每經(jing)編輯｜曹中銘    

◎曹中銘

銀(yin)監會、證監會聯合發(fa)布《關于(yu)商業銀(yin)行(xing)發(fa)行(xing)優先(xian)股補充一級資本的(de)(de)指(zhi)導意見》（下(xia)稱 《指(zhi)導意見》），標(biao)志(zhi)著商業銀(yin)行(xing)發(fa)行(xing)優先(xian)股的(de)(de)最后“障礙”已被消除(chu)。

由于(yu)商(shang)業(ye)銀行(xing)本身的(de)特(te)殊性，對資(zi)金的(de)需(xu)求(qiu)量較大，特(te)別是在(zai)大舉放貸(dai)的(de)背景下，其資(zi)本充足率將面(mian)臨低于(yu)最低監管要(yao)求(qiu)的(de)風險，因此，商(shang)業(ye)銀行(xing)在(zai)市場上(shang)常(chang)常(chang)表現出頻繁再融資(zi)的(de)特(te)征，而(er)優先股制度的(de)推(tui)出，無疑為商(shang)業(ye)銀行(xing)提供了一(yi)條(tiao)新的(de)再融資(zi)通(tong)道。

《指導意見》最受投(tou)資者(zhe)關(guan)注(zhu)的(de)(de)無疑(yi)還是關(guan)于(yu)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)強(qiang)制轉(zhuan)股(gu)(gu)(gu)的(de)(de)條(tiao)款。雖然《國務院(yuan)關(guan)于(yu)開展(zhan)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)試點的(de)(de)指導意見》規(gui)定(ding)(ding)，上市(shi)公司(si)可(ke)以在公司(si)章程(cheng)中規(gui)定(ding)(ding)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)轉(zhuan)換(huan)(huan)為普通股(gu)(gu)(gu)、發(fa)行(xing)(xing)(xing)(xing)人回購(gou)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)的(de)(de)條(tiao)件(jian)、價格和比例。轉(zhuan)換(huan)(huan)選(xuan)擇(ze)權或(huo)回購(gou)選(xuan)擇(ze)權可(ke)規(gui)定(ding)(ding)由發(fa)行(xing)(xing)(xing)(xing)人或(huo)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)股(gu)(gu)(gu)東行(xing)(xing)(xing)(xing)使(shi)。但(dan)證監會在征求市(shi)場(chang)的(de)(de)意見之后，優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)“原則”上已不允(yun)許其轉(zhuan)換(huan)(huan)為普通股(gu)(gu)(gu)，而商(shang)(shang)業銀(yin)行(xing)(xing)(xing)(xing)則除(chu)外。如《優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)試點管理辦法》第33條(tiao)規(gui)定(ding)(ding)，上市(shi)公司(si)不得發(fa)行(xing)(xing)(xing)(xing)可(ke)轉(zhuan)換(huan)(huan)為普通股(gu)(gu)(gu)的(de)(de)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)。但(dan)商(shang)(shang)業銀(yin)行(xing)(xing)(xing)(xing)可(ke)根據商(shang)(shang)業銀(yin)行(xing)(xing)(xing)(xing)資本(ben)監管規(gui)定(ding)(ding)，非公開發(fa)行(xing)(xing)(xing)(xing)觸發(fa)事件(jian)發(fa)生時(shi)強(qiang)制轉(zhuan)換(huan)(huan)為普通股(gu)(gu)(gu)的(de)(de)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)，并遵守(shou)有關(guan)規(gui)定(ding)(ding)。該(gai)規(gui)定(ding)(ding)在為其他(ta)上市(shi)公司(si)發(fa)行(xing)(xing)(xing)(xing)可(ke)轉(zhuan)換(huan)(huan)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)關(guan)上了一(yi)扇(shan)門的(de)(de)同(tong)時(shi)，其實也為商(shang)(shang)業銀(yin)行(xing)(xing)(xing)(xing)發(fa)行(xing)(xing)(xing)(xing)可(ke)轉(zhuan)換(huan)(huan)優(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)(gu)開啟了一(yi)扇(shan)窗。

