2020年03月25日  星期三
证监会界定战投“身份”需满足这些条件
2020年03月21日来源:券商中国作者:王君晖
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原标题:终于定了!证监会界定战投“身份” 需满足这些条件 再融资全面宽松?监管也有定调

澳门BBIN视讯游戏SHICHANGBEISHOUGUANZHUDEZAIRONGZI“ZHANLVETOUZIZHE”SHENFENQUEDING。

澳门BBIN视讯游戏ZHENGJIANHUI20RITONGGUOFAXINGJIANGUANWENDADEXINGSHIMINGQUELEZHANLVETOUZIZHEDEDINGYI,JIYUSHANGSHIGONGSIMOUQIUSHUANGFANGXIEDIAOHUBUDEZHANGQIGONGTONGZHANLVELIYI,YUANYIZHANGQICHIYOUSHANGSHIGONGSIJIAODABILIGUFEN,YUANYIBINGQIEYOUNENGLIRENZHENLVXINGXIANGYINGZHIZE,WEIPAIDONGSHISHIJICANYUGONGSIZHILI,TISHENGSHANGSHIGONGSIZHILISHUIPING,BANGZHUSHANGSHIGONGSIXIANZHUTIGAOGONGSIZHILIANGHENEIZAIJIAZHI,JUYOULIANGHAOCHENGXINJILU,ZUIJINSANNIANWEISHOUDAOZHENGJIANHUIXINGZHENGCHUFAHUOBEIZHUIJIUXINGSHIZERENDETOUZIZHE。LINGWAI,HAIYOULIANGFANGMIANYAOQIU。

ZHENGJIANHUIXIANGGUANBUMENFUZERENBIAOSHI,BENCIZAIRONGZIZHIDUBUFENTIAOKUANDIAOZHENG,BINGBUSHIFANGSONGLEZAIRONGZIDEJIANGUANYAOQIU。ZHENGJIANHUIJIANGJINYIBUZHIDINGPEITAOJIAQIANGRICHANGJIANGUANDEBANFA,QIANGHUASHANGSHIGONGSIXINXIPILUYAOQIU,YANLIDAJIGELEIZIBENSHICHANGWEIFAWEIGUIXINGWEI,CUJINTISHENGSHANGSHIGONGSIZHILIANG,CHIXUYOUHUASHICHANGHUANJING。

焦点一:战略投资者如何界定?监管明确标准

澳门BBIN视讯游戏2YUE14RI,ZHENGJIANHUIFABULEZAIRONGZIXINGUI,GUIZECONGSHANGSHIGONGSIZAIRONGZIFAXINGTIAOJIAN、DINGZENGGUPIAOSUODINGQI、GUJIAZHEKOU、SHOURANGRENRENSHU、PIWENYOUXIAOXINGDENGDUOGEWEIDUJINXINGLEDIAOZHENG,SHIDUFANGSONGLEDINGZENGMENJIANHERONGZIGUIMOXIANZHI,ZENGQIANGLEJINRONGFUWUSHITIJINGJIDENENGLI。

澳门BBIN视讯游戏ZAIRONGZIXINGUIFABUHOU,YIYOUDUOJIAGONGSIDEDINGZENGFANGANMINGQUEBIAOSHIYAOYINRUZHANLVETOUZIZHE,DAN“ZHANLVETOUZIZHE”RUHEQUEDING,SHANGWURENDINGBIAOZHUN。

ZHENGJIANHUI20RIMINGQUE,ZHANLVETOUZIZHESHIZHIJUYOUTONGXINGYEHUOXIANGGUANXINGYEJIAOQIANGDEZHONGYAOZHANLVEXINGZIYUAN,YUSHANGSHIGONGSIMOUQIUSHUANGFANGXIEDIAOHUBUDEZHANGQIGONGTONGZHANLVELIYI,YUANYIZHANGQICHIYOUSHANGSHIGONGSIJIAODABILIGUFEN,YUANYIBINGQIEYOUNENGLIRENZHENLVXINGXIANGYINGZHIZE,WEIPAIDONGSHISHIJICANYUGONGSIZHILI,TISHENGSHANGSHIGONGSIZHILISHUIPING,BANGZHUSHANGSHIGONGSIXIANZHUTIGAOGONGSIZHILIANGHENEIZAIJIAZHI,JUYOULIANGHAOCHENGXINJILU,ZUIJINSANNIANWEISHOUDAOZHENGJIANHUIXINGZHENGCHUFAHUOBEIZHUIJIUXINGSHIZERENDETOUZIZHE。

