国资委有关负责人就《关于规范上市公司国有股东行为的若干意见》等三文件答记者问

　　記者問(wen)：請(qing)簡(jian)單介(jie)紹一(yi)下文件出臺的有關背(bei)景情況。

　　答：股(gu)(gu)(gu)權分置改革后，原暫不(bu)流(liu)(liu)通股(gu)(gu)(gu)轉(zhuan)(zhuan)變(bian)為流(liu)(liu)通股(gu)(gu)(gu)，國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東所(suo)處的(de)(de)市(shi)(shi)(shi)場(chang)環(huan)境和股(gu)(gu)(gu)東權利行(xing)使(shi)所(suo)依據(ju)的(de)(de)法(fa)規(gui)制(zhi)度發生(sheng)了(le)重(zhong)大轉(zhuan)(zhuan)變(bian)。為確(que)保國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東正確(que)行(xing)使(shi)股(gu)(gu)(gu)東權利，防止國(guo)(guo)有(you)(you)(you)(you)資產流(liu)(liu)失，維護全(quan)體(ti)股(gu)(gu)(gu)東的(de)(de)共同利益(yi)及證(zheng)券(quan)市(shi)(shi)(shi)場(chang)的(de)(de)穩定發展，2007年7月我(wo)們聯合證(zheng)監會共同發布了(le)《國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東轉(zhuan)(zhuan)讓(rang)所(suo)持(chi)上(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)股(gu)(gu)(gu)份管理(li)暫行(xing)辦法(fa)》（國(guo)(guo)資委(wei) 證(zheng)監會令第19號）等(deng)(deng)三個(ge)政(zheng)策性文件，對國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東轉(zhuan)(zhuan)讓(rang)及受讓(rang)上(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)股(gu)(gu)(gu)份，以及國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東賬戶管理(li)做出了(le)相(xiang)(xiang)應規(gui)定，初步建立起了(le)上(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)權管理(li)的(de)(de)制(zhi)度框(kuang)架，起到了(le)良好的(de)(de)市(shi)(shi)(shi)場(chang)效應。當前，上(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)資產重(zhong)組和證(zheng)券(quan)發行(xing)行(xing)為不(bu)斷增(zeng)多，并出現了(le)上(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東發行(xing)可交(jiao)(jiao)換公(gong)司(si)(si)(si)債券(quan)、上(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)發行(xing)分離交(jiao)(jiao)易(yi)可轉(zhuan)(zhuan)換債等(deng)(deng)創新(xin)品(pin)種。對于上(shang)(shang)述行(xing)為，目前我(wo)委(wei)尚沒有(you)(you)(you)(you)相(xiang)(xiang)關制(zhi)度予(yu)以監管，致(zhi)使(shi)國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)東的(de)(de)相(xiang)(xiang)關行(xing)為缺乏必(bi)要的(de)(de)政(zheng)策指導(dao)，容易(yi)產生(sheng)信息披(pi)露不(bu)規(gui)范、內幕交(jiao)(jiao)易(yi)等(deng)(deng)問題，迫(po)切需要制(zhi)訂相(xiang)(xiang)關管理(li)辦法(fa)對此(ci)進行(xing)規(gui)范。

　　鑒于上述(shu)情況，我們在分別征求有關專家(jia)、證(zheng)券(quan)從業機(ji)構，部分地方國有資產監管機(ji)構、部分中央(yang)企業,以及(ji)證(zheng)監會(hui)意見基礎上，經反復討論修改，完成了(le)三個文件的研究(jiu)起草工(gong)作(zuo)，主要目的是為了(le)規范股東行為，保護投資者合(he)法(fa)權益，維護市場穩定。