市場(chang)(chang)上對于優(you)(you)先(xian)股轉換(huan)為(wei)(wei)普(pu)(pu)通(tong)股的(de)(de)(de)擔(dan)憂，更(geng)多(duo)(duo)表現(xian)在(zai)優(you)(you)先(xian)股在(zai)經過轉股之后變(bian)成新的(de)(de)(de)增(zeng)量大小非上。自2009年開(kai)始，A股市場(chang)(chang)連續上演“熊(xiong)霸(ba)全球”的(de)(de)(de)鬧(nao)劇，這(zhe)與(yu)GDP增(zeng)速回落有(you)關，與(yu)IPO重啟后新股普(pu)(pu)通(tong)呈現(xian)出的(de)(de)(de)“三高”發(fa)行(xing)(xing)(xing)(xing)有(you)關，與(yu)A股制度建設(she)與(yu)市場(chang)(chang)監管存在(zai)弊(bi)端有(you)關，當然(ran)(ran)也(ye)與(yu)大小非的(de)(de)(de)大肆減持套現(xian)關系(xi)密切。而大小非的(de)(de)(de)瘋狂減持行(xing)(xing)(xing)(xing)為(wei)(wei)，在(zai)讓其紙上富貴變(bian)成真實財富的(de)(de)(de)同(tong)時，也(ye)嚴重打擊到(dao)投資者的(de)(de)(de)信心。新股源源不斷(duan)地發(fa)行(xing)(xing)(xing)(xing)產生的(de)(de)(de)大小非已讓市場(chang)(chang)無法承受(shou)，如果優(you)(you)先(xian)股轉股再“生產”出更(geng)多(duo)(duo)的(de)(de)(de)大小非，其負面影響(xiang)顯然(ran)(ran)不言而喻。而既然(ran)(ran)商業(ye)銀行(xing)(xing)(xing)(xing)發(fa)行(xing)(xing)(xing)(xing)的(de)(de)(de)優(you)(you)先(xian)股在(zai)觸(chu)發(fa)事件(jian)發(fa)生時允許其強制轉換(huan)為(wei)(wei)普(pu)(pu)通(tong)股，為(wei)(wei)了防(fang)(fang)范其中的(de)(de)(de)利益輸送與(yu)道德風險，也(ye)為(wei)(wei)了防(fang)(fang)止(zhi)產生更(geng)多(duo)(duo)的(de)(de)(de)大小非，如何(he)設(she)定“觸(chu)發(fa)事件(jian)”就顯得尤為(wei)(wei)重要。

筆(bi)者以(yi)(yi)為(wei)(wei)(wei)，需要從多方面對優(you)先(xian)(xian)股(gu)(gu)(gu)(gu)的(de)(de)轉(zhuan)股(gu)(gu)(gu)(gu)行(xing)為(wei)(wei)(wei)進行(xing)規范。一(yi)是對優(you)先(xian)(xian)股(gu)(gu)(gu)(gu)強(qiang)制轉(zhuan)換為(wei)(wei)(wei)普(pu)通股(gu)(gu)(gu)(gu)設置高(gao)門檻(jian)(jian)。優(you)先(xian)(xian)股(gu)(gu)(gu)(gu)的(de)(de)投(tou)資(zi)者可以(yi)(yi)獲(huo)得較高(gao)的(de)(de)股(gu)(gu)(gu)(gu)息(xi)(xi)收(shou)入，如果(guo)強(qiang)制轉(zhuan)換為(wei)(wei)(wei)普(pu)通股(gu)(gu)(gu)(gu)的(de)(de)門檻(jian)(jian)太低，一(yi)旦股(gu)(gu)(gu)(gu)市步入牛市甚至(zhi)是大牛市行(xing)情(qing)(qing)，那么其(qi)投(tou)資(zi)者又可以(yi)(yi)獲(huo)取巨大的(de)(de)差(cha)價收(shou)入，如此背(bei)景(jing)下必然導(dao)致優(you)先(xian)(xian)股(gu)(gu)(gu)(gu)投(tou)資(zi)者可以(yi)(yi)“腳踏兩只(zhi)船(chuan)”，在(zai)行(xing)情(qing)(qing)低迷(mi)股(gu)(gu)(gu)(gu)價較低時分享高(gao)股(gu)(gu)(gu)(gu)息(xi)(xi)，行(xing)情(qing)(qing)轉(zhuan)好時竊取高(gao)差(cha)價收(shou)入，而這明顯是不(bu)公(gong)平的(de)(de)。更何況，其(qi)轉(zhuan)股(gu)(gu)(gu)(gu)產(chan)生的(de)(de)大量大小非，也(ye)會對市場資(zi)金(jin)面造成(cheng)新的(de)(de)壓力。

