每(mei)(mei)經記(ji)者｜王硯(yan)丹    每(mei)(mei)經編輯｜趙云    

3月7日下午，金融監管體制迎(ying)來(lai)重大改革。

其中(zhong)資本市場(chang)最為關注的(de)，是中(zhong)國(guo)證券監督管理委員(yuan)會由國(guo)務院直(zhi)屬(shu)事業(ye)單位調整(zheng)為國(guo)務院直(zhi)屬(shu)機(ji)構。此外，劃入國(guo)家發(fa)展和改革委員(yuan)會的(de)企業(ye)債(zhai)券發(fa)行(xing)審核(he)職責，由中(zhong)國(guo)證券監督管理委員(yuan)會統一負責公司(si)（企業(ye)）債(zhai)券發(fa)行(xing)審核(he)工(gong)作(zuo)。

業內人士認為，一(yi)方面，證監(jian)(jian)會提級提權直(zhi)接(jie)提高了(le)資本市(shi)場(chang)(chang)的地位，進一(yi)步凸顯了(le)資本市(shi)場(chang)(chang)服務(wu)實體經濟的作(zuo)用。另一(yi)方面，債券發(fa)行審核(he)統一(yi)劃歸(gui)證監(jian)(jian)會改變了(le)過去多頭監(jian)(jian)管局(ju)面，有(you)利于(yu)債券市(shi)場(chang)(chang)更(geng)規(gui)范運行。

中國證券(quan)監督(du)管理(li)委員會 視覺中國圖

監管與制度設計與時俱進

公開(kai)資料顯(xian)示，證(zheng)監(jian)(jian)會(hui)(hui)(hui)誕生于1992年(nian)(nian)，當年(nian)(nian)10月，國(guo)務院證(zheng)券(quan)委員會(hui)(hui)(hui)（國(guo)務院證(zheng)券(quan)委）和中國(guo)證(zheng)券(quan)監(jian)(jian)督管(guan)(guan)(guan)理(li)委員會(hui)(hui)(hui)（證(zheng)監(jian)(jian)會(hui)(hui)(hui)）宣告成立。其中，國(guo)務院證(zheng)券(quan)委是國(guo)家對證(zheng)券(quan)市(shi)場進行(xing)統一監(jian)(jian)督管(guan)(guan)(guan)理(li)的主(zhu)管(guan)(guan)(guan)機(ji)構。證(zheng)監(jian)(jian)會(hui)(hui)(hui)是國(guo)務院證(zheng)券(quan)委的監(jian)(jian)管(guan)(guan)(guan)執行(xing)機(ji)構，依照法律法規(gui)對證(zheng)券(quan)市(shi)場進行(xing)監(jian)(jian)管(guan)(guan)(guan)。

