国产精品99

6月19日(ri)，证监会发布(bu)《关于(yu)深化科(ke)创板改革 服务(wu)科(ke)技(ji)(ji)创新(xin)和新(xin)质(zhi)生产力发展(zhan)的(de)八条(tiao)(tiao)措施》（以下简称《八条(tiao)(tiao)措施》），进(jin)一(yi)步深化改革，提升对新(xin)产业新(xin)业态新(xin)技(ji)(ji)术(shu)的(de)包容性，发挥资本市场功能(neng)，更好(hao)服务(wu)中国(guo)式现代化大局(ju)。

五(wu)年多来，科(ke)创板(ban)坚守“硬科(ke)技”定位，从(cong)零起(qi)步(bu)(bu)不断发展壮(zhuang)大，制度(du)改革(ge)“试验(yan)田”作(zuo)用和服务科(ke)技创新的(de)成效(xiao)不断显现。《八(ba)条(tiao)措(cuo)施》深(shen)入贯(guan)彻党中(zhong)央、国(guo)务院和新“国(guo)九条(tiao)”有关部署要求，紧紧围绕(rao)服务高水(shui)平科(ke)技自(zi)立自(zi)强(qiang)和新质生产力发展，突出(chu)重(zhong)点、远近结(jie)合，推出(chu)一揽子改革(ge)举措(cuo)。特别是，针对(dui)市场(chang)反映较为集中(zhong)的(de)新股发行(xing)高价(jia)超募(mu)、活跃并(bing)购重(zhong)组市场(chang)、加(jia)强(qiang)上市公(gong)司监管等问题，《八(ba)条(tiao)措(cuo)施》作(zuo)出(chu)了相应安(an)排，既积极回应市场(chang)关切，也为下一步(bu)(bu)全面深(shen)化资本市场(chang)改革(ge)积累(lei)经验(yan)、创造(zao)条(tiao)件(jian)。同时，《八(ba)条(tiao)措(cuo)施》对(dui)于助(zhu)力上海加(jia)快(kuai)“五(wu)个(ge)中(zhong)心”建(jian)设也具有重(zhong)要意(yi)义。

《八条(tiao)措施(shi)》聚焦强(qiang)监管防(fang)风险促进(jin)高(gao)(gao)质(zhi)(zhi)(zhi)量发(fa)(fa)展(zhan)(zhan)主线(xian)(xian)，坚(jian)持(chi)(chi)稳中求进(jin)、综(zong)合(he)施(shi)策，目标(biao)导(dao)向(xiang)、问题导(dao)向(xiang)，尊(zun)重规律、守正创(chuang)(chuang)新(xin)的(de)原则，在市(shi)(shi)(shi)场(chang)化(hua)(hua)(hua)(hua)法治化(hua)(hua)(hua)(hua)轨道(dao)上(shang)(shang)推动(dong)(dong)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)持(chi)(chi)续(xu)健康发(fa)(fa)展(zhan)(zhan)。主要(yao)包括：一是(shi)(shi)(shi)强(qiang)化(hua)(hua)(hua)(hua)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)“硬(ying)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)技(ji)(ji)(ji)(ji)”定(ding)(ding)位。严(yan)把入(ru)口关，优(you)(you)先支(zhi)(zhi)(zhi)(zhi)持(chi)(chi)新(xin)产业(ye)(ye)新(xin)业(ye)(ye)态新(xin)技(ji)(ji)(ji)(ji)术(shu)(shu)领域突(tu)破(po)关键(jian)核(he)心技(ji)(ji)(ji)(ji)术(shu)(shu)的(de)“硬(ying)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)技(ji)(ji)(ji)(ji)”企(qi)业(ye)(ye)在科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)。进(jin)一步完(wan)善科(ke)(ke)(ke)(ke)(ke)(ke)(ke)技(ji)(ji)(ji)(ji)型(xing)企(qi)业(ye)(ye)精准识别机制(zhi)(zhi)(zhi)。支(zhi)(zhi)(zhi)(zhi)持(chi)(chi)优(you)(you)质(zhi)(zhi)(zhi)未(wei)盈利(li)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)技(ji)(ji)(ji)(ji)型(xing)企(qi)业(ye)(ye)在科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)。