澳门BBIN视讯游戏ZHANLVETOUZIZHEHAIYINGDANGFUHEXIALIEQINGXINGZHIYI:

YISHINENGGOUJISHANGSHIGONGSIDAILAIGUOJIGUONEILINGXIANDEHEXINJISHUZIYUAN,XIANZHUZENGQIANGSHANGSHIGONGSIDEHEXINJINGZHENGLIHECHUANGXINNENGLI,DAIDONGSHANGSHIGONGSIDECHANYEJISHUSHENGJI,XIANZHUTISHENGSHANGSHIGONGSIDEYINGLINENGLI。

澳门BBIN视讯游戏ERSHINENGGOUJISHANGSHIGONGSIDAILAIGUOJIGUONEILINGXIANDESHICHANG、QUDAO、PINPAIDENGZHANLVEXINGZIYUAN,DAFUCUJINSHANGSHIGONGSISHICHANGTUOZHAN,TUIDONGSHIXIANSHANGSHIGONGSIXIAOSHOUYEJIDAFUTISHENG。

焦点二:引战决策程序和信息披露有要求

澳门BBIN视讯游戏GENJUJIANGUANWENDA,SHANGSHIGONGSINIYINRUZHANLVETOUZIZHEDE,YINGDANGLVXINGXIANGYINGJUECECHENGXU。

澳门BBIN视讯游戏ZHENGJIANHUIMINGQUE,SHANGSHIGONGSIYINGDANGYUZHANLVETOUZIZHEQIANDINGJUYOUFALVYUESHULIDEZHANLVEHEZUOXIEYI,ZUOCHUQIESHIKEXINGDEZHANLVEHEZUOANPAI。ZHANLVEHEZUOXIEYIDEZHUYAONEIRONGYINGDANGBAOKUOZHANLVETOUZIZHEJUBEIDEYOUSHIJIQIYUSHANGSHIGONGSIDEXIETONGXIAOYING,SHUANGFANGDEHEZUOFANGSHI、HEZUOLINGYU、HEZUOMUBIAO、HEZUOQIXIAN、ZHANLVETOUZIZHENIRENGOUGUFENDESHULIANG、DINGJIAYIJU、CANYUSHANGSHIGONGSIJINGYINGGUANLIDEANPAI、CHIGUQIXIANJIWEILAITUICHUANPAI、WEILVXINGXIANGGUANYIWUDEWEIYUEZERENDENG。

SHANGSHIGONGSIDONGSHIHUIYINGDANGJIANGYINRUZHANLVETOUZIZHEDESHIXIANGZUOWEIDANDUYIANSHENYI,BINGTIJIAOGUDONGDAHUISHENYI。DULIDONGSHI、JIANSHIHUIYINGDANGDUIYIANSHIFOUYOULIYUBAOHUSHANGSHIGONGSIHEZHONGXIAOGUDONGHEFAQUANYIFABIAOMINGQUEYIJIAN。SHANGSHIGONGSIGUDONGDAHUIDUIYINRUZHANLVETOUZIZHEYIANZUOCHUJUEYI,YINGDANGJIUMEIMINGZHANLVETOUZIZHEDANDUBIAOJUE,QIEBIXUJINGCHUXIHUIYIDEGUDONGSUOCHIBIAOJUEQUANSANFENZHIニYISHANGTONGGUO,ZHONGXIAOTOUZIZHEDEBIAOJUEQINGKUANGYINGDANGDANDUJIPIAOBINGPILU。