1993年(nian)11月(yue)(yue)，國(guo)(guo)(guo)務(wu)(wu)院決定(ding)(ding)(ding)(ding)將期(qi)貨市場的(de)(de)(de)試點工作(zuo)交由國(guo)(guo)(guo)務(wu)(wu)院證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)委負責，證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)具體(ti)(ti)執(zhi)行(xing)。1995年(nian)3月(yue)(yue)，國(guo)(guo)(guo)務(wu)(wu)院正式批準《中(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)監(jian)(jian)督管(guan)(guan)理(li)(li)委員(yuan)(yuan)(yuan)會(hui)(hui)機(ji)構編制(zhi)方(fang)案》，確定(ding)(ding)(ding)(ding)證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)為(wei)國(guo)(guo)(guo)務(wu)(wu)院直屬副部級事業(ye)(ye)單位(wei)，是(shi)國(guo)(guo)(guo)務(wu)(wu)院證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)委的(de)(de)(de)監(jian)(jian)管(guan)(guan)執(zhi)行(xing)機(ji)構，依照法律、法規(gui)的(de)(de)(de)規(gui)定(ding)(ding)(ding)(ding)，對(dui)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)期(qi)貨市場進行(xing)監(jian)(jian)管(guan)(guan)。1997年(nian)8月(yue)(yue)，國(guo)(guo)(guo)務(wu)(wu)院研究決定(ding)(ding)(ding)(ding)，將上海、深圳(zhen)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)交易(yi)所統(tong)一劃歸(gui)證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)監(jian)(jian)管(guan)(guan)，并(bing)(bing)在(zai)上海和深圳(zhen)兩市設立證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)監(jian)(jian)管(guan)(guan)專員(yuan)(yuan)(yuan)辦(ban)公室。1997年(nian)11月(yue)(yue)，中(zhong)央召開全國(guo)(guo)(guo)金融工作(zuo)會(hui)(hui)議，決定(ding)(ding)(ding)(ding)對(dui)全國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)管(guan)(guan)理(li)(li)體(ti)(ti)制(zhi)進行(xing)改(gai)革(ge)，理(li)(li)順(shun)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)監(jian)(jian)管(guan)(guan)體(ti)(ti)制(zhi)，對(dui)地(di)方(fang)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)監(jian)(jian)管(guan)(guan)部門實(shi)行(xing)垂(chui)直領(ling)導，并(bing)(bing)將原由中(zhong)國(guo)(guo)(guo)人民銀行(xing)監(jian)(jian)管(guan)(guan)的(de)(de)(de)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)經營機(ji)構劃歸(gui)證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)統(tong)一監(jian)(jian)管(guan)(guan)。1998年(nian)4月(yue)(yue)，根據國(guo)(guo)(guo)務(wu)(wu)院機(ji)構改(gai)革(ge)方(fang)案，決定(ding)(ding)(ding)(ding)將國(guo)(guo)(guo)務(wu)(wu)院證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)委與(yu)證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)合并(bing)(bing)組(zu)成(cheng)國(guo)(guo)(guo)務(wu)(wu)院直屬正部級事業(ye)(ye)單位(wei)。同年(nian)9月(yue)(yue)，國(guo)(guo)(guo)務(wu)(wu)院批準了(le)《中(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)監(jian)(jian)督管(guan)(guan)理(li)(li)委員(yuan)(yuan)(yuan)會(hui)(hui)職能配置、內設機(ji)構和人員(yuan)(yuan)(yuan)編制(zhi)規(gui)定(ding)(ding)(ding)(ding)》，明確證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)會(hui)(hui)為(wei)國(guo)(guo)(guo)務(wu)(wu)院直屬事業(ye)(ye)單位(wei)，是(shi)全國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)期(qi)貨市場的(de)(de)(de)主管(guan)(guan)部門。

從(cong)國(guo)務院(yuan)直屬(shu)事業單位，到如今的(de)國(guo)務院(yuan)直屬(shu)機構，二十五年時間過去(qu)了。資本(ben)市場曲折中(zhong)發(fa)展(zhan)，證監會在防范化解金(jin)融(rong)風(feng)險，建設中(zhong)國(guo)特色現代資本(ben)市場方面(mian)發(fa)揮(hui)了重要作用。

2003年(nian)(nian)底(di)到2004年(nian)(nian)上半年(nian)(nian)，南方、閩發、“德(de)隆系”等部(bu)分(fen)證券(quan)公(gong)(gong)司(si)風險(xian)問題充分(fen)暴露，證券(quan)行(xing)業(ye)(ye)風險(xian)集中爆(bao)發，面(mian)臨(lin)第一次行(xing)業(ye)(ye)性(xing)危機。2004年(nian)(nian)至2007年(nian)(nian)，中國證監會根據國務院的部(bu)署，按(an)照風險(xian)處置、日常(chang)監管和(he)推(tui)進行(xing)業(ye)(ye)發展(zhan)三管齊下，防治(zhi)結合、以防為主、標本兼治(zhi)、形(xing)成(cheng)機制的總體工(gong)作(zuo)思路，對證券(quan)公(gong)(gong)司(si)實施綜(zong)合治(zhi)理(li)，取得了(le)多方面(mian)重要(yao)成(cheng)果，守(shou)住了(le)不(bu)發生系統(tong)性(xing)金融(rong)風險(xian)的底(di)線。2007年(nian)(nian)底(di)，全(quan)行(xing)業(ye)(ye)106家公(gong)(gong)司(si)總資產(chan)達到1.7萬億(yi)元、凈資產(chan)為3447億(yi)元，分(fen)別是2003年(nian)(nian)底(di)綜(zong)合治(zhi)理(li)之前的354％和(he)283％，證券(quan)行(xing)業(ye)(ye)步入良性(xing)發展(zhan)軌道(dao)。