　　記(ji)者(zhe)問：此次發布的三個文件內容雖各有側重，但(dan)又彼此緊密聯(lian)系，請(qing)問有何考慮？

　　答：《若(ruo)干(gan)意(yi)見(jian)》主要(yao)從(cong)國(guo)有(you)股(gu)(gu)東(dong)如(ru)何履(lv)行(xing)(xing)好社會責任以維護(hu)證(zheng)券市(shi)(shi)(shi)場健康發(fa)展，如(ru)何強化(hua)信息披(pi)露責任，如(ru)何推進(jin)企(qi)業整體上(shang)市(shi)(shi)(shi)及(ji)上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)重(zhong)(zhong)組，促進(jin)提高上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)質量，以及(ji)如(ru)何保持(chi)國(guo)有(you)股(gu)(gu)東(dong)在上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)中(zhong)的(de)(de)實際(ji)控(kong)制力，維護(hu)上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)獨立性(xing)等方面，對國(guo)有(you)股(gu)(gu)東(dong)提出了原(yuan)則性(xing)意(yi)見(jian)和(he)要(yao)求。《資產重(zhong)(zhong)組通知(zhi)》、《發(fa)行(xing)(xing)證(zheng)券通知(zhi)》則根(gen)據《若(ruo)干(gan)意(yi)見(jian)》所(suo)(suo)提出的(de)(de)基本(ben)原(yuan)則，重(zhong)(zhong)點對目前在資本(ben)市(shi)(shi)(shi)場上(shang)受到關(guan)注(zhu)的(de)(de)國(guo)有(you)股(gu)(gu)東(dong)與上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)資產重(zhong)(zhong)組、上(shang)市(shi)(shi)(shi)國(guo)有(you)股(gu)(gu)東(dong)發(fa)行(xing)(xing)可(ke)交換公(gong)司(si)(si)(si)債券、國(guo)有(you)控(kong)股(gu)(gu)上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)(si)發(fa)行(xing)(xing)證(zheng)券等行(xing)(xing)為(wei)(wei)，從(cong)決策和(he)批準程序、上(shang)報(bao)材料、信息披(pi)露要(yao)求、有(you)關(guan)各方責任等方面作了具體規定。因此，《若(ruo)干(gan)意(yi)見(jian)》內(nei)容更(geng)為(wei)(wei)寬泛，也較為(wei)(wei)原(yuan)則。而《資產重(zhong)(zhong)組通知(zhi)》、《發(fa)行(xing)(xing)證(zheng)券通知(zhi)》是對前者所(suo)(suo)涉及(ji)重(zhong)(zhong)點內(nei)容的(de)(de)具體化(hua)。

　　記者問：我(wo)們注意(yi)到，《若干意(yi)見》首條(tiao)規定即要(yao)求國有(you)股東堅持守法誠信(xin)，規范運(yun)作，并做維護資本市場(chang)健(jian)康(kang)發(fa)展的表率。我(wo)們認為，這對于培育健(jian)康(kang)的市場(chang)環境，提振(zhen)市場(chang)信(xin)心(xin)，促(cu)進(jin)資本市場(chang)的長(chang)遠(yuan)發(fa)展具有(you)重要(yao)意(yi)義。能否(fou)簡要(yao)介紹一下其中的政策含(han)義？

　　答：國有(you)控股上(shang)市(shi)(shi)公(gong)司(si)對我(wo)國資(zi)本(ben)(ben)市(shi)(shi)場(chang)具有(you)舉足輕(qing)重的(de)影響(xiang)。國有(you)股東(dong)行(xing)為(wei)(wei)的(de)規范與(yu)否(fou)，不僅(jin)會(hui)直(zhi)接影響(xiang)所控股上(shang)市(shi)(shi)公(gong)司(si)，而且會(hui)對資(zi)本(ben)(ben)市(shi)(shi)場(chang)的(de)運行(xing)產生導(dao)向作用。特別是(shi)(shi)(shi)在當(dang)前經濟(ji)形(xing)勢(shi)及(ji)證券市(shi)(shi)場(chang)走勢(shi)下(xia)，國有(you)股東(dong)作為(wei)(wei)資(zi)本(ben)(ben)市(shi)(shi)場(chang)的(de)主要(yao)參與(yu)方，應從(cong)促進國家(jia)宏觀(guan)經濟(ji)平穩(wen)較快發展(zhan)，維護資(zi)本(ben)(ben)市(shi)(shi)場(chang)穩(wen)定(ding)的(de)高度(du)，更多地承擔(dan)(dan)起社會(hui)責(ze)任，堅持(chi)守法(fa)誠信，規范運作，做促進證券市(shi)(shi)場(chang)健康發展(zhan)的(de)表率(lv)。我(wo)們認為(wei)(wei)，這不僅(jin)是(shi)(shi)(shi)國有(you)股東(dong)勇于承擔(dan)(dan)社會(hui)責(ze)任的(de)體現，更是(shi)(shi)(shi)其成為(wei)(wei)合(he)格市(shi)(shi)場(chang)參與(yu)方的(de)必然要(yao)求。因此，《若(ruo)干意(yi)見》第一條即強調國有(you)股東(dong)的(de)社會(hui)責(ze)任，不僅(jin)是(shi)(shi)(shi)為(wei)(wei)了(le)增強市(shi)(shi)場(chang)信心，更是(shi)(shi)(shi)國有(you)股東(dong)自身(shen)規范發展(zhan)的(de)需要(yao)。