澳门BBIN视讯游戏ZAIXINXIPILUFANGMIAN,ZHENGJIANHUIYOUGUANFUZERENBIAOSHI,SHANGSHIGONGSIYINGDANGANZHAOCHONGFENLVXINGXINXIPILUYIWU。QIZHONG,DONGSHIHUIYIANYINGDANGCHONGFENPILUGONGSIYINRUZHANLVETOUZIZHEDEMUDE,SHANGYEHELIXING,MUJIZIJINSHIYONGANPAI,ZHANLVETOUZIZHEDEJIBENQINGKUANG、CHUANTOUPILUGUQUANHUOTOUZIZHEJIEGOU、ZHANLVEHEZUOXIEYIDEZHUYAONEIRONGDENG。FEIGONGKAIFAXINGGUPIAOWANCHENGHOU,SHANGSHIGONGSIYINGDANGZAINIANBAO、BANNIANBAOZHONGPILUZHANLVETOUZIZHECANYUZHANLVEHEZUODEJUTIQINGKUANGJIXIAOGUO。

澳门BBIN视讯游戏ZHENGJIANHUIYAOQIU,BAOJIANJIGOUHEFAXINGRENLVSHIYINGDANGQINMIANJINZELVXINGHECHAYIWU,DUITOUZIZHESHIFOUFUHEZHANLVETOUZIZHEDEYAOQIU,SHANGSHIGONGSILIYIHEZHONGXIAOTOUZIZHEHEFAQUANYISHIFOUDEDAOYOUXIAOBAOHU;SHANGSHIGONGSISHIFOUCUNZAIJIEZHANLVETOUZIZHERUGUMINGYISUNHAIZHONGXIAOTOUZIZHEHEFAQUANYIDEQINGXING;SHANGSHIGONGSIJIQIKONGGUGUDONG、SHIJIKONGZHIREN、ZHUYAOGUDONGSHIFOUCUNZAIXIANGFAXINGDUIXIANGZUOCHUBAODIBAOSHOUYIHUOBIANXIANGBAODIBAOSHOUYICHENGNUO,HUOZHEZHIJIEHUOTONGGUOLIYIXIANGGUANFANGXIANGFAXINGDUIXIANGTIGONGCAIWUZIZHUHUOZHEBUCHANGDEQINGXINGDENGFABIAOYIJIAN。

澳门BBIN视讯游戏ZAICHIXUDUDAOQIJIAN,BAOJIANJIGOUHAIYINGDANGLVXINGZHIZE,CHIXUGUANZHUZHANLVETOUZIZHEYUSHANGSHIGONGSIZHANLVEHEZUOQINGKUANG,DUCUSHANGSHIGONGSIJIZHANLVETOUZIZHERENZHENLVXINGZHANLVEHEZUOXIEYIDEXIANGGUANYIWU,QIESHIFAHUIZHANLVETOUZIZHEDEZUOYONG;FAXIANSHANGSHIGONGSIJIZHANLVETOUZIZHEWEILVXINGXIANGGUANYIWUDE,YINGDANGJISHIXIANGJIANGUANJIGOUBAOGAO。

焦点三:两种定价方式的监管意图

FEIGONGKAIFAXINGGUPIAOSHISHANGSHIGONGSIZAIRONGZIDEZHONGYAOFANGSHI,SHIJIANZHONG,FEIGONGKAIFAXINGGUPIAOYOULIANGZHONGZHUYAODEDINGJIAFANGSHI。ZHENGJIANHUIXIANGGUANBUMENFUZERENBIAOSHI,DINGJIAFANGSHIDEQUEDINGYOULIANGFANGMIANKAOLIANG。

YISHIZHICHISHANGSHIGONGSIYIFAXINGQISHOURIWEIDINGJIAJIZHUNRIJINGJIAFAXING。SHANGSHIGONGSIFEIGONGKAIFAXINGGUPIAO,YIFAXINGQISHOURIWEIDINGJIAJIZHUNRIJINGJIAFAXINGDEFANGSHI,JIANGUXIAOLVHESHICHANGGONGPING,SHICHENGSHUSHICHANGSHANGSHIGONGSIRONGZIDECHANGYONGMOSHI,YESHIWOGUOZIBENSHICHANGZAIRONGZIZHIDUFEIGONGKAIFAXINGGUPIAOGAIGEFAZHANZHICHIDEFANGXIANG。