2018年11月(yue)5日(ri)(ri)，習近平主席宣布設(she)立科(ke)創板并試(shi)點(dian)注(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)以來。四年多時(shi)間，注(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)成(cheng)為全(quan)面(mian)深化資(zi)本市場(chang)改革的頭(tou)號工(gong)程。2019年，科(ke)創板在(zai)上交所開市，注(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)試(shi)點(dian)正式(shi)落(luo)地。2020年，深交所創業板開啟注(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)試(shi)點(dian)。2023年2月(yue)17日(ri)(ri)，中國證監會發布全(quan)面(mian)實(shi)行股(gu)票發行注(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)相關制(zhi)(zhi)度規則，A股(gu)正式(shi)進入全(quan)面(mian)注(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)時(shi)代。

當天中華人民共(gong)和(he)(he)國(guo)中央人民政(zheng)府官(guan)網的(de)(de)政(zheng)務聯播欄目(mu)轉載(zai)了(le)(le)證監會消(xiao)息，指出：全面(mian)實(shi)行(xing)注(zhu)冊制(zhi)(zhi)(zhi)是(shi)(shi)涉及資本(ben)市(shi)場全局(ju)的(de)(de)重(zhong)大改(gai)(gai)革。在各方(fang)共(gong)同努力下，科創板、創業板和(he)(he)北交所試(shi)點注(zhu)冊制(zhi)(zhi)(zhi)總(zong)體上是(shi)(shi)成功的(de)(de)，主(zhu)要制(zhi)(zhi)(zhi)度規(gui)則經受(shou)住了(le)(le)市(shi)場檢驗(yan)，改(gai)(gai)革成效(xiao)得到(dao)了(le)(le)市(shi)場認可。這次全面(mian)實(shi)行(xing)注(zhu)冊制(zhi)(zhi)(zhi)制(zhi)(zhi)(zhi)度規(gui)則的(de)(de)發布(bu)實(shi)施，標(biao)志著(zhu)注(zhu)冊制(zhi)(zhi)(zhi)的(de)(de)制(zhi)(zhi)(zhi)度安排基本(ben)定型，標(biao)志著(zhu)注(zhu)冊制(zhi)(zhi)(zhi)推廣到(dao)全市(shi)場和(he)(he)各類公開發行(xing)股票行(xing)為(wei)，在中國(guo)資本(ben)市(shi)場改(gai)(gai)革發展進程(cheng)中具有里程(cheng)碑意(yi)義(yi)。

根據3月8日證(zheng)(zheng)監(jian)(jian)會(hui)(hui)(hui)官(guan)網介(jie)紹，證(zheng)(zheng)監(jian)(jian)會(hui)(hui)(hui)現設(she)主席1名(ming)，副主席4名(ming)，駐(zhu)證(zheng)(zheng)監(jian)(jian)會(hui)(hui)(hui)紀檢監(jian)(jian)察組組長(chang)1名(ming)；會(hui)(hui)(hui)機關內設(she)20個職能部門，1個稽(ji)查總(zong)隊，3個中心。中國證(zheng)(zheng)監(jian)(jian)會(hui)(hui)(hui)在省、自治(zhi)區、直轄市和(he)計劃(hua)單列(lie)市設(she)立36個證(zheng)(zheng)券(quan)監(jian)(jian)管(guan)局(ju)，以及上海、深圳證(zheng)(zheng)券(quan)監(jian)(jian)管(guan)專員辦事處(chu)。

