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專刊三 | 注冊制下債券監管政策變化對債券實務操作及債市的影響

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作為中國債券市場中又一里程碑式事件,“注冊制”全面實施,發行制度的變革在本輪維穩周期中釋放了積極的信號,債券服務實體經濟的能力和效率進一步提升,市場規模有望繼續擴容。

本期,火狐體育官方網站將從注冊制下債券監管政策變化對發債實務操作及債市的影響出發,作出自己的分析判斷。


3yue1ri,xinzhengquanfashishideshouri,guojiafagaiweifabu《guanyuqiyezhaiquanfaxingshishizhucezhiyouguanshixiangdetongzhi》,biaoshiqiyezhaifaxingyouhezhunzhigaiweiquanmianshixingzhucezhi,guojiafazhangaigeweiweiqiyezhaiquandefadingzhucejiguan,faxingqiyezhaiquanyingdangyifajingguojiafazhangaigeweizhuce,bingmingqueleqiyezhaifaxingtiaojian、qianghuaxinxipiluyaoqiuhezhongjiejigouzeren。

tongri,zhengjianhuifabu《guanyugongkaifaxinggongsizhaiquanshishizhucezhiyouguanshixiangdetongzhi》,jiriqi,gongsizhaiquangongkaifaxingshixingzhucezhi。gongkaifaxinggongsizhaiquanyoujiaoyisuoshouli、shenhe,bingbaozhengjianhuilvxingfaxingzhucechengxu,shenheshixingdianzihuashenhe。gongsizhaiquangongkaifaxingtiaojianheshangshijiaoyitiaojianjunzuochudiaozheng,shanchule“zuidigongsijingzichan”“leijizhaiquanyuebuchaoguogongsijingzichandebaifenzhisishi”“gongsizhaiquandeqixianweiyinianyishang”dengtiaojianxianzhi。

、注冊制下企業債監管政策變化對發債實務操作的影響

guojiafazhangaigeweiquanmiantuixingzhucezhi,mingqueleqiyezhaifaxingtiaojian:yishiqiyezhaiquanfaxingrenyingdangjubeijianquanqieyunxinglianghaodezuzhijigou,ershizuijinsannianpingjunkefenpeilirunzuyizhifuqiyezhaiquanyiniandelixi;sanshiyingdangjuyouhelidezichanfuzhaijiegouhezhengchangdexianjinliuliang,sishigulifaxingqiyezhaiquandemujizijintouxiangfuheguojiahongguandiaokongzhengcehechanyezhengcedexiangmujianshe。

審批效率有望提升

shouxian,hezhunzhishiqi,guojiafagaiweiweishoulijigou,qiyezhaiquanfaxingrenxiangguojiafagaiweitichushenqing,guojiafagaiweiweituohuojianshichangjiaoyishangxiehuijinxingshoulipinggujijishupinggu,shoulipinggujijishupingguhourengxuguojiafagaiweijinxingsiwuhuishenyijilianshenhuishenyi。zhucezhishiqi,shoulijishenheliuchengjiangdadajianhua,guojiafagaiweijinyibuxiafangshoulijishenhequanxian,bingduiqiyezhaiquanshouli、shenhegongzuojiliangjiazhidingjigoujinxingjianduzhidao。yuji,weilaishoulijishenhexiaolvjiangdadatisheng,jutiliuchengjishenhebiaozhunyoudaizhongyangguozhaidengjijiesuanyouxianzerengongsijijianshichangjiaoyishangxiehuijinyibuzhidingmingque。

申報流程有望加速

jiushenbaoliuchenglaikan,fagaiwei《tongzhi》disitiaoguiding,anzhaozhucezhigaigedexuyao,quxiaoqiyezhaiquanshenbaozhongdeshengfagaiweizhuanbaohuanjie。yiwangchuqiyezhaiquan“zhitongche”jizhifanweidedifangqiyewaijunxutigongshengfagaiweidezhuanbaowenjian。

zheyejiuyiweizhu,xinguihou,suoyouqiyezhaiquanfaxingrenshenbaoqiyezhaiquanshijunbuzaixuyaoshengfagaiweichujuzhuanbaowenjian,danshejixiangmude,shengjifazhangaigebumenyingduimutouxiangmuchujufuheguojiahongguandiaokongzhengce、gudingzichantouziguanlifaguizhiduhezhengcedezhuanxiangyijian,bingchengdanxiangyingzeren。suoyi,jiusuanshigequxianjideqiyezhai,rengranshiyoushengjizhengfubumenxinyongzaide,qiyezhaihuanshibijiaowendezhaiquanpinzhong。

jiezhi2020nian3yue1ri,cunliangqiyezhaiquanwei2.31wanyi;feijinrongqiyezhaiwurongzigongju(hanzhongpiao、duanrong、ppn)cunliangyuewei11.18wanyi;gongsizhaiquan(baokuogongmugongsizhaiquanhefeigongkaigongsizhaiquan、kejiaozhai,buhankezhuanzhai)cunliangyuewei7.39wanyi。