SHANGSHIGONGSIFEIGONGKAIFAXINGGUPIAO,YIFAXINGQISHOURIWEIDINGJIAJIZHUNRIJINGJIAFAXING,YINGZAIQUDEZAIRONGZIHEZHUNPIWENDEYOUXIAOQINEI,ZIZHUXUANZEHESHIDEFAXINGSHIJI,XIANGFUHETIAOJIANDETEDINGDUIXIANGTIGONGRENGOUYAOQINGSHU,QIDONGFAXING。TEDINGDUIXIANGYINGYIFAXINGQISHOURIQIANERSHIGEJIAOYIRIGONGSIGUPIAOJUNJIADEBAIFENZHIBASHIWEIDIJIA,ZAIYUEDINGDESHIJIANNEIQIANSHUSHENGOUBAOJIABIAO,JINXINGSHENGOUBAOJIA。SHANGSHIGONGSIZAISHENGOUBAOJIAJIESHUHOU,ANZHAOJIAGEYOUXIANDEYUANZE,HELIQUEDINGFAXINGJIAGE,FAXINGDUIXIANGHEFAXINGSHULIANG,BINGWANCHENGHOUXUFAXINGLIUCHENG。

澳门BBIN视讯游戏ERSHIGUIFANSHANGSHIGONGSIDONGSHIHUIQUEDINGZHANLVETOUZIZHEDINGJIAFAXING。SHANGSHIGONGSIFEIGONGKAIFAXINGGUPIAO,YIDONGSHIHUIQUEDINGZHANLVETOUZIZHEDINGJIAFAXINGDEFANGSHI,SHIKAOLVDAOWOGUOZIBENSHICHANGDESHIJI,ZHICHISHANGSHIGONGSIYINRUZHANLVETOUZIZHE,QIESHITIGAOGONGSIZHILI,TUIDONGTIGAOSHANGSHIGONGSIZHILIANGERZUOCHUDEZHIDUANPAI。

澳门BBIN视讯游戏GENJUGUIDING,SHANGSHIGONGSIFEIGONGKAIFAXINGGUPIAO,YIDONGSHIHUIQUEDINGZHANLVETOUZIZHEDINGJIAFAXING,YINGDANGYUFAXINGDUIXIANGQIANDINGFUTIAOJIANSHENGXIAODEGUFENRENGOUHETONG,KEYIXUANZEDONGSHIHUIJUEYIGONGGAORI、GUDONGDAHUIJUEYIGONGGAORIHUOFAXINGQISHOURIZUOWEIDINGJIAJIZHUNRI,YIDINGJIAJIZHUNRIQIANERSHIGEJIAOYIRIGONGSIGUPIAOJUNJIADEBAIFENZHIBASHIZUOWEIDIJIAXIESHANGQUEDINGFAXINGJIAGEHUODINGJIAYUANZE。SHANGSHIGONGSIZAIQUDEZAIRONGZIHEZHUNPIWENDEYOUXIAOQINEI,ANZHAORENGOUHETONGDEYUEDINGFAXINGGUPIAO。

焦点四:再融资全面宽松?并非一放了之,严监管要求未变

JIEZHIMUQIAN,YIYOUJISHIJIAQIYEFABULEDINGZENGFANGAN。ZONGTILAIKAN,FABUDINGZENGFANGANDEQIYEFENWEISANLEI,DIYILEISHIZHENGJIANHUIZAISHENQIYEYIZHAOXINGUILVXINGJUECECHENGXUZHONGXINGONGGAO;DIERLEISHIYIGONGBUYUANSHANGWEISHENBAOQIYEGENJUXINGUIDIAOZHENGFANGAN;DISANLEISHIXINGUIGONGKAIZHENGQIUYIJIANHOU,SHICHANGDUIXINGUIYIYOUMINGQUEYUQI,BUFENQIYEYIZHIDENGDAIXINGUILUODIHOUQIDONGXIANGMU。SHANGSHUSANLEIQIYEHUIJIDAOZHISHANGSHIGONGSICHUXIANJIZHONGPILUDINGZENGYUANDEXIANXIANG。GENJUYIPILUDEYUANXIUGAIQINGKUANG,JUEDABUFENYUANDIAOZHENGYEFUHEYUQI。