依(yi)據有(you)關(guan)(guan)(guan)(guan)法(fa)(fa)(fa)律法(fa)(fa)(fa)規(gui)(gui)，中(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)(jian)(jian)(jian)會(hui)在對(dui)(dui)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)市(shi)(shi)(shi)場(chang)實(shi)施(shi)監(jian)(jian)(jian)(jian)(jian)督管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理中(zhong)履(lv)行(xing)(xing)下列十(shi)三項目職責(ze)：（一）研究和(he)(he)擬(ni)訂證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)市(shi)(shi)(shi)場(chang)的(de)(de)(de)(de)(de)(de)(de)方針政策、發(fa)展規(gui)(gui)劃；起草(cao)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)市(shi)(shi)(shi)場(chang)的(de)(de)(de)(de)(de)(de)(de)有(you)關(guan)(guan)(guan)(guan)法(fa)(fa)(fa)律、法(fa)(fa)(fa)規(gui)(gui)，提出(chu)制(zhi)定(ding)(ding)和(he)(he)修(xiu)改的(de)(de)(de)(de)(de)(de)(de)建議；制(zhi)定(ding)(ding)有(you)關(guan)(guan)(guan)(guan)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)市(shi)(shi)(shi)場(chang)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)規(gui)(gui)章(zhang)、規(gui)(gui)則(ze)和(he)(he)辦(ban)法(fa)(fa)(fa)。（二）垂直(zhi)領導全國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)機(ji)構，對(dui)(dui)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)市(shi)(shi)(shi)場(chang)實(shi)行(xing)(xing)集中(zhong)統一監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)；管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理有(you)關(guan)(guan)(guan)(guan)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)(si)的(de)(de)(de)(de)(de)(de)(de)領導班子和(he)(he)領導成員(yuan)。（三）監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)股票、可(ke)轉(zhuan)換債(zhai)(zhai)(zhai)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)、證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)公(gong)司(si)(si)債(zhai)(zhai)(zhai)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)和(he)(he)國(guo)(guo)(guo)務(wu)(wu)(wu)(wu)院確定(ding)(ding)由證(zheng)(zheng)(zheng)(zheng)監(jian)(jian)(jian)(jian)(jian)會(hui)負責(ze)的(de)(de)(de)(de)(de)(de)(de)債(zhai)(zhai)(zhai)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)及(ji)其(qi)他證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)發(fa)行(xing)(xing)、上(shang)市(shi)(shi)(shi)、交(jiao)(jiao)易(yi)、托管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)和(he)(he)結(jie)算(suan)；監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)投(tou)(tou)資(zi)(zi)(zi)基(ji)金活(huo)(huo)動(dong)(dong)；批(pi)準企(qi)業(ye)(ye)(ye)(ye)債(zhai)(zhai)(zhai)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)上(shang)市(shi)(shi)(shi)；監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)上(shang)市(shi)(shi)(shi)國(guo)(guo)(guo)債(zhai)(zhai)(zhai)和(he)(he)企(qi)業(ye)(ye)(ye)(ye)債(zhai)(zhai)(zhai)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)交(jiao)(jiao)易(yi)活(huo)(huo)動(dong)(dong)。（四）監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)上(shang)市(shi)(shi)(shi)公(gong)司(si)(si)及(ji)其(qi)按(an)(an)法(fa)(fa)(fa)律法(fa)(fa)(fa)規(gui)(gui)必須履(lv)行(xing)(xing)有(you)關(guan)(guan)(guan)(guan)義務(wu)(wu)(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)股東(dong)的(de)(de)(de)(de)(de)(de)(de)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)市(shi)(shi)(shi)場(chang)行(xing)(xing)為(wei)。（五）監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)境(jing)(jing)(jing)(jing)內(nei)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)合(he)約的(de)(de)(de)(de)(de)(de)(de)上(shang)市(shi)(shi)(shi)、交(jiao)(jiao)易(yi)和(he)(he)結(jie)算(suan)；按(an)(an)規(gui)(gui)定(ding)(ding)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)境(jing)(jing)(jing)(jing)內(nei)機(ji)構從(cong)事(shi)(shi)(shi)(shi)境(jing)(jing)(jing)(jing)外(wai)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)。（六）管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)交(jiao)(jiao)易(yi)所；按(an)(an)規(gui)(gui)定(ding)(ding)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)交(jiao)(jiao)易(yi)所的(de)(de)(de)(de)(de)(de)(de)高(gao)級管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理人(ren)員(yuan)；歸口管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)業(ye)(ye)(ye)(ye)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)業(ye)(ye)(ye)(ye)協會(hui)。