　　記者問：《若干意見》將支持上市公司(si)分配股利作為(wei)規范國(guo)有(you)股東行(xing)為(wei)的要求，并(bing)在(zai)第十(shi)條(tiao)中(zhong)予(yu)以了(le)明確規定。請問基(ji)本考慮(lv)是什(shen)么？

　　答：投(tou)資(zi)(zi)功(gong)(gong)能(neng)是資(zi)(zi)本(ben)市場(chang)最為(wei)重要(yao)(yao)的(de)功(gong)(gong)能(neng)之一。長期以來，我(wo)國(guo)上(shang)(shang)市公(gong)(gong)司的(de)低比例分(fen)紅(hong)，甚至(zhi)不(bu)(bu)分(fen)紅(hong)的(de)問(wen)題(ti)，成為(wei)影(ying)響資(zi)(zi)本(ben)市場(chang)投(tou)資(zi)(zi)功(gong)(gong)能(neng)，阻礙資(zi)(zi)本(ben)市場(chang)價值投(tou)資(zi)(zi)理念構建的(de)不(bu)(bu)可忽視因素，也不(bu)(bu)利(li)于投(tou)資(zi)(zi)者權益的(de)保護。因此(ci)，必須認真解決上(shang)(shang)市公(gong)(gong)司分(fen)紅(hong)中存在的(de)問(wen)題(ti)。我(wo)們(men)認為(wei)，國(guo)有股(gu)東(dong)在此(ci)過程中要(yao)(yao)依法發揮作(zuo)用，鼓勵、支持所持股(gu)上(shang)(shang)市公(gong)(gong)司加大股(gu)利(li)分(fen)配力度，特別是要(yao)(yao)按照證(zheng)券監管機構的(de)要(yao)(yao)求(qiu)，合理增加現金分(fen)紅(hong)的(de)比例。

　　記者問：《資產重組(zu)通(tong)知》主要從程序和要求方面(mian)對國有(you)股(gu)東(dong)與(yu)上(shang)市(shi)公(gong)司(si)進(jin)行(xing)資產重組(zu)進(jin)行(xing)了(le)規(gui)范。其中(zhong)我們發現了(le)一個(ge)(ge)重要變(bian)化，即文件在上(shang)市(shi)公(gong)司(si)董事會(hui)審(shen)議(yi)相關(guan)重組(zu)議(yi)案前，設定(ding)了(le)一個(ge)(ge)預審(shen)核程序。這與(yu)國資委目前所實行(xing)在上(shang)市(shi)公(gong)司(si)董事會(hui)后，股(gu)東(dong)大會(hui)前履(lv)行(xing)審(shen)核程序的做法有(you)了(le)很大變(bian)化。請(qing)談(tan)(tan)談(tan)(tan)這方面(mian)的情況。