QIZHONGCHUXIANLEKONGGUGUDONGHUOSHIJIKONGZHIRENYIREN“BAOCHANG”DEXIANGMU。FENXIRENSHIZHICHU,DAGUDONGHUOJIGOUDINGZENG“BAOCHANG”ZHUYAOYOULIANGGEYUANYIN,DIYI,GENJUGUQUANSHICHANGDEFENGXIANPIANHAOCHENGDU,SHANGSHIGONGSIBIFEIGONGZHONGGONGSIZIZHIMINGXIANGENGGAO;DIER,ZAIRONGZIXINGUIWEIDINGZENGCANYUZHETIGONGLEYOUHOUDEANQUANDIAN,JIANGDILEDINGZENGFAXINGJIAGEDEXIAXIAN(9ZHEGAIWEI8ZHE),SUODUANLESUODINGQI。

DANBINGFEIKONGGUGUDONGXIANG“BAOCHANG”JIU“BAOCHANG”,DAGUDONGHUOJIGOUTOUZIZHEDEQUEDINGRUGUHAIYAODEDAOGUDONGDAHUIDESHENYIPIZHUN。GENJU《SHANGSHIGONGSIZHENGQUANFAXINGGUANLIBANFA》DI40TIAOHE《CHUANGYEBANSHANGSHIGONGSIZHENGQUANFAXINGGUANLIZANXINGBANFA》DI29TIAODEGUIDING,DONGSHIHUITONGGUODINGJIA8ZHEDEDINGZENGYUANHOU,HAIXUTIQINGGUDONGDAHUIPIZHUN。WEIBAOZHANGJUECEGONGPINGHEBAOHUZHONGXIAOTOUZIZHEHEFAQUANYI,RUGUOKONGGUGUDONG、SHIJIKONGZHIRENJIQIGUANLIANFANGCANYUDINGZENGRENGOUDE,KONGGUGUDONGJIQIGUANLIANFANGYINGDANGHUIBIBIAOJUE。

澳门BBIN视讯游戏JIANGUANCENGYEJIANGQIANGHUADUISUOJIAXIANGMU、DANYIDAGUDONG“BAOCHANG”XIANGMUDEJIANGUAN。JIZHECONGZHENGJIANHUIXIANGGUANRENSHICHULEJIEDAO,DUIYUSHANGSHUXIANGMU ,ZHENGJIANHUIZAISHENHEZHONGJIANGCONGYANBAWO,YIDANFAXIANWEIFAWEIGUIXINGWEI,JIANJUEYANLIDAJI;XINGUIBUSHIZOUHUITOULU,BUNENG“YIFANGJIULUAN”,ZHENGJIANHUIGULIGUIFANDESHANGSHIGONGSIZHENGCHANGRONGZI,ZHICHISHITIJINGJIDEFAZHAN。

澳门BBIN视讯游戏ZHIDEZHUYIDESHI,JINQI,ZHENGJIANHUIFABUZAIRONGZIZHIDUBUFENTIAOKUANDIAOZHENGSHEJIDEXIANGGUANGUIZE,CONGFAXINGTIAOJIAN、FEIGONGKAIFAXINGGUPIAODINGJIAZHEKOUDIJIA、FAXINGDUIXIANGSHULIANGHESUODINGQI、PIWENYOUXIAOQIDENGDUOGEWEIDUJINXINGDIAOZHENG。SHICHANGYOUGUANDIANRENWEIBENCIZHIDUDIAOZHENGSHIFOUYIWEIZHEZAIRONGZIZHIDUDEQUANMIANFANGSONG。

DUICI,ZHENGJIANHUIXIANGGUANFUZERENBIAOSHI,ZAIRONGZIZHIDUZUOWEIZIBENSHICHANGDEYIXIANGJICHUXINGZHIDU,ZAICUJINSHANGSHIGONGSIZUOYOUZUOQIANG,ZHICHISHITIJINGJIGAOZHILIANGFAZHAN、FUWUGUOJIAZHANLVEDENGFANGMIANFAHUIZHEZHONGYAOZUOYONG。WEILESHIZAIRONGZIZHIDUBUDUANSHIYINGZIBENSHICHANGGAIGEFAZHANDEXUYAO,ZHENGJIANHUIDUIZAIRONGZIZHIDUBUFENTIAOKUANJINXINGDIAOZHENG,BINGYIZHENGSHIFABUSHISHI,BENCIZAIRONGZIZHIDUBUFENTIAOKUANDIAOZHENG,BINGBUSHIFANGSONGLEZAIRONGZIDEJIANGUANYAOQIU。