（七(qi)）監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)經營機(ji)構、證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)投(tou)(tou)資(zi)(zi)(zi)基(ji)金管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理公(gong)司(si)(si)、證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)登記結(jie)算(suan)公(gong)司(si)(si)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)結(jie)算(suan)機(ji)構、證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)投(tou)(tou)資(zi)(zi)(zi)咨詢機(ji)構、證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)資(zi)(zi)(zi)信評級機(ji)構；審批(pi)基(ji)金托管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)機(ji)構的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)格(ge)并監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)其(qi)基(ji)金托管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)；制(zhi)定(ding)(ding)有(you)關(guan)(guan)(guan)(guan)機(ji)構高(gao)級管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理人(ren)員(yuan)任職資(zi)(zi)(zi)格(ge)的(de)(de)(de)(de)(de)(de)(de)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理辦(ban)法(fa)(fa)(fa)并組織實(shi)施(shi)；指導中(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)業(ye)(ye)(ye)(ye)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)業(ye)(ye)(ye)(ye)協會(hui)開(kai)展證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)從(cong)業(ye)(ye)(ye)(ye)人(ren)員(yuan)資(zi)(zi)(zi)格(ge)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理工作。（八）監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)境(jing)(jing)(jing)(jing)內(nei)企(qi)業(ye)(ye)(ye)(ye)直(zhi)接或間接到(dao)(dao)(dao)境(jing)(jing)(jing)(jing)外(wai)發(fa)行(xing)(xing)股票、上(shang)市(shi)(shi)(shi)以及(ji)在境(jing)(jing)(jing)(jing)外(wai)上(shang)市(shi)(shi)(shi)的(de)(de)(de)(de)(de)(de)(de)公(gong)司(si)(si)到(dao)(dao)(dao)境(jing)(jing)(jing)(jing)外(wai)發(fa)行(xing)(xing)可(ke)轉(zhuan)換債(zhai)(zhai)(zhai)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)；監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)境(jing)(jing)(jing)(jing)內(nei)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)經營機(ji)構到(dao)(dao)(dao)境(jing)(jing)(jing)(jing)外(wai)設(she)立證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)機(ji)構；監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)境(jing)(jing)(jing)(jing)外(wai)機(ji)構到(dao)(dao)(dao)境(jing)(jing)(jing)(jing)內(nei)設(she)立證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)機(ji)構、從(cong)事(shi)(shi)(shi)(shi)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)、期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)。（九）監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)信息(xi)傳播活(huo)(huo)動(dong)(dong)，負責(ze)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)市(shi)(shi)(shi)場(chang)的(de)(de)(de)(de)(de)(de)(de)統計(ji)與信息(xi)資(zi)(zi)(zi)源管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理。（十(shi)）會(hui)同(tong)有(you)關(guan)(guan)(guan)(guan)部門審批(pi)會(hui)計(ji)師(shi)事(shi)(shi)(shi)(shi)務(wu)(wu)(wu)(wu)所、資(zi)(zi)(zi)產評估(gu)機(ji)構及(ji)其(qi)成員(yuan)從(cong)事(shi)(shi)(shi)(shi)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)中(zhong)介業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)格(ge)，并監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)律師(shi)事(shi)(shi)(shi)(shi)務(wu)(wu)(wu)(wu)所、律師(shi)及(ji)有(you)資(zi)(zi)(zi)格(ge)的(de)(de)(de)(de)(de)(de)(de)會(hui)計(ji)師(shi)事(shi)(shi)(shi)(shi)務(wu)(wu)(wu)(wu)所、資(zi)(zi)(zi)產評估(gu)機(ji)構及(ji)其(qi)成員(yuan)從(cong)事(shi)(shi)(shi)(shi)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)相關(guan)(guan)(guan)(guan)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)活(huo)(huo)動(dong)(dong)。（十(shi)一）依(yi)法(fa)(fa)(fa)對(dui)(dui)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)違法(fa)(fa)(fa)違規(gui)(gui)行(xing)(xing)為(wei)進(jin)行(xing)(xing)調查、處罰(fa)。（十(shi)二）歸口管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)理證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)(quan)(quan)(quan)(quan)期(qi)(qi)(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)(huo)(huo)(huo)(huo)(huo)(huo)行(xing)(xing)業(ye)(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)對(dui)(dui)外(wai)交(jiao)(jiao)往和(he)(he)國(guo)(guo)(guo)際合(he)作事(shi)(shi)(shi)(shi)務(wu)(wu)(wu)(wu)。（十(shi)三）承辦(ban)國(guo)(guo)(guo)務(wu)(wu)(wu)(wu)院交(jiao)(jiao)辦(ban)的(de)(de)(de)(de)(de)(de)(de)其(qi)他事(shi)(shi)(shi)(shi)項。

