IPO green channel or unfair-boee

"IPO Easy Access" or create unfair the opinion leaders of sina finance (WeChat public kopleader) columnist Cao Zhongming if the relevant enterprises will be successful three years after the change of registration, so it became a speculative enterprise poverty alleviation will advance, to advance the use of the tools listed". And, in fact, this can only produce a "pulse" type of poverty alleviation effect, and can not produce long-term effect. For supporting local enterprises, does not have a positive effect. The day before, the Commission issued the "Chinese Commission on capital markets play a role in national poverty alleviation strategy service opinion" (hereinafter referred to as the "opinions"). According to the opinions, the Commission will open up a green channel for the initial public offerings, new three board listing, issuing bonds, mergers and acquisitions of enterprises in poor areas. The "IPO green channel" mainly refers to the poor enterprises in the country IPO will apply "that is reported that the trial, the trial is issued" policy. The author believes that IPO green channel or unfair. Although the Shanghai and Shenzhen stock market listed companies has more than 3000, but from the remote and poor areas of the listed company is not much, and like Shanghai, Zhejiang, more developed Jiangsu, Guangdong and other provinces of the economic, the number of listed companies is called as "ox hair". For example, Guangdong listed companies reached 424, Zhejiang reached 299, while Tibet and Qinghai are only 11, 10, compared to very wide gap. Even in the new three board, the proportion of enterprises in poor areas is relatively small. For example, the number of new three board listed companies have nearly 10000, and according to statistics, registered in poor areas of the new three board company only 131, almost negligible. Therefore, in the top of precise poverty, precise poverty background, regulators launched IPO Easy Access in poor areas and poor areas so that more companies can China among the capital market, allowing it to enjoy the feast of capital, the meaning behind it is self-evident. From the point of view of poverty alleviation and poverty alleviation, it is necessary to open IPO green channel, but from the perspective of giving full play to the function of optimizing the allocation of resources in the capital market, neither the economically developed areas nor the poor areas can not be divorced from this aim. Moreover, even the enterprises from poor areas will be listed on the IPO standard. In this regard, there must be no so-called "green channel", otherwise, the capital market is not responsible for the irresponsible investors. On the other hand, at present in the Commission pending queue up to hundreds of enterprises. It’s often a matter of years before an enterprise goes from line to final audit. It is because of this, some "can not afford" or because of market changes in the enterprise, or eventually take the backdoor listing "shortcut", but also due to the conditions become inconsistent and had to terminate the journey of IPO. Therefore, the time cost of an enterprise is very large from the queuing up to the upper audit. The supervision department launched the policy of "reporting, examining, reviewing and sending" to the poor enterprises, which means that they do not have to queue up and enter the audit procedure immediately, which is unfair to those enterprises which have been queuing for many years

“IPO绿色通道”或造就不公平   文 新浪财经意见领袖(微信公众号kopleader)专栏作家 曹中铭   如果相关企业上会成功三年后再改变注册地,那么扶贫就成了被投机性企业用来提前上会、提前挂牌的利用“工具”。而且,事实上,此举也只能产生“脉冲”式的扶贫效果,而不能产生长久的效应。对于扶持当地企业,并不能产生积极作用。   日前,证监会发布了《中国证监会关于发挥资本市场作用服务国家脱贫攻坚战略的意见》(下简称《意见》)。根据《意见》,证监会将对贫困地区企业首次公开发行股票、新三板挂牌、发行债券、并购重组等开辟绿色通道。而“IPO绿色通道”主要是指,全国贫困地区企业IPO将适用“即报即审、审过即发”政策。笔者以为,IPO绿色通道或造就不公平。   虽然目前沪深股市挂牌企业已超过3000家,但来自边远、贫困地区的上市公司并不多,而像上海、浙江、江苏、广东等经济较发达的省市,其挂牌企业数量则堪称多如“牛毛”。比如广东挂牌企业达到424家,浙江达到299家,而西藏与青海则分别只有11家、10家,相比之下非常悬殊。即使在新三板,贫困地区的企业数量占比也比较小。比如新三板挂牌企业数量已近万家,而根据统计,注册地在贫困地区的新三板公司只有131家,几乎可以忽略不计。因此,在高层提出精准扶贫、精准脱贫的大背景下,监管部门对贫困地区开通IPO绿色通道,让更多贫困地区企业能够跻身于中国资本市场,让其能够享受到资本盛宴,背后的意义不言而喻。   从扶贫、脱贫的角度讲,开通IPO绿色通道固然有必要,不过,从发挥资本市场优化资源配置功能的角度,无论是经济较发达地区,还是贫困地区,都不能脱离了这一宗旨。而且,即使是来自贫困地区的企业,其挂牌上市同样也要达到IPO的标准。在这方面,绝对不能存在所谓的“绿色通道”,否则,就是对资本市场的不负责,对投资者的不负责。   另一方面,目前在证监会排队待审的企业高达数百家。一家企业从排队到最终上会审核,往往需要等待数年的时间。也正因为如此,某些“等不起”或因市场发生变化的企业,最终或走借壳上市的“捷径”,也因条件变得不符合而不得不终止IPO之旅。因此,一家企业从排队到上会审核,个中的“时间成本”是非常巨大的。监管部门此次对贫困地区企业推出“即报即审、审过即发”的政策,意味着其不用排队可立即进入审核程序,而这对那些排队多年的企业而言,无疑存在不公平之处。   不仅如此,根据《意见》,对注册地和主要生产经营地均在贫困地区且开展生产经营满三年、缴纳所得税满三年的企业,或者注册地在贫困地区、最近一年在贫困地区缴纳所得税不低于2000万元且承诺上市后三年内不变更注册地的企业,其IPO即可享受绿色通道。该规定明显存在漏洞。如果一家企业的注册地与生产经营均在贫困地区,享受IPO绿色通道或还说得过去,但如果一家本身处于经济较发达地区的企业,为了钻政策的空子,大可将注册地迁往贫困地区,那么该企业在贫困地区缴纳所得税不低于2000万元且承诺上市后三年内不变更注册地后,也享受IPO绿色通道的待遇,不仅对当地企业的IPO不公平,同样对排队企业不公平。   不仅如此,证监会推出IPO绿色通道,其主要目的应该是是为了扶持当地企业,而某些投机性的企业,为了能够早日上会,仅仅把注册地迁往贫困地区无疑是不够的。一个简单的问题是,三年之后又将如何呢?如果相关企业上会成功三年后再改变注册地,那么扶贫就成了被投机性企业用来提前上会、提前挂牌的利用“工具”。而且,事实上,此举也只能产生“脉冲”式的扶贫效果,而不能产生长久的效应。对于扶持当地企业,并不能产生积极作用。   因此,“IPO绿色通道”虽然有利于贫困地区企业更加快速地融资、挂牌,但无形中也留下了巨大的漏洞,而且还造就了不公平。笔者以为,此种不公平应尽量避免。   (本文作者介绍:独立财经撰稿人 在三大证券报等多家媒体发表文章数百篇)相关的主题文章: