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科创板要来了 你准备好了吗?

发布于:2018-12-15 13:26

科技创新板,于2015年12月22日重磅推出,拟试点推动全国科技金融改革创新。2018年11月5日,借助首届中国国际进口博览会开幕之际,上海证券交易所设立“科创板”并试点注册制的消息获得确认。
 
The Science and Technology Innovation Board was launched on December 22, 2015. It is planned to pilot the reform and innovation of national science and technology finance. On November 5, 2018, with the help of the opening of the first China International Import Expo, the news that the Shanghai Stock Exchange has set up a "scientific creation board" and a pilot registration system was confirmed.
 
 
 
科创板要来了,投资者们准备好了么?
 
Kechuang board is coming. Are investors ready?
 
 
 
就这个问题,上海社科院副院长张兆安认为,个人投资者应作三方面准备:一是要有长期投资的准备;二是要有很强的风险防范意识;三是要有较强的风险承受能力。
 
On this issue, Zhang Zhaoan, vice president of Shanghai Academy of Social Sciences, believes that individual investors should be prepared in three aspects: first, they should be prepared for long-term investment; second, they should have a strong sense of risk prevention; and third, they should have a strong risk tolerance.
 
 
 
 
 
科技创新向来与高回报和高风险相伴,一项重大突破可能带来丰厚收益,一条技术路径的失败也可能宣告一家企业的终结。对科创板如何展开投资者保护,怎样在投资者门槛与市场容量、提高信披有效性与保护商业秘密、规避杠杆风险与确保股票流动性之间找到平衡点,市场各方人士向上证报记者给出了他们的“答案”。
 
Technological innovation has always been accompanied by high returns and high risks. A major breakthrough may bring substantial benefits, and the failure of a technological path may also announce the end of an enterprise. How to protect investors, how to find a balance between investor threshold and market capacity, how to improve the effectiveness of the mantle and how to protect trade secrets, how to avoid leverage risk and how to ensure the liquidity of stocks, market participants gave their "answers" to the reporters of Shanghai Daily.
 
 
 
向哪些投资者开放?
 
To which investors?
 
 
 
资金门槛建议不低于50万元
 
Capital threshold proposal not less than 500,000 yuan
 
 
 
科创板应向哪些投资者开放?按现有规则,券商将高风险权益类资产的投资者资金(金融资产)门槛设在50万元(可参与港股通)至500万元(可投新三板)。近日接受记者采访的证券业人士较为一致的观点是:建议科创板投资者的资金门槛不低于50万元。
 
According to the existing rules, securities firms set the threshold of investor capital (financial assets) for high-risk equity assets at 500,000 yuan (to participate in Hong Kong Stock Exchange) to 5 million yuan (to invest in new third board). Recent interviews with reporters from the securities industry are more consistent with the view that it is recommended that the threshold of capital for investors in GEM should not be less than 500,000 yuan.
 
 
 
华鑫证券合规总监吴钧认为,科创板的整体风险系数在创业板、港股通之上,但低于新三板。他建议具体标准可设置为:具有两年以上证券、期货投资经历;最近20个交易日的日均证券账户及资金账户资产不低于50万元;风险偏好不得为“保守型”。此外,投资者还需通过与科创板规则、风险揭示相关的测试评估。
 
Wu Jun, Director of Compliance of Huaxin Securities, believes that the overall risk coefficient of the GEM is higher than that of the Hong Kong Stock Exchange, but lower than that of the new third board. He suggested that the specific criteria could be set as follows: having more than two years'experience in Securities and futures investment; having no less than 500,000 yuan of assets in the daily average securities account and capital account in the last 20 trading days; and having no "conservative" risk preference. In addition, investors also need to pass the test and evaluation related to the rules and risk disclosure.
 
 
 
兴业证券经纪业务部相关负责人也持相同观点,建议对个人投资者设置资金门槛时应参考港股通(50万元)。国金证券副总裁姜文国认为,应设置较高的个人投资门槛,如100万元,以引导中小投资者通过购买机构产品来间接投资,分散投资风险。
 
Relevant heads of Societe Generale Securities Brokerage Business also hold the same view. It is suggested that Hong Kong Stock Exchange (HK$500,000) should be used as a reference when setting the capital threshold for individual investors. Jiang Wenguo, vice president of Guojin Securities, believes that a higher threshold for individual investment, such as 1 million yuan, should be set to guide small and medium-sized investors to indirectly invest by purchasing institutional products and diversify investment risks.
 
 
 
此外,信公咨询合伙人戎一昊则提到了制度的联动关系,他向记者指出,投资者门槛不能孤立地去看,而要与交易制度、上市制度相协调。如果科创板放开涨跌停、T+0等限制,且就企业上市标准定得比较宽,则投资者门槛应适当提高,反之则可适度降低投资者门槛。
 
In addition, Rong Yihao, a consulting partner of Xingong, mentioned the linkage of the system. He pointed out to reporters that the threshold of investors should not be looked at in isolation, but should be coordinated with the trading system and the listing system. If the Kechuang board liberalizes the restrictions of price limit, T+0 and so on, and sets a relatively wide listing standard for enterprises, the threshold for investors should be raised appropriately, otherwise, the threshold for investors can be reduced appropriately.
 
 
 
结合此前部分投资者设法“绕开”创业板、新三板门槛的案例,上海创远律师事务所高级合伙人许峰认为,未来应避免制度被架空,建议强化监管,让科创板的投资者适当性管理落到实处。
 
Based on the previous cases that some investors tried to "bypass" the threshold of GEM and the new three-board, Xu Feng, senior partner of Shanghai Chuangyuan Law Firm, believed that the system should be avoided in the future, and suggested strengthening supervision so as to make the proper management of investors in GEM come true.
 
 
 
需要怎样的信息披露?
 
What kind of information disclosure is needed?
 
 
 
应更强调“定性”和“信息流”
 
More emphasis should be placed on "qualitative" and "information flow"
 
 
 
科技创新型企业的发展潜力固然很大,但在研发、产业化等诸多环节,其潜在风险也不容小觑。因此,科创企业需要更为有效的信息披露。此外,注册制也对信息披露提出了更高要求。
 
Although the development potential of science and technology innovative enterprises is great, the potential risks in R&D, industrialization and many other links can not be underestimated. Therefore, scientific and technological enterprises need more effective information disclosure. In addition, the registration system also puts forward higher requirements for information disclosure.
 
 
 
申万宏源证券研究所首席经济学家杨成长表示,注册制下,美股市场强调信息披露的逻辑性、完整性、客观性以及相关性,让投资者在充分信息披露的基础上自行判断企业价值和风险。科创板试点注册制,应借鉴美股市场经验,在注册、发行、交易等各环节更加注重信息披露的真实全面完整。
 
Yang Changcheng, chief economist of Shen Wanhongyuan Securities Research Institute, said that under the registration system, the US stock market emphasizes the logic, integrity, objectivity and relevance of information disclosure, allowing investors to judge the value and risk of enterprises on the basis of full information disclosure. We should learn from the experience of American stock market and pay more attention to the authenticity, comprehensiveness and integrity of information disclosure in registration, issuance and trading.
 
 
 
杨成长还表示,要根据科创企业的经营特点,强化对企业制度、知识产权、关联交易、研究开发等内容的信息披露,还要强化中介机构在信息披露中的责任。张兆安也认为,在信息披露中,可补充具有一定独立性的、专业性很强的风险提示内容。
 
Yang Changcheng also said that according to the operating characteristics of scientific and technological enterprises, we should strengthen the information disclosure of enterprise system, intellectual property rights, related transactions, research and development, and also strengthen the responsibility of intermediaries in information disclosure. Zhang Zhao'an also believes that in information disclosure, it can be supplemented with independent and professional risk reminders.
 
 
 
就如何提高信息披露的有效性,受访的专业人士主要提出了“定性披露”和“信息流”的思路。
 
On how to improve the effectiveness of information disclosure, the professionals interviewed mainly put forward the ideas of "qualitative disclosure" and "information flow".
 
 
 
某大型上市券商投行部董事总经理认为,科创板上市公司是细分领域的技术翘楚,若按A股现行的信息披露机制,可能会因披露过于细致而暴露商业秘密。“比如,招股书披露的产品原材料单价、成本结构等细节性量化内容,涉及商业机密,而多数投资者其实并不关注。”
 
The managing director of the investment banking department of a large listed securities firm thinks that the listed company on the Kochuang board is a technological leader in the field of subdivision. If we follow the current information disclosure mechanism of A-share, we may expose business secrets because of the over-detailed disclosure. "For example, the detailed quantification of the unit price and cost structure of raw materials disclosed in the prospectus involves trade secrets, which most investors do not pay attention to."
 
 
 
据他介绍,目前A股对重大事件的披露采用“定性+定量”相结合的原则。定性披露的原则是披露这个新技术、新产品、新业务能不能赚钱,有没有前景;而定量披露的原则是这个新技术、新产品、新业务有多赚钱、有多大市场、有多少市场份额。从过往的信息披露违规案例来看,绝大部分的问题都出在“定性”上,而非定量。“因此,我建议科创板的信息披露更侧重‘定性’,以保证企业正常运营不受干扰。”
 
According to him, at present, the disclosure of major events in A shares adopts the principle of "qualitative + quantitative". The principle of qualitative disclosure is to disclose whether the new technology, new product and new business can make money or not, and whether there is a prospect; while the principle of quantitative disclosure is how much the new technology, new product and new business can make money, how much market and how much market share it has. From the past cases of information disclosure violations, most of the problems are "qualitative" rather than quantitative. "Therefore, I recommend that the disclosure of information in the company should be more qualitative to ensure that the normal operation of the company is not interfered with."

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