為債市健康發展提供保障

而本次除了證監會(hui)提職提級外，由證監會(hui)統一負責公司(si)（企業）債券(quan)發(fa)行審核工作更為令(ling)業內關注。

根據東(dong)方財(cai)富Choice金融終(zhong)端(duan)數據，截(jie)至3月8日午間，市場存量企業(ye)債券共(gong)2624只，票(piao)價(jia)總額20138億元，存量公司債為11505只，票(piao)面總額98868億元。

企(qi)(qi)(qi)業(ye)債(zhai)券(quan)是由中(zhong)央政府部門所屬機構、國有(you)(you)(you)獨資(zi)企(qi)(qi)(qi)業(ye)或(huo)國有(you)(you)(you)控股(gu)企(qi)(qi)(qi)業(ye)發行的(de)債(zhai)券(quan)。現實中(zhong)，我國的(de)企(qi)(qi)(qi)業(ye)債(zhai)券(quan)發債(zhai)資(zi)金的(de)用途主要與在固定資(zi)產投資(zi)和技術(shu)革(ge)新改造方面有(you)(you)(you)關，并與政府部門審批的(de)項目直(zhi)接相(xiang)聯。公司債(zhai)券(quan)則(ze)是由股(gu)份(fen)有(you)(you)(you)限公司或(huo)有(you)(you)(you)限責任公司發行的(de)債(zhai)券(quan)，是公司為經營發展根據(ju)自身(shen)情況(kuang)所作(zuo)的(de)融資(zi)安(an)排。

2020年3月1日，根(gen)據《國家(jia)發(fa)(fa)展改(gai)革委(wei)關(guan)于企業(ye)債券(quan)發(fa)(fa)行實施注(zhu)冊制有關(guan)事(shi)項的(de)(de)(de)通知》（發(fa)(fa)改(gai)財金〔2020〕298號），國家(jia)發(fa)(fa)改(gai)委(wei)為(wei)企業(ye)債券(quan)的(de)(de)(de)法定注(zhu)冊機關(guan)，發(fa)(fa)行企業(ye)債券(quan)應(ying)當(dang)依法經(jing)發(fa)(fa)改(gai)委(wei)注(zhu)冊。國家(jia)發(fa)(fa)改(gai)委(wei)指定相關(guan)機構負責企業(ye)債券(quan)的(de)(de)(de)受(shou)理、審核(he)。其中(zhong)，中(zhong)央國債登(deng)記結算(suan)有限責任公司(si)為(wei)受(shou)理機構，中(zhong)央國債登(deng)記結算(suan)有限責任公司(si)、中(zhong)國銀行間市場交易商協會(hui)為(wei)審核(he)機構。

而(er)早在2018年8月(yue)，國(guo)務院金融委(wei)召開(kai)(kai)防范化解金融風(feng)險專題會(hui)(hui)議，就(jiu)提出了“建立統(tong)一(yi)管(guan)理和(he)(he)協調發展(zhan)的(de)債(zhai)券市(shi)(shi)場”。2018年，證監會(hui)(hui)、人(ren)(ren)民(min)銀(yin)(yin)行、發改委(wei)發布《關(guan)于進一(yi)步(bu)加強(qiang)債(zhai)券市(shi)(shi)場執法工作有(you)關(guan)問(wen)題的(de)意見》，明確由證監會(hui)(hui)依(yi)法對銀(yin)(yin)行間市(shi)(shi)場、交易所(suo)市(shi)(shi)場違法違規行為開(kai)(kai)展(zhan)統(tong)一(yi)執法工作，人(ren)(ren)民(min)銀(yin)(yin)行和(he)(he)發改委(wei)積極支(zhi)持證監會(hui)(hui)開(kai)(kai)展(zhan)統(tong)一(yi)執法。