焦点五:本轮改革方向如何?坚持市场化、法治化原则

澳门BBIN视讯游戏CICIXIUGAIDEZAIRONGZIGUIZEJINGJIANFAXINGTIAOJIAN,TUOKUANCHUANGYEBANZAIRONGZIFUWUFUGAIMIAN;YOUHUAFEIGONGKAIZHIDUANPAI,ZHICHISHANGSHIGONGSIYINRUZHANLVETOUZIZHE;SHIDANGYANZHANGPIWENYOUXIAOQI,FANGBIANSHANGSHIGONGSIXUANZEFAXINGCHUANGKOU。ZHENGJIANHUIXIANGGUANRENSHIBIAOSHI,ZAIRONGZIXINGUICHENGZAIZHEQUANMIANSHENHUAZIBENSHICHANGGAIGEDECHUXIN,YESHIXINGCHENGGENGJIAKAIFANGBAORONGDEZIBENSHICHANGJICHUZHIDUDEKEGUANYAOQIU,CILUNGAIGEJIANCHISHICHANGHUA、FAZHIHUADEGAIGEFANGXIANG,GUANCHELUOSHI“SIGEJINGWEI、YIGEHELI”DEJIANGUANLINIAN,MUDESHIZHICHIYOUFAZHANQIANLI、SHICHANGRENKEDUGAODEYOUZHISHANGSHIGONGSIBIANJIERONGZI。

YISHIJIANCHISHICHANGHUAFAZHIHUADEGAIGEFANGXIANG,JINYIBUGUIFANSHANGSHIGONGSIZAIRONGZIXINGWEI,JINGJIANYOUHUAZAIRONGZIFAXINGTIAOJIAN,LUOSHIYIXINXIPILUWEIHEXINDEZHUCEZHILINIAN,DUCUSHANGSHIGONGSIYITOUZIZHETOUZIJUECEXUQIUWEIDAOXIANG,ZHENSHIZHUNQUEWANZHENGDIPILUXINXI。

澳门BBIN视讯游戏ERSHIXISHOUJIEJIANCHENGSHUSHICHANGDECHENGGONGJINGYAN,JIEHEZHONGGUOZIBENSHICHANGDESHIJI,DIAOZHENGZAIRONGZISHICHANGHUAFAXINGDINGJIAJIZHI,CHONGFENFAHUISHICHANGDUIZIYUANPEIZHIDEJUEDINGXINGZUOYONG。ZHICHIYOUFAZHANQIANLI、SHICHANGRENKEDUGAODEYOUZHISHANGSHIGONGSIBIANJIERONGZI。QIESHITIGAOGONGSIZHILI,DALITUIDONGTIGAOSHANGSHIGONGSIZHILIANG,HANGSHIZIBENSHICHANGKECHIXUFAZHANDEJISHI。

澳门BBIN视讯游戏SANSHIYAYANYASHIFAXINGRENJIZHONGJIEJIGOUDENGSHICHANGZHUTIZEREN,YANGEJINZHI“MINGGUSHIZHAI”DENGWEIFAWEIGUIXINGWEI,JIADACHUFALIDU,XIANZHUTISHENGWEIFAWEIGUICHENGBEN,QIESHIWEIHUSHANGSHIGONGSILIYI、TOUZIZHEHEFAQUANYIHESHEHUIGONGGONGLIYI。

ZHENGJIANHUIBIAOSHI,XIAYIBUJIANGJIEHEJIANGUANSHIJIAN,JINYIBUZHIDINGPEITAOJIAQIANGRICHANGJIANGUANDEBANFA,QIANGHUASHANGSHIGONGSIXINXIPILUYAOQIU,YANLIDAJIGELEIZIBENSHICHANGWEIFAWEIGUIXINGWEI,CUJINTISHENGSHANGSHIGONGSIZHILIANG,CHIXUYOUHUASHICHANGHUANJING。

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