二是(shi)(shi)(shi)开(kai)(kai)展(zhan)(zhan)深(shen)化(hua)(hua)(hua)(hua)发(fa)(fa)行(xing)承销制(zhi)(zhi)(zhi)度(du)(du)试(shi)点(dian)(dian)。优(you)(you)化(hua)(hua)(hua)(hua)新(xin)股(gu)(gu)(gu)(gu)发(fa)(fa)行(xing)定(ding)(ding)价(jia)(jia)(jia)机制(zhi)(zhi)(zhi)，试(shi)点(dian)(dian)调(diao)整适(shi)用(yong)新(xin)股(gu)(gu)(gu)(gu)定(ding)(ding)价(jia)(jia)(jia)高(gao)(gao)价(jia)(jia)(jia)剔(ti)除比例(li)(li)。完(wan)善科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)新(xin)股(gu)(gu)(gu)(gu)配(pei)售(shou)安排(pai)，提(ti)高(gao)(gao)有长期(qi)持(chi)(chi)股(gu)(gu)(gu)(gu)意愿(yuan)的(de)网下(xia)投资(zi)者(zhe)配(pei)售(shou)比例(li)(li)。加(jia)(jia)(jia)强(qiang)询报(bao)价(jia)(jia)(jia)行(xing)为监管。三是(shi)(shi)(shi)优(you)(you)化(hua)(hua)(hua)(hua)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)股(gu)(gu)(gu)(gu)债(zhai)融资(zi)制(zhi)(zhi)(zhi)度(du)(du)。建立(li)(li)健全开(kai)(kai)展(zhan)(zhan)关键(jian)核(he)心技(ji)(ji)(ji)(ji)术(shu)(shu)攻关的(de)“硬(ying)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)技(ji)(ji)(ji)(ji)”企(qi)业(ye)(ye)股(gu)(gu)(gu)(gu)债(zhai)融资(zi)、并购重组“绿色通道(dao)”。探索建立(li)(li)“轻资(zi)产、高(gao)(gao)研(yan)发(fa)(fa)投入(ru)”认定(ding)(ding)标(biao)准。推动(dong)(dong)再(zai)融资(zi)储架发(fa)(fa)行(xing)试(shi)点(dian)(dian)案(an)例(li)(li)率先在科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)落(luo)地。四(si)是(shi)(shi)(shi)更大(da)力度(du)(du)支(zhi)(zhi)(zhi)(zhi)持(chi)(chi)并购重组。支(zhi)(zhi)(zhi)(zhi)持(chi)(chi)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)开(kai)(kai)展(zhan)(zhan)产业(ye)(ye)链上(shang)(shang)下(xia)游的(de)并购整合(he)。提(ti)高(gao)(gao)并购重组估值包容性，支(zhi)(zhi)(zhi)(zhi)持(chi)(chi)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)收购优(you)(you)质(zhi)(zhi)(zhi)未(wei)盈利(li)“硬(ying)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)技(ji)(ji)(ji)(ji)”企(qi)业(ye)(ye)。丰富(fu)并购重组支(zhi)(zhi)(zhi)(zhi)付工具，开(kai)(kai)展(zhan)(zhan)股(gu)(gu)(gu)(gu)份对价(jia)(jia)(jia)分期(qi)支(zhi)(zhi)(zhi)(zhi)付研(yan)究(jiu)。支(zhi)(zhi)(zhi)(zhi)持(chi)(chi)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)聚焦做(zuo)优(you)(you)做(zuo)强(qiang)主业(ye)(ye)开(kai)(kai)展(zhan)(zhan)吸收合(he)并。五是(shi)(shi)(shi)完(wan)善股(gu)(gu)(gu)(gu)权(quan)(quan)激(ji)励制(zhi)(zhi)(zhi)度(du)(du)。提(ti)高(gao)(gao)股(gu)(gu)(gu)(gu)权(quan)(quan)激(ji)励精准性，与投资(zi)者(zhe)更好实现利(li)益(yi)绑定(ding)(ding)。