重大資(zi)產重組(zu)管理辦(ban)法、股(gu)份回購規(gui)則等多項制度(du)即將(jiang)修訂，落實(shi)投資(zi)者保護

繼國務院對中小投資者(zhe)保護工作做出(chu)頂層性設(she)計(ji)后，證監會擬(ni)從監管實際出(chu)發制定細化(hua)措(cuo)施，加強對中小投資者(zhe)權益保護力(li)度。

記者昨日(ri)獲悉，在(zai)上(shang)市公(gong)司(si)(si)監(jian)管(guan)就中小投(tou)資者權益保(bao)護方(fang)面(mian)，證監(jian)會擬修訂《上(shang)市公(gong)司(si)(si)重(zhong)大(da)資產重(zhong)組管(guan)理辦法》、制(zhi)訂《上(shang)市公(gong)司(si)(si)股(gu)(gu)(gu)份回購規則》、對上(shang)市公(gong)司(si)(si)及其(qi)控股(gu)(gu)(gu)股(gu)(gu)(gu)東承諾事項的(de)監(jian)管(guan)指引，落實關于“對攤(tan)薄即期回報(bao)的(de)重(zhong)組公(gong)開承諾填補回報(bao)”、“引導公(gong)司(si)(si)承諾在(zai)股(gu)(gu)(gu)價(jia)低于每股(gu)(gu)(gu)凈資產時回購股(gu)(gu)(gu)份”等方(fang)面(mian)要(yao)求，加大(da)對控股(gu)(gu)(gu)股(gu)(gu)(gu)東、實際控制(zhi)人等失信(xin)行為的(de)監(jian)管(guan)力(li)度(du)，凈化市場環境。

《國(guo)務(wu)院辦公廳關于進一步加(jia)強資(zi)本市(shi)場中(zhong)(zhong)小投(tou)資(zi)者(zhe)合法(fa)權(quan)益保護工(gong)作(zuo)的意見(jian)》（下(xia)稱“國(guo)九條”）近日發布(bu)，其中(zhong)(zhong)在(zai)優化(hua)投(tou)資(zi)回報機制(zhi)、保障投(tou)資(zi)者(zhe)參與權(quan)和知情權(quan)等(deng)方(fang)面打出(chu)了“組(zu)合拳”，包括將分紅與再融資(zi)掛鉤、引導(dao)上(shang)市(shi)公司承諾在(zai)出(chu)現股價(jia)低(di)于每(mei)股凈(jing)資(zi)產等(deng)情形時回購股份等(deng)內(nei)容(rong)。