　　答：國(guo)(guo)有(you)(you)股東(dong)將(jiang)資(zi)(zi)產(chan)(chan)注入(ru)上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司，與上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司進(jin)(jin)行(xing)資(zi)(zi)產(chan)(chan)重(zhong)組(zu)，國(guo)(guo)有(you)(you)資(zi)(zi)產(chan)(chan)監(jian)管(guan)機構在哪個環節(jie)對上(shang)(shang)述(shu)事(shi)項(xiang)進(jin)(jin)行(xing)審(shen)核至(zhi)關(guan)重(zhong)要。目前(qian)，國(guo)(guo)有(you)(you)資(zi)(zi)產(chan)(chan)監(jian)督管(guan)理機構在上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司董事(shi)會(hui)(hui)召(zhao)開后、在上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司股東(dong)大會(hui)(hui)前(qian)履行(xing)審(shen)核程序。我們(men)在征求意見(jian)中，有(you)(you)關(guan)專家建(jian)議，國(guo)(guo)有(you)(you)資(zi)(zi)產(chan)(chan)監(jian)管(guan)機構應對目前(qian)的(de)(de)審(shen)核環節(jie)做出調整(zheng)，設置預審(shen)核程序。他們(men)認為，由于國(guo)(guo)有(you)(you)股東(dong)與上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司進(jin)(jin)行(xing)資(zi)(zi)產(chan)(chan)重(zhong)組(zu)，均是向上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司注入(ru)優質資(zi)(zi)產(chan)(chan)，有(you)(you)的(de)(de)還需要置出上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司的(de)(de)低效甚至(zhi)虧(kui)損資(zi)(zi)產(chan)(chan)，對國(guo)(guo)有(you)(you)權益影響較大，因(yin)此國(guo)(guo)資(zi)(zi)委應在上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司董事(shi)會(hui)(hui)召(zhao)開前(qian)對該(gai)資(zi)(zi)產(chan)(chan)重(zhong)組(zu)進(jin)(jin)行(xing)實質性審(shen)核。否則，一旦(dan)上(shang)(shang)市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司董事(shi)會(hui)(hui)審(shen)議通過并依法進(jin)(jin)行(xing)信息披露后，該(gai)事(shi)項(xiang)因(yin)不符合(he)國(guo)(guo)有(you)(you)經(jing)濟結(jie)構調整(zheng)要求，或不符合(he)相關(guan)法律法規規定而被國(guo)(guo)有(you)(you)資(zi)(zi)產(chan)(chan)監(jian)管(guan)機構否決，可能會(hui)(hui)給市(shi)(shi)(shi)場帶來波(bo)動，也(ye)會(hui)(hui)影響投資(zi)(zi)者權益，容易引(yin)起法律糾紛。

　　此外，不少(shao)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)股(gu)(gu)(gu)(gu)(gu)東(dong)為多元(yuan)化的(de)(de)(de)(de)有(you)(you)限責(ze)任公(gong)(gong)(gong)司(si)或股(gu)(gu)(gu)(gu)(gu)份有(you)(you)限公(gong)(gong)(gong)司(si)，有(you)(you)的(de)(de)(de)(de)甚至是(shi)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)。這(zhe)些股(gu)(gu)(gu)(gu)(gu)東(dong)與(yu)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)進行資產重(zhong)(zhong)組，必須經由(you)(you)自身董(dong)(dong)事會(hui)或者股(gu)(gu)(gu)(gu)(gu)東(dong)會(hui)（大(da)會(hui)）進行決策后(hou)才能提交上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)董(dong)(dong)事會(hui)審(shen)議。如果國(guo)(guo)有(you)(you)資產監管機構不設(she)置預(yu)(yu)(yu)審(shen)核程(cheng)序(xu)，待上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)董(dong)(dong)事會(hui)審(shen)議后(hou)因(yin)種種原因(yin)行使(shi)否決權，則意(yi)味著(zhu)不僅(jin)否決了(le)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)董(dong)(dong)事會(hui)審(shen)議事項，而且否決了(le)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)股(gu)(gu)(gu)(gu)(gu)東(dong)的(de)(de)(de)(de)董(dong)(dong)事會(hui)或股(gu)(gu)(gu)(gu)(gu)東(dong)會(hui)（大(da)會(hui)）決議事項，面臨的(de)(de)(de)(de)市(shi)場風(feng)險和(he)法(fa)律風(feng)險則更(geng)大(da)。基(ji)于此，《資產重(zhong)(zhong)組通(tong)(tong)知》吸收了(le)有(you)(you)關專家所提出的(de)(de)(de)(de)設(she)置預(yu)(yu)(yu)審(shen)核程(cheng)序(xu)的(de)(de)(de)(de)建議。在我委(wei)(wei)組織的(de)(de)(de)(de)國(guo)(guo)有(you)(you)控(kong)股(gu)(gu)(gu)(gu)(gu)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)股(gu)(gu)(gu)(gu)(gu)權分(fen)(fen)置改革(ge)(ge)工作中，我們也設(she)置了(le)預(yu)(yu)(yu)審(shen)核程(cheng)序(xu)，即先由(you)(you)國(guo)(guo)有(you)(you)股(gu)(gu)(gu)(gu)(gu)東(dong)提出改革(ge)(ge)預(yu)(yu)(yu)案（包括對價區間）報我委(wei)(wei)預(yu)(yu)(yu)審(shen)核并出具備案表后(hou)，再(zai)予公(gong)(gong)(gong)告(gao)并與(yu)流通(tong)(tong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東(dong)溝通(tong)(tong)（如公(gong)(gong)(gong)告(gao)后(hou)需修改對價內容，則還要取得我委(wei)(wei)備案同意(yi)后(hou)才能更(geng)改），最(zui)后(hou)國(guo)(guo)有(you)(you)股(gu)(gu)(gu)(gu)(gu)東(dong)在股(gu)(gu)(gu)(gu)(gu)東(dong)大(da)會(hui)前將最(zui)終方案報我委(wei)(wei)審(shen)核。以上(shang)(shang)即為股(gu)(gu)(gu)(gu)(gu)權分(fen)(fen)置改革(ge)(ge)中市(shi)場所俗稱的(de)(de)(de)(de)“兩(liang)上(shang)(shang)兩(liang)下(xia)”或“三(san)(san)上(shang)(shang)三(san)(san)下(xia)”程(cheng)序(xu)，核心內容在于預(yu)(yu)(yu)審(shen)核。實踐證(zheng)明(ming)，在國(guo)(guo)有(you)(you)股(gu)(gu)(gu)(gu)(gu)東(dong)與(yu)上(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)重(zhong)(zhong)大(da)事項中實施預(yu)(yu)(yu)審(shen)核措施是(shi)行之(zhi)有(you)(you)效的(de)(de)(de)(de)。