完(wan)善科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)股(gu)(gu)(gu)(gu)权(quan)(quan)激(ji)励实施(shi)程序(xu)，优(you)(you)化(hua)(hua)(hua)(hua)适(shi)用(yong)短线(xian)(xian)交易、窗口期(qi)等规定(ding)(ding)，研(yan)究(jiu)优(you)(you)化(hua)(hua)(hua)(hua)股(gu)(gu)(gu)(gu)权(quan)(quan)激(ji)励预(yu)留权(quan)(quan)益(yi)的(de)安排(pai)。六是(shi)(shi)(shi)完(wan)善交易机制(zhi)(zhi)(zhi)，防(fang)范市(shi)(shi)(shi)场(chang)风险。加(jia)(jia)(jia)强(qiang)交易监管，研(yan)究(jiu)优(you)(you)化(hua)(hua)(hua)(hua)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)做(zuo)市(shi)(shi)(shi)商(shang)机制(zhi)(zhi)(zhi)、盘后交易机制(zhi)(zhi)(zhi)。丰富(fu)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)指数、ETF品(pin)类(lei)及(ji)ETF期(qi)权(quan)(quan)产品(pin)。七是(shi)(shi)(shi)加(jia)(jia)(jia)强(qiang)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)全链条(tiao)监管。从严(yan)打击科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)欺诈发(fa)(fa)行(xing)、财务造假等市(shi)(shi)(shi)场(chang)乱象(xiang)，更加(jia)(jia)(jia)有效保护(hu)中小投资(zi)者(zhe)合(he)法权(quan)(quan)益(yi)。引导(dao)创(chuang)(chuang)始团队、核(he)心技(ji)(ji)(ji)(ji)术(shu)(shu)骨干等自(zi)愿(yuan)延长股(gu)(gu)(gu)(gu)份锁(suo)定(ding)(ding)期(qi)限。优(you)(you)化(hua)(hua)(hua)(hua)私(si)募(mu)股(gu)(gu)(gu)(gu)权(quan)(quan)创(chuang)(chuang)投基金退出“反向(xiang)挂钩”制(zhi)(zhi)(zhi)度(du)(du)。严(yan)格执行(xing)退市(shi)(shi)(shi)制(zhi)(zhi)(zhi)度(du)(du)。八是(shi)(shi)(shi)积极(ji)营造良好市(shi)(shi)(shi)场(chang)生态。推动(dong)(dong)优(you)(you)化(hua)(hua)(hua)(hua)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)司(si)法保障制(zhi)(zhi)(zhi)度(du)(du)机制(zhi)(zhi)(zhi)。加(jia)(jia)(jia)强(qiang)与地方政府、相关部(bu)委协作，常态化(hua)(hua)(hua)(hua)开(kai)(kai)展(zhan)(zhan)科(ke)(ke)(ke)(ke)(ke)(ke)(ke)创(chuang)(chuang)板(ban)(ban)上(shang)(shang)市(shi)(shi)(shi)公司(si)走访(fang)，共同推动(dong)(dong)提(ti)升上(shang)(shang)市(shi)(shi)(shi)公司(si)质(zhi)(zhi)(zhi)量。深(shen)入(ru)实施(shi)“提(ti)质(zhi)(zhi)(zhi)增效重回报(bao)”行(xing)动(dong)(dong)，加(jia)(jia)(jia)强(qiang)投资(zi)者(zhe)教育服务。

下一步(bu)，证监(jian)会将按照稳中求进(jin)工作总(zong)基调，推(tui)(tui)动(dong)股票发(fa)行注册制(zhi)走(zou)深(shen)走(zou)实，稳步(bu)推(tui)(tui)进(jin)深(shen)化科创板改(gai)革各项政策措施落实落地，动(dong)态评估优化相关制(zhi)度规则，形成可(ke)复制(zhi)可(ke)推(tui)(tui)广经验后，再平(ping)(ping)稳有序推(tui)(tui)向其他市场板块，持续深(shen)化资本市场服务(wu)高水平(ping)(ping)科技(ji)自立(li)自强和新质生产力发(fa)展的功能。