圖:截至2020年3月1日信用債存續情況

zongtilaikan,qiyezhaiquanshenbao、shenheshouliliuchengzaixinguihoujiangdadajianhua,faxingshenpixiaolvjiangdadatigao,weilaihuojiangyougengduodezhuticanyuqiyezhaiquandeshenbaoyufaxing。


二、注冊制下公司債券監管政策變化對發債實務操作的影響

(一)審核權限下放,審核效率提升

zaihezhunzhixia,gongmugongsizhaiquandefaxingxuyaojiaoyisuoyushenhewuyiyihouzai zhuanbaozhengjianhuijinxingshenhejihezhun,zhezaiyidingchengdushangyanchangleshenhedezhouqi,yingxiangleshenhexiaolv。zaizhucezhixia,gongkaifaxinggongsizhaiquanyoujiaoyisuoshouli、shenhe,bingbaozhengjianhuilvxingfaxingzhucechengxu,shenheshixingdianzihuashenhe,jianhualegongkaifaxinggongsizhaiquandeshenheliucheng,jiangjinyibutishengshenhexiaolv。

(二)期限要求放寬,豐富債券產品

zhengquanfazaixiudingqianyaoqiugongmugongsizhaiquanqixianxuzai?nianjiyishang,?benci xiudingzezuochulediaozheng,shanchule“gongsizhaiquandeqixianwei?nianyishang”deshangshishenqingtiaojianyaoqiu,yiweizhukeyifaxinggongmuduanqigongsizhaiquanpinzhong,fengfulegongsizhaiquandechanpinxian,nenggenghaodimanzufaxingrendebutongrongzixuqiu。

(三)發行條件放寬,市場擴容加大

cicigongkaifaxinggongsizhaiquanshishizhucezhi,falvfaguifangmianyouwudadiaozheng,shejiduigongsizhaifaxingtiaojian、shenqingshangshitiaojian、xinpiyaoqiudengduofangmianxiuding。qizhong,duigongsizhaiquanfaxingtiaojiandeyouhuabeishouguanzhu:shanchufaxingrenjingzibenjinedeyaoqiu、kuozhanfaxingzhuti、shanchuzhaiquanyueshoujingzichandexianzhi、shanchuqiancigongkaifaxinggongsizhaiquanshangweimuzubudezaicigongkaifaxinggongsizhaiquandexianzhi、shanchuyinianyixiaqixiandegongsizhaiquanbunengshangshidexianzhideng。

duanqiyingxiangshang,gongsizhaiquanshixingzhucezhizhihou,gongkaifaxingtiaojianjianhua,zijinyongtugengjialinghuo。40%bilixianzhihejingzichanguimoyaoqiudefangkaiyouliyushichangkuorong。buguo,yinwei2015nianyilaigongsizhaishichangyishixing“zhunzhucezhi”,duanqilaikan,xinzhengduishichangyingxiangyouxian。

shichangyouguanrenshirenwei,benci《zhengquanfa》guanyugongsizhaiquanfaxingtiaojian、faxingjizhidengfangmiandexiudingshizai2015nian《guanlibanfa》jichushangdeshenhuagaige。2015nian《gongsizhaiquanfaxingyujiaoyiguanlibanfa》fabushishi,qizhongquxiaolegongsizhaiquanbaojianzhiduhefashenweizhidu、faxingzhutituozhanzhifeizhengfurongzipingtaidegongsizhifaren、zhengshiyinrufeigongkaifaxingfangshideng,shigongsizhaiquandefaxingchengxianchujingpenzhuangtai。xiatuwei2014nianzhijingongsizhaiquandefaxingqingkuangtongji:

圖:2014年至今公司債券的發行情況

注冊制下對房地產、類平臺企業等的監管政策暫未明顯放松,目前,對于類平臺企業而言,“來自地方政府收入不超過營業收入的 50%”(簡稱“單 50%”)的限制依然存在,對于不滿足單50%的企業募集資金只能用于省級棚改或保障房的建設,或者用于借新還舊。但對于滿足單50%等條件的優質類平臺企業注冊發行公募公司債券的限制未來或有松動,由于公募公司債券在成本方面較非公開發行公司債券有較明顯的優勢,未來或將成為優質類平臺企業優選產品。

cicixinguifabuhou,gongmugongsizhaiquanshixingzhucezhi,youhualegongmugongsizhaiquanfaxingtiaojian,tishengleshenhexiaolv,quanmianjiaqianglegongsizhaiquanxinxipilujitouzizhebaohujizhideng,bingqiejiangfuzhaijiegoudejuedingquanjiaohuangeifaxingrenzishen,jianshaoduizhaiquanrongzixingweideganyu,chongfentixianlerongzixingweishichanghuadejingshen,gongsizhaiquanshichangfazhanjiangjinruxindelishijieduan。