對于在上市公司監管工作(zuo)就中小投資者權(quan)益(yi)保護方面下(xia)一步有(you)何工作(zuo)安排？

證(zheng)監會(hui)表示，將進一步修(xiu)(xiu)訂(ding)(ding)(ding)(ding)完善(shan)相關(guan)制(zhi)(zhi)(zhi)度(du)，加大(da)(da)對(dui)中(zhong)小(xiao)投(tou)(tou)(tou)資者(zhe)(zhe)權(quan)益(yi)(yi)保(bao)護力度(du)：一是(shi)(shi)積極(ji)配合國(guo)(guo)(guo)(guo)務院(yuan)法(fa)制(zhi)(zhi)(zhi)辦制(zhi)(zhi)(zhi)訂(ding)(ding)(ding)(ding)《上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)監督管(guan)理(li)條(tiao)例》，明(ming)確股(gu)(gu)(gu)東(dong)(dong)大(da)(da)會(hui)征集投(tou)(tou)(tou)票權(quan)等制(zhi)(zhi)(zhi)度(du)。二是(shi)(shi)修(xiu)(xiu)訂(ding)(ding)(ding)(ding)《上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)治理(li)準則(ze)》、《上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)章程指(zhi)(zhi)引》、《上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)股(gu)(gu)(gu)東(dong)(dong)大(da)(da)會(hui)規(gui)則(ze)》等制(zhi)(zhi)(zhi)度(du)，落(luo)實(shi)“國(guo)(guo)(guo)(guo)九條(tiao)”關(guan)于(yu)“建(jian)(jian)立中(zhong)小(xiao)投(tou)(tou)(tou)資者(zhe)(zhe)單獨(du)計票機制(zhi)(zhi)(zhi)”、“制(zhi)(zhi)(zhi)定差(cha)異化(hua)的(de)(de)(de)分(fen)(fen)紅(hong)引導(dao)政策(ce)”、“研(yan)究(jiu)完善(shan)中(zhong)小(xiao)投(tou)(tou)(tou)資者(zhe)(zhe)提(ti)出(chu)罷免公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)董(dong)事提(ti)案(an)的(de)(de)(de)制(zhi)(zhi)(zhi)度(du)”、“引導(dao)上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)股(gu)(gu)(gu)東(dong)(dong)大(da)(da)會(hui)全面采用網絡投(tou)(tou)(tou)票方式”和(he)(he)“完善(shan)上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)股(gu)(gu)(gu)東(dong)(dong)大(da)(da)會(hui)投(tou)(tou)(tou)票表決第三(san)方見證(zheng)制(zhi)(zhi)(zhi)度(du)”等方面的(de)(de)(de)要(yao)(yao)求，強化(hua)上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)規(gui)范治理(li)與內控約束。三(san)是(shi)(shi)修(xiu)(xiu)訂(ding)(ding)(ding)(ding)上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)年報披露(lu)格(ge)式準則(ze)和(he)(he)相關(guan)信(xin)息(xi)(xi)披露(lu)編報規(gui)則(ze)，提(ti)高信(xin)息(xi)(xi)披露(lu)的(de)(de)(de)針(zhen)對(dui)性(xing)和(he)(he)有效性(xing)，落(luo)實(shi)“國(guo)(guo)(guo)(guo)九條(tiao)”，“制(zhi)(zhi)(zhi)訂(ding)(ding)(ding)(ding)自愿性(xing)和(he)(he)簡明(ming)化(hua)的(de)(de)(de)信(xin)息(xi)(xi)披露(lu)規(gui)則(ze)”、“建(jian)(jian)立統一的(de)(de)(de)信(xin)息(xi)(xi)披露(lu)平臺(tai)”、“建(jian)(jian)立限售股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)(dong)減持計劃預披露(lu)制(zhi)(zhi)(zhi)度(du)”的(de)(de)(de)要(yao)(yao)求，使上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)披露(lu)的(de)(de)(de)信(xin)息(xi)(xi)真正成(cheng)為投(tou)(tou)(tou)資者(zhe)(zhe)需要(yao)(yao)和(he)(he)可以依賴的(de)(de)(de)信(xin)息(xi)(xi)來源。四是(shi)(shi)修(xiu)(xiu)訂(ding)(ding)(ding)(ding)《上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)重大(da)(da)資產重組管(guan)理(li)辦法(fa)》、制(zhi)(zhi)(zhi)訂(ding)(ding)(ding)(ding)《上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)股(gu)(gu)(gu)份(fen)回(hui)購規(gui)則(ze)》、對(dui)上(shang)(shang)(shang)市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)及其控股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)(dong)承(cheng)(cheng)諾(nuo)事項的(de)(de)(de)監管(guan)指(zhi)(zhi)引，落(luo)實(shi)“國(guo)(guo)(guo)(guo)九條(tiao)”關(guan)于(yu)“對(dui)攤薄即(ji)期回(hui)報的(de)(de)(de)重組公(gong)(gong)(gong)(gong)(gong)開承(cheng)(cheng)諾(nuo)填補回(hui)報”、“對(dui)不履(lv)行分(fen)(fen)紅(hong)承(cheng)(cheng)諾(nuo)的(de)(de)(de)記(ji)入誠信(xin)檔(dang)案(an)，未達到(dao)整改要(yao)(yao)求的(de)(de)(de)不得再融資”、“鼓勵(li)主(zhu)動延(yan)長鎖定期”和(he)(he)“引導(dao)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)承(cheng)(cheng)諾(nuo)在(zai)股(gu)(gu)(gu)價低于(yu)每股(gu)(gu)(gu)凈資產時回(hui)購股(gu)(gu)(gu)份(fen)”的(de)(de)(de)要(yao)(yao)求，加大(da)(da)對(dui)控股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)(dong)、實(shi)際(ji)控制(zhi)(zhi)(zhi)人等失信(xin)行為的(de)(de)(de)監管(guan)力度(du)，凈化(hua)市(shi)(shi)場環境。五是(shi)(shi)完善(shan)日常監管(guan)和(he)(he)稽查(cha)執(zhi)法(fa)協作機制(zhi)(zhi)(zhi)，堅決查(cha)處損害中(zhong)小(xiao)投(tou)(tou)(tou)資者(zhe)(zhe)合法(fa)權(quan)益(yi)(yi)的(de)(de)(de)違法(fa)行為。