2022年1月20日，上交(jiao)(jiao)所(suo)(suo)、深交(jiao)(jiao)所(suo)(suo)、全國銀(yin)(yin)行間(jian)同業(ye)拆借(jie)中心、銀(yin)(yin)行間(jian)市(shi)(shi)場(chang)清(qing)算(suan)所(suo)(suo)股份有(you)(you)限公(gong)司(si)、中國證券(quan)(quan)登記結(jie)算(suan)有(you)(you)限責任公(gong)司(si)共同制定(ding)并印發《銀(yin)(yin)行間(jian)債券(quan)(quan)市(shi)(shi)場(chang)與(yu)交(jiao)(jiao)易(yi)(yi)所(suo)(suo)債券(quan)(quan)市(shi)(shi)場(chang)互(hu)(hu)(hu)聯互(hu)(hu)(hu)通(tong)業(ye)務暫行辦法》，明確交(jiao)(jiao)易(yi)(yi)所(suo)(suo)和銀(yin)(yin)行間(jian)市(shi)(shi)場(chang)互(hu)(hu)(hu)聯互(hu)(hu)(hu)通(tong)可通(tong)過(guo)名義(yi)持有(you)(you)人賬戶模式(shi)進行，即(ji)尊重(zhong)兩個(ge)市(shi)(shi)場(chang)現(xian)有(you)(you)掛牌流通(tong)模式(shi)、現(xian)有(you)(you)賬戶體(ti)系及(ji)交(jiao)(jiao)易(yi)(yi)結(jie)算(suan)規則(ze)，參與(yu)對方市(shi)(shi)場(chang)的(de)債券(quan)(quan)現(xian)券(quan)(quan)認(ren)購及(ji)交(jiao)(jiao)易(yi)(yi)，從(cong)而實(shi)現(xian)債券(quan)(quan)市(shi)(shi)場(chang)在交(jiao)(jiao)易(yi)(yi)層(ceng)面的(de)互(hu)(hu)(hu)通(tong)。

清華(hua)大(da)學(xue)五道口金(jin)融(rong)學(xue)院副院長、金(jin)融(rong)學(xue)講(jiang)席教授(shou)田軒對《每日經濟新聞》記者指出，我(wo)國(guo)債(zhai)(zhai)券市場主要包括國(guo)債(zhai)(zhai)、地(di)方(fang)政府債(zhai)(zhai)，金(jin)融(rong)債(zhai)(zhai)，企業債(zhai)(zhai)和公(gong)司債(zhai)(zhai)。歷史(shi)上形成了(le)多頭(tou)監(jian)(jian)(jian)管的(de)顯(xian)著特點，涉及央行、發改委、證監(jian)(jian)(jian)會、財政部等(deng)。其中，企業債(zhai)(zhai)由發改委審核；公(gong)司債(zhai)(zhai)是證監(jian)(jian)(jian)會審核。不(bu)(bu)同部門(men)的(de)監(jian)(jian)(jian)管之下(xia)，審核標(biao)準的(de)不(bu)(bu)統一也(ye)給(gei)套利者提供了(le)操作(zuo)空間，不(bu)(bu)利于債(zhai)(zhai)券市場合理、正常發展，也(ye)不(bu)(bu)利于企業拓(tuo)寬直接融(rong)資渠道。

“此次徹底將企(qi)業債的具體發(fa)行審核職(zhi)責劃入證監會，意味著未來(lai)企(qi)業債和(he)公司債將在規(gui)則層面(mian)進一步趨同，為債券市場健康(kang)穩(wen)定發(fa)展提(ti)供法治保(bao)障。”田軒進一步指出。

知(zhi)名投行(xing)(xing)人士王驥躍也(ye)指出(chu)，之前債(zhai)券(quan)多頭(tou)審核(he)、多頭(tou)管(guan)(guan)理下，出(chu)現了許多問題：一(yi)是(shi)(shi)沒(mei)有(you)形成(cheng)統一(yi)的(de)市場和監(jian)管(guan)(guan)機制，大(da)量債(zhai)券(quan)發(fa)行(xing)(xing)不(bu)在證(zheng)監(jian)會監(jian)管(guan)(guan)范圍內(nei)，而投資(zi)者交(jiao)易債(zhai)券(quan)又(you)屬于(yu)證(zheng)監(jian)監(jian)管(guan)(guan)范疇，出(chu)事后監(jian)管(guan)(guan)責任也(ye)不(bu)方便追究；二是(shi)(shi)發(fa)改(gai)委既(ji)批項目(mu)又(you)批發(fa)債(zhai)，企業債(zhai)發(fa)行(xing)(xing)屬于(yu)項目(mu)融資(zi)，但發(fa)改(gai)委更(geng)注重的(de)是(shi)(shi)項目(mu)本身，而不(bu)是(shi)(shi)債(zhai)券(quan)信披質量和償(chang)債(zhai)能力(li)。