表:注冊制與核準制下公司債券新舊規定比較


、注冊制下債券市場的影響

1、發債周期將縮短

shixinghezhunzhizhishi,qiyezhaiquanfaxingyibanxuyao2geyuedao6geyuebudeng,gebiekenenghuigengchang。tuixingzhucezhizhihou,suoyongshijiankenengjiangdadayasuozhi2zhoudao2geyue(jutihuigenjuqiyezizhi、shenbaopinzhongdengyousuobutong),keyujiangongsizhai、qiyezhaidefazhaiedushenpiliuchenghuiyoujianhua,shenpiqixianhuisuoduan。youci,zhaiquanfaxingquanmianshixingzhucezhihou,suoyouchengshidezhaiquanfaxingdoujianhualehuanjie,zheyigaibianyejiangtishengfaxingrenfaxingzhaiquandejijixing。

2、注冊制將助力債券市場擴容

quanmianshishizhucezhikeyijianhuafaxingliuchengbingyouliyukuodaqiyezhaiquanderongzi。zaizhiqiandemoshixia,qiyefaxingzhaiquanxuguo“lianggeguan”,ji“shenpiguan”he“shichangguan”,liangzhequeyibuke。jinhou,zhaiquanfaxingzhixuyaojingshoushichangdekaoyan,suoduanlerongzizhouqi,jiangdilerongzinandu。lingwaixin《zhengquanfa》fangkuanleyuan《zhengquanfa》“leijizhaiquanyuebuchaoguogongsijingzichandebaifenzhisishi”zheyitiaoguiding,gaichengle“helidezichanfuzhaijiegou”,tongshibaoliuleduijinglirundeyaoqiu,xinzengleduixianjinliudeyaoqiu。jiranfangkuanlejingzichan40%zheyitiao,qiyezhaidefaxingguimocunzaijinyibutigaodekeneng。

gongsizhailaikan,faxingzhouqiyouwangsuoduan,faxingxiaolvjianghuodeshizhixingtisheng,jingzichanheleijizhaiquanyuexianzhitiaojiandequxiao,dagailvjiangzhutuixinyongzhaishichangkaiqixinyilundezengchangqi,ruozhucetiaojianjinyibuyouxufangkuanxinyongdengjidengxianzhi,neimehouxujianghuiyougengduobutongleixingdeqiyehuodezhaiquanzhijierongzijihui。

jianguanduifazhaidetaidugengduocongpianxiangxianzhizhuanxiangpianxiangzhichi,yujishichangfazhaiguimohuiyouzengjia。guigenjiedi,jianguanxiwangbangzhushitiqiyeshutongliudongxing,suizhuqiyezhai、gongkaifaxinggongsizhaizaifaxingtiaojianshangdefangkuan,zhaiquandefaxingliangyujijiangjinyibuzengjia。

3、信息披露和信用評級等中介機構責任更將強化

suizhuqiyezhaihegongsizhaigongkaifaxingquanmianshixingzhucezhi,faxingrendexinxipiluyaoqiujinyibutigao,zhongjiejigoudezerenyebeiyayanyashi。《guanyuqiyezhaiquanfaxingshishizhucezhiyouguanshixiangdetongzhi》zhichuqueliyixinxipiluweizhongxindezhucezhijianguanlinian,mingquefaxingrenshixinxipiludediyizerenren。jiaoyisuojiang“jiadaduifaxingren、zhengquanfuwujigoudejianguan,yindaotouzizheshulifengxianzidan、zerenzifudeyishi”;fagaiweiwenjiantidao“zhongjiejigouyingduizhaiquanfaxingrenjinxingchongfendejinzhidiaocha,xiezhuzuohaoxinxipiludenggongzuo,duisuochujudezhuanyebaogaohezhuanyeyijianfuze”。weilai,guojiafagaiweijiangyuzhengjianhuidengyouguanbumenmiqiepeihe,jijizhichizhengjianhuikaizhanzhaiquanshichangtongyizhifagongzuo,yifayanchengqiyezhaiquanlingyudeweifaweiguixingwei,zhejiangyouliyushichanghuajianguanhechuzhi。



附錄一 國務院辦公廳關于貫徹實施修訂后的證券法有關工作的通知


附錄二 國家發展改革委關于企業債券發行實施注冊制有關事項的通知


附錄三 中國證監會關于公開發行公司債券實施注冊制有關事項的通知


<span "="">附錄四 關于上海證券交易所公開發行公司債券實施注冊制相關業務安排的通知

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