　　但為了保證(zheng)證(zheng)券市場重大(da)信息(xi)的公開、透明(ming)、對(dui)稱，防(fang)止在預(yu)審核環節(jie)走漏信息(xi)，《資產(chan)重組通知》同時(shi)規定國有股(gu)東應及(ji)時(shi)通過(guo)上市公司(si)披露資產(chan)重組信息(xi)，并向交易(yi)所(suo)申請股(gu)票(piao)停牌后將(jiang)方案報(bao)送國有資產(chan)監管機構(gou)，以防(fang)止出現泄密和內幕(mu)交易(yi)等(deng)問(wen)題。

　　記(ji)者問：2008年10月(yue)，證(zheng)監會(hui)發布(bu)了《上市(shi)公(gong)(gong)司(si)股(gu)(gu)東(dong)(dong)發行(xing)(xing)可交(jiao)換(huan)公(gong)(gong)司(si)債券試行(xing)(xing)規定(ding)》，對上市(shi)公(gong)(gong)司(si)股(gu)(gu)東(dong)(dong)發行(xing)(xing)可交(jiao)換(huan)公(gong)(gong)司(si)債券做出(chu)了規定(ding)。本次《證(zheng)券發行(xing)(xing)通知》對國有(you)股(gu)(gu)東(dong)(dong)發行(xing)(xing)證(zheng)券從國有(you)資產監管層面也作(zuo)出(chu)了相應的制(zhi)度安(an)排。但與證(zheng)監會(hui)相關規定(ding)略有(you)變(bian)化的是(shi)，文件對上市(shi)公(gong)(gong)司(si)國有(you)股(gu)(gu)東(dong)(dong)發行(xing)(xing)可交(jiao)換(huan)公(gong)(gong)司(si)債券交(jiao)換(huan)為股(gu)(gu)份的定(ding)價選取了三(san)個參(can)考基準(zhun)日。請問有(you)何具體含義？

　　答：所謂國有股東發行可交換公司債券是指上市公司的國有股東依法發行、在一定期限內依據約定的條件可以交換成該股東所持有的特定上市公司股份的公司債券。鑒于此事項可能構成國有股東所持上市公司股份轉讓，為對該類行為進行有效監管，迫切需要我委出臺相關文件，對國有股東發行可交換公司債券的基本要求、定價原則、上報審核程序等做出規范。《發行證券通知》第三條規定，上市公司國有股東發行的可交換公司債券交換為上市公司每股股份的價格應不低于債券募集說明書公告日前1個交易日、前20個交易日、前30個交易日該上市公司股票均價中的高者，主要是結合證監會發布的《上市公司股東發行可交換公司債券試行規定》及我委19號令的有關規定確定的。證監會有關辦法規定，可交換公司債券換股價格不得低于債券募集說明書公告日前1個交易日或前20個交易日的股票均價；我委19號令規定，國有股東協議轉讓所持上市公司股價的價格應根據定價基準日上市公司股票前30個交易日的股票均價為基礎確定。我們理解，國有股東發行可交換公司債券有可能構成國有股東所持上市公司股份的協議轉讓，轉讓依據即為所公告的債券募集說明書，定價基準日即為募集說明書公告日。因此，為確保本通知的規定與有關證券監管和國有股份轉讓的規定相銜接，我們對可交換公司債券的換股價格作了上述規定。

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