“債券(quan)(quan)統(tong)一(yi)監(jian)管，有利于債券(quan)(quan)市場更規(gui)范(fan)運行，但(dan)也不能就此指望統(tong)一(yi)監(jian)管后完全杜絕爆雷(lei)違約。這(zhe)是兩碼(ma)事。”投(tou)行人(ren)士王(wang)驥躍指出(chu)。

光(guang)大(da)證券首席固定收益(yi)分析(xi)師張旭則強調，統一監管(guan)(guan)并不(bu)是(shi)指將監管(guan)(guan)權歸于(yu)單一部(bu)門的行政統一，而(er)是(shi)指監管(guan)(guan)標準和監管(guan)(guan)理念上的統一。

“事(shi)實上，在監(jian)(jian)管標(biao)準和(he)監(jian)(jian)管理念(nian)統一的(de)前提下，不同市場、不同債券品種之間的(de)適度(du)有(you)序競(jing)爭更有(you)利于(yu)提高直接融資(zi)比重、推動債券市場整(zheng)體健(jian)康發展。”張旭表示。

值(zhi)得一提的是，2023年，除(chu)了全面(mian)注冊制外(wai)，債券(quan)市場(chang)也是證監(jian)會工作重點之一。

2月10日，證監會(hui)召開2023年債(zhai)(zhai)券(quan)監管(guan)(guan)工(gong)作會(hui)議，會(hui)議強(qiang)調(diao)，要以建設(she)中國特色現代債(zhai)(zhai)券(quan)市(shi)場(chang)為(wei)目標，綱舉目張(zhang)抓好(hao)改革發(fa)展(zhan)穩定各(ge)項工(gong)作。要全(quan)(quan)面深(shen)(shen)化(hua)(hua)債(zhai)(zhai)市(shi)功能發(fa)揮(hui)，突出服(fu)務穩增長(chang)(chang)和(he)(he)實(shi)體經(jing)濟(ji)發(fa)展(zhan)，助力提(ti)高直接融資(zi)比重(zhong)；全(quan)(quan)面深(shen)(shen)化(hua)(hua)債(zhai)(zhai)券(quan)重(zhong)點(dian)風(feng)險防范化(hua)(hua)解，努力推動(dong)債(zhai)(zhai)券(quan)違約風(feng)險進一步收斂(lian)，保護投資(zi)者合法權益；全(quan)(quan)面深(shen)(shen)化(hua)(hua)REITs市(shi)場(chang)建設(she)，堅持發(fa)展(zhan)與規范并重(zhong)，全(quan)(quan)力推動(dong)REITs市(shi)場(chang)高質量(liang)發(fa)展(zhan)；全(quan)(quan)面深(shen)(shen)化(hua)(hua)債(zhai)(zhai)券(quan)注冊制改革，強(qiang)化(hua)(hua)市(shi)場(chang)基礎制度建設(she)，提(ti)升市(shi)場(chang)韌性和(he)(he)活力；全(quan)(quan)面深(shen)(shen)化(hua)(hua)債(zhai)(zhai)券(quan)科(ke)技監管(guan)(guan)，完善(shan)符合債(zhai)(zhai)券(quan)特點(dian)的(de)(de)監管(guan)(guan)制度機制；全(quan)(quan)面深(shen)(shen)化(hua)(hua)管(guan)(guan)黨治黨責(ze)任落實(shi)，以嚴的(de)(de)基調(diao)強(qiang)化(hua)(hua)正風(feng)肅紀，扎實(shi)推動(dong)交(jiao)易所債(zhai)(zhai)券(quan)市(shi)場(chang)實(shi)現質的(de)(de)有(you)效提(ti)升和(he)(he)量(liang)的(de)(de)合理(li)增長(chang)(chang)，更(geng)好(hao)服(fu)務經(jing)濟(ji)高質量(liang)發(fa)展(zhan)和(he)(he)構(gou)建新(xin)發(fa)展(zhan)格局。

封面圖片來源：視覺中(zhong)國