129771807826187310_5Implement a classification regulation, process monitoring, decentralization of jurisdiction will ultimately Exchange securities Times reporter Huang Zhaolong refinancing market reform may go faster than the IPO reform. Securities Times reporter was informed that decentralization of audit, highlighting the process of refinancing market-oriented regulatory and pricing are gradually becomes a reality. For refinancing business, rapid development of road has been graduallyGet through. Exchanges play an arbitrator during the two sessions this year, said Chen Dongzheng, Director of the Shenzhen Stock Exchange, gem, small listed companies refinancing has been basically achieved consensus on the decentralization of approval authority Exchange, issuance of audit system of market-oriented reform may soon take the first step. Chen's expedition, this is the first step of the reform of the examination system, cannot be at a specific timeCertainly, after a reasonable period of time after the accumulation of experience, Exchange can take up this daunting task, then consider the question of decentralization. "Jurisdiction of refinancing decentralized Exchange has symbolic significance, means that the market-oriented reform has reached a critical stage. "Guotai Junan securities related business said. In fact, signs of this early exposure.Securities and Futures Commission issued regulatory Department, who said last year, refinancing audit modify the contents relate mainly to the strengthening of administrative regulation, simplifying market pricing mechanism, de audit procedures
tera gold, strengthening information disclosure, strengthening the management of raising funds, and so on. "The bottom line is to protect the interests of small investors. "People in the industry think about this, the Exchange needs to play its own role, such as theCorporate bonds have special provisions, exchanges and investment banks to communicate better, prevent secondary market fluctuations in effect financing and merger and acquisition reorganization. Pricing to market private placement and a public issue of equity financing is by far the more common a-share market, had a clear price in accordance with the relevant provisions of the existing restrictions. But in the case of secondary market fluctuations and price limitsFlexible pricing will make it difficult for listed companies as the market situation, so as to bring larger issue to the issuer risk. Therefore, market-oriented pricing mechanism is also the industry's strong appeal. For example, CICC Chairman Li jiange has mentioned on many occasions marketization reform of distribution system of refinancing. In its opinion, further market-oriented pricing mechanism of refinancing is to reform the top priority. ToCorporate bond issuance is being revised in the pilot approaches, for example, regulators say will be more market-oriented, which strengthen the market pricing mechanism, market discipline mechanisms, weakening the administration control
tera gold, raise money stress management, earnings forecast disclosure obligations and responsibilities, shareholders ' return, the mandatory information disclosure, market players responsible, strengthening the responsibilities of issuers and intermediaries. AttentionNecessity of necessity to refinance refinancing on the issue, is the current supervision of the relevant regulatory bodies, apart from some exceptions, a listed company cannot add liquidity and refinancing to raise money for repayment of bank loans, including, in particular, watch out for "competition" and "connected transactions". This reporter has learned, these exceptions include: the business model or the DepartmentIndustry special, raise money to and linked to the specific project; liability a higher proportion of industries such as commercial enterprises, aviation enterprises; private release and for repayment of the loan and the amount of additional liquidity does not exceed 30%; all the private placement to identified investors and lock for three years. For these exceptions, the existing regulatoryIs to add liquidity and repay Bank loans into financing the necessity and rationality of regular audits, but used to raise funds for non-core business investments in disguise will be subject to strict monitoring. This reporter has learned, from the end of 2010, then financing approvals have references that do. According to the introduction to investment bankers, regulators in the four quarter also stressed that a back-door listing does notAllow supporting and financing; commitments not implemented within the last 12 months, not rights
tera power leveling, open additional; at the end of a recent issue of a greater amount of financial investment, not suitable for a public issue, rights issue, will be increased; ST company refinancing will be limited. Inclined people in the industry to process supervision, financing because of the impact on the market from beginning to end, is therefore a process audit,Financing supervision Center of gravity will also transition to supervision. While some financing companies to achieve whitewashed performance impulse the threshold issue had eased, but involves major shareholders increased urge to manipulate the results. Such as stock, significant asset restructuring performance of commitments, non-public offering price to determine the relevant performance manipulation also occur. Thus, marketingReforming financial supervision will bring change. First is finance accounting perspective, scope and focus of the regulatory changes to audit focused on transition monitored by the link to the process monitoring, raising money that the previous regulation, timeliness and effectiveness of financial and accounting information disclosure supervision become the focus of refinancing the accounting supervision in new content. Corresponding to this is throughSupervision in the refinancing of accounting supervision in the role and importance of begin to emerge, through the power of supervision system, as well, including sponsors, accounting firms, with the supervision of intermediaries. Previously issued audit programs typically departments other than issuance of securities supervision and issuing of approved link, leaving all other day-to-day supervision of the sector into a part of the regulation of the securities marketMin. Because of the approval of these sectors a longer cycle, completing the approval for securities issued after approval, takes a long time, affect the listing process. But from the first training session last year disclosed information, auditing for regulators when refinancing faster, normal accepted the Commission's period is shortened for about 2.5 months. Classification monitoringIs indeed noteworthy, finance classified regulation of ideas have been identified around the characteristics of the issuers to expand, to corporate debt issuance to four categories of enterprises to adopt the green channel as reference, on the progressive implementation of classified regulation of refinancing of other varieties. Reporters learned, such regulation will take into account the qualifications include the issuer, issuer selection of varieties and the varieties of refinancing investorsCharacteristics and size, the amount of financing. Although refinancing of listed companies will be deprecated in the future the administrative constraints, regulatory concept but may still pay special attention to. The industry believes that distributors should generally be in after one year of listing proposed refinancing more reasonable. Now is that some issuers listing and financing, just over six months and even proposed refinancing of only 3 months."Some refinancing company debt to asset ratio is very low, some only about 10%, the capital structure is the healthy, further financing is beneficial to the issuer's health operations, needed careful thought. "People from the relevant regulator in the third period of last year's training meeting reminders.
Others:
No comments:
Post a Comment