二是對(dui)優先(xian)股(gu)強制轉(zhuan)換為(wei)普通股(gu)比例(li)進行(xing)限(xian)制。從商(shang)業(ye)銀(yin)(yin)行(xing)此前再(zai)融(rong)資的金額上(shang)看，“大手筆”已成(cheng)(cheng)常態。通過發(fa)行(xing)優先(xian)股(gu)的方式再(zai)融(rong)資，為(wei)了籌(chou)集更多的資金，這一“傳統”無疑會保持，那么就(jiu)(jiu)需要商(shang)業(ye)銀(yin)(yin)行(xing)發(fa)行(xing)大量(liang)(liang)的優先(xian)股(gu)。機構投(tou)資者投(tou)資優先(xian)股(gu)，無疑是為(wei)了利益而來，如(ru)果有(you)(you)機會轉(zhuan)股(gu)，就(jiu)(jiu)存在套現(xian)的可能。在觸發(fa)事件發(fa)生的背景下(xia)，這些巨量(liang)(liang)優先(xian)股(gu)將變成(cheng)(cheng)巨量(liang)(liang)的大小非，其無論是對(dui)商(shang)業(ye)銀(yin)(yin)行(xing)的股(gu)價，還是對(dui)投(tou)資者心理上(shang)，都會產生負面作用。因此有(you)(you)必要對(dui)優先(xian)股(gu)的轉(zhuan)股(gu)比例(li)進行(xing)一定的限(xian)制。

三是(shi)強化投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)的(de)(de)監督，重(zhong)視中(zhong)(zhong)小(xiao)(xiao)投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)的(de)(de)心聲。《指導意見》規定(ding)(ding)，優(you)先(xian)股(gu)(gu)強制轉換為普通股(gu)(gu)的(de)(de)轉換價(jia)格(ge)(ge)和轉換數(shu)量(liang)的(de)(de)確定(ding)(ding)方(fang)式，由發(fa)行(xing)(xing)(xing)人(ren)(ren)和投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)在(zai)發(fa)行(xing)(xing)(xing)合(he)約(yue)中(zhong)(zhong)約(yue)定(ding)(ding)。優(you)先(xian)股(gu)(gu)轉股(gu)(gu)價(jia)格(ge)(ge)與(yu)數(shu)量(liang)僅僅由發(fa)行(xing)(xing)(xing)人(ren)(ren)與(yu)優(you)先(xian)股(gu)(gu)的(de)(de)投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)決(jue)定(ding)(ding)，個中(zhong)(zhong)可能會(hui)發(fa)生利(li)益輸送方(fang)面的(de)(de)問題，而且(qie)，將其他投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)拋在(zai)一邊(bian)，也明顯有失公平(ping)。畢竟，優(you)先(xian)股(gu)(gu)無(wu)論是(shi)享(xiang)受(shou)高(gao)股(gu)(gu)息，還是(shi)今后轉為“大小(xiao)(xiao)非(fei)”，都會(hui)影響到中(zhong)(zhong)小(xiao)(xiao)投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)的(de)(de)切身(shen)利(li)益。有鑒于此，商業銀行(xing)(xing)(xing)發(fa)行(xing)(xing)(xing)優(you)先(xian)股(gu)(gu)時，不能無(wu)視中(zhong)(zhong)小(xiao)(xiao)投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)的(de)(de)聲音，在(zai)優(you)先(xian)股(gu)(gu)的(de)(de)股(gu)(gu)息設定(ding)(ding)、轉股(gu)(gu)價(jia)格(ge)(ge)與(yu)數(shu)量(liang)方(fang)面，建議進行(xing)(xing)(xing)類別(bie)表決(jue)，以讓中(zhong)(zhong)小(xiao)(xiao)投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)有維護(hu)自(zi)身(shen)合(he)法(fa)權益的(de)(de)機會(hui)，這也與(yu)監管部門強調要保護(hu)中(zhong)(zhong)小(xiao)(xiao)投資(zi)(zi)(zi)者(zhe)(zhe)(zhe)利(li)益的(de)(de)宗旨相符。