值(zhi)得注意的(de)(de)是(shi)，目前證(zheng)監(jian)(jian)(jian)會(hui)(hui)在(zai)(zai)上(shang)(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)監(jian)(jian)(jian)管(guan)(guan)上(shang)(shang)(shang)(shang)(shang)已經就“國九條”內容采(cai)取了諸多措施，包括：一是(shi)強化(hua)利潤分配(pei)和(he)現(xian)金(jin)分紅(hong)信(xin)息披(pi)露監(jian)(jian)(jian)管(guan)(guan)，并在(zai)(zai)出具再(zai)融(rong)資持(chi)(chi)續監(jian)(jian)(jian)管(guan)(guan)建議書時，重點(dian)關(guan)注利潤分配(pei)情(qing)況(kuang)(kuang)(kuang)和(he)不履行分紅(hong)承諾的(de)(de)情(qing)況(kuang)(kuang)(kuang)。二(er)是(shi)在(zai)(zai)并購重組審(shen)核中(zhong)重點(dian)關(guan)注上(shang)(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)中(zhong)小(xiao)(xiao)投資者(zhe)合(he)(he)法權(quan)益保護(hu)工作，包括股(gu)東大會(hui)(hui)表決情(qing)況(kuang)(kuang)(kuang)、網絡(luo)投票(piao)的(de)(de)落實情(qing)況(kuang)(kuang)(kuang)、資產定價(jia)公(gong)(gong)允性、并購重組攤薄當(dang)期每(mei)股(gu)收益的(de)(de)填補(bu)回(hui)報安排(pai)、對(dui)現(xian)金(jin)分紅(hong)持(chi)(chi)續穩定的(de)(de)上(shang)(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)在(zai)(zai)監(jian)(jian)(jian)管(guan)(guan)政(zheng)(zheng)策上(shang)(shang)(shang)(shang)(shang)給予(yu)扶持(chi)(chi)等。三是(shi)各證(zheng)監(jian)(jian)(jian)局和(he)證(zheng)券交易所在(zai)(zai)日(ri)常(chang)監(jian)(jian)(jian)管(guan)(guan)中(zhong)，督促上(shang)(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)強化(hua)信(xin)息披(pi)露、完善公(gong)(gong)司(si)治理(li)、綜合(he)(he)提升中(zhong)小(xiao)(xiao)投資者(zhe)合(he)(he)法權(quan)益保護(hu)。四是(shi)繼(ji)續提高監(jian)(jian)(jian)管(guan)(guan)透明(ming)度(du)，進(jin)一步減少行政(zheng)(zheng)審(shen)批、進(jin)一步加強相關(guan)監(jian)(jian)(jian)管(guan)(guan)工作的(de)(de)公(gong)(gong)示力度(du)，不斷(duan)提升監(jian)(jian)(jian)管(guan)(guan)執法水(shui)平(ping)和(he)效率。