联盟。以后,发行人与中介服务机构只有相互刨根问底,才能保证各自在新股发行和上市过程中利益最大化。

此前,在发行市场上,有一些中介机构违规受罚影响拟IPO企业的例子。比如,今年2月份瑞华会计师事务所因违规被暂停证券业务拖累拟上市公司。也有拟上市公司存在问题拖累中介机构,比如,近期西凤酒被爆出经销商行贿获得股权,IPO进度受到影响,保荐券商中信证券有可能受波及。

在新股发行上市的过程中,发行人和中介服务机构利益诉求是一致的,即以最快的速度上市。这样的利益诉求可能导致双方有对发行人存在的瑕疵进行美化和包装的动机。同时,发审委基于对保荐人、会计师及发行人的信任,淡化了对IPO信息及财务报表真实性的质疑、判断与审核,出现了个别公司信息造假、欺诈上市的情况,损害了二级市场投资者的利益。

在退市制度尚未完全成熟以及处罚力度有限的情况下,中介市场也出现了“劣币驱逐良币”的现象。某些中介机构不断降低执业标准,“配合”上市公司完成上市任务,甚至有中介机构存在“拿人钱财替人消灾”的想法。

这些问题的后果严重。首先,没有实现资本市场优化资源配置的作用;其次,中介服务机构市场“劣币驱逐良币”的现象,不但损害了行业形象,也无法让那些遵纪守法、勤勉尽责的中介机构做大做强;再次,造假上市最终损害的还是投资者的利益。我国以散户为主的投资者结构决定了维权困难重重,进而影响了投资者对资本市场的信心。

新的监管政策有助于让各个市场参与主体相互监督、各尽其责,共同为二级市场筛选出更多优质的上市公司,促进形成多赢局面。(经济日报 温宝臣)

(责任编辑:华青剑)

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