严防债务风险 上交所修缮地方融资平台甄别标准

2016年9月5日

  ⊙记者 祁豆豆 ○编辑 全泽源

  9月2日,上交所在新闻发布会上表示,经过反复论证与审慎评估,对地方融资平台的甄别标准进行了修订:一是将“双50%”调整为“单50%”;二是调整指标计算方法。此次调整有利于防范地方政府债务风险。

  上交所指出,2015年1月,《公司债券发行与交易管理办法》(简称《管理办法》)颁布实施,拓宽了发行主体范围,支持企业以其自身信用状况和盈利能力为偿债基础,以信息披露为核心,发行公司债券融资。《管理办法》实施以来,公司债券在支持实体经济发展,提高直接融资比重,降低社会融资成本等方面发挥了积极作用,获得社会各方认可。

  为贯彻落实《国务院关于加强地方政府性债务管理的意见》(国发〔2014〕43号)关于“剥离融资平台公司政府融资职能,规范地方政府举债融资机制”的文件精神,《管理办法》第六十九条明确规定“发行人不包括地方政府融资平台公司”。鉴于目前融资平台公司名单尚未公布,根据中国证监会的统一部署,上交所在审核实践中,对由地方政府及其部门直接或间接控股的企业申请发行公司债券,暂按以下标准执行:一是发行人被列入中国银监会地方政府融资平台名单的,不得发行公司债券;二是发行人属于退出平台类,或者涉及土地开发、政府项目代建等相关业务的,其报告期来自所属地方政府的收入和现金流占比不得均超过50%,但募集资金用于省级保障房的除外。

  但是,上交所在审核实践中发现,部分发行人存在公司治理不规范、政企不分、通过调整会计处理规避发行条件的情形,不利于切实防范和化解地方政府债务风险。

  根据中国证监会的统一部署,上交所经过反复论证与审慎评估,对地方融资平台的甄别标准进行了修订,具体包括两点:一是将“双50%”调整为“单50%”。即报告期内,发行人来自所属地方政府的收入占比不得超过50%,取消现金流占比指标;二是调整指标计算方法。为提高指标合理性,发行人计算政府性收入占比,除了可采取报告期内各年度政府性收入占比的算数平均值外,也可采取“加权平均法”(各年度源自地方政府的收入总额/各年度营业收入总额)。总体来看,此次调整有利于防范地方政府债务风险,进一步规范公司债券市场发展,同时对市场影响范围有限。

  上交所表示,下一步,上交所将继续秉持法治化、市场化的发展理念,深入贯彻落实国家文件精神,根据市场发展情况与监管实践,及时修订并完善审核标准,推动债券市场规范发展;同时,支持市场化运营、资产真实有效的企业以自身信用为基础发行公司债券融资,更好地发挥公司债券在提高直接融资比例、降低企业融资成本、支持实体经济发展、助力供给侧结构性改革等方面的作用。

53条评论

  • Mini house 2017年10月8日在下午6:34

    Thank you for some other fantastic post. The place else could anybody get that type of info in such an ideal method of writing? I have a presentation subsequent week, and I’m at the search for such info.

  • Car Shopping 2017年10月9日在下午5:07

    Hello. magnificent job. I did not expect this. This is a fantastic story. Thanks!

  • Homefinder 2017年10月9日在下午5:48

    You can definitely see your skills in the work you write. The sector hopes for more passionate writers such as you who aren’t afraid to say how they believe. Always follow your heart.

  • College Sport 2017年10月9日在下午6:35

    You are a very smart individual!

  • How To Make Money 2017年10月9日在下午7:48

    Very well written story. It will be valuable to anybody who utilizes it, as well as myself. Keep doing what you are doing – can’r wait to read more posts.

  • cool electronics 2017年10月9日在下午8:47

    Thank you, I have just been looking for info about this subject for a long time and yours is the best I’ve found out till now. But, what concerning the bottom line? Are you certain in regards to the supply?

  • Kitchen Window 2017年10月10日在下午12:22

    I¡¦m not certain where you are getting your info, but good topic. I must spend a while finding out more or figuring out more. Thank you for wonderful information I used to be in search of this info for my mission.

  • Walking Exercise 2017年10月10日在下午1:06

    Good web site! I really love how it is easy on my eyes and the data are well written. I’m wondering how I could be notified when a new post has been made. I’ve subscribed to your RSS which must do the trick! Have a nice day!

  • home improvement 2017年10月10日在下午2:21

    I think other web site proprietors should take this website as an model, very clean and magnificent user genial style and design, let alone the content. You’re an expert in this topic!

  • World Championship 2017年10月10日在下午3:18

    I¡¦m now not certain where you are getting your info, but great topic. I must spend a while studying much more or understanding more. Thanks for great info I used to be in search of this information for my mission.

  • Tailored 2017年10月10日在下午3:54

    Hello there, just became alert to your blog through Google, and found that it’s really informative. I am gonna watch out for brussels. I’ll be grateful if you continue this in future. Many people will be benefited from your writing. Cheers!

  • Nursery rhymes Collection for Children 2017年10月11日在上午6:09

    Hi it’s me, I am also visiting this web page on a regular basis, this web site is genuinely pleasant and the people
    are genuinely sharing pleasant thoughts.

  • Backpack 2017年10月11日在上午10:45

    Good ¡V I should certainly pronounce, impressed with your web site. I had no trouble navigating through all tabs and related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your customer to communicate. Excellent task..

  • Flight Discounts 2017年10月11日在上午11:46

    Thanks , I have recently been looking for info approximately this topic for ages and yours is the greatest I have came upon till now. But, what in regards to the bottom line? Are you certain concerning the source?

  • Motorcycle 2017年10月11日在下午12:28

    You really make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand. It seems too complex and extremely broad for me. I’m looking forward for your next post, I’ll try to get the hang of it!

  • Extended Auto Warranty 2017年10月11日在下午1:16

    Thank you so much for providing individuals with an extraordinarily special opportunity to read articles and blog posts from this site. It is usually so beneficial and also packed with amusement for me personally and my office acquaintances to visit your web site the equivalent of thrice a week to read the new items you have got. And of course, we are usually fascinated concerning the very good inspiring ideas you serve. Some 4 ideas in this article are basically the simplest we have all had.

  • meet girls 2017年10月11日在下午1:44

    I am extremely impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you customize it yourself? Anyway keep up the nice quality writing, it’s rare to see a great blog like this one these days..

  • Hotels 2017年10月11日在下午2:38

    What i do not understood is in fact how you are now not actually a lot more smartly-appreciated than you may be right now. You are very intelligent. You realize therefore considerably with regards to this topic, produced me personally imagine it from so many numerous angles. Its like women and men don’t seem to be involved until it is something to do with Woman gaga! Your own stuffs outstanding. All the time care for it up!

  • Travel Promo 2017年10月11日在下午8:07

    Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Actually Excellent. I’m also a specialist in this topic so I can understand your effort.

  • athletic shoes 2017年10月12日在上午9:29

    Undeniably believe that which you stated. Your favorite justification appeared to be on the net the simplest thing to be aware of. I say to you, I definitely get irked while people think about worries that they plainly don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people can take a signal. Will likely be back to get more. Thanks

  • Real Estate Agent 2017年10月12日在下午9:23

    Hiya very cool blog!! Guy .. Beautiful .. Superb .. I’ll bookmark your site and take the feeds also¡KI am glad to seek out so many helpful information right here in the publish, we’d like work out extra techniques in this regard, thank you for sharing. . . . . .

  • troy ounce vs ounce 2017年10月13日在上午6:41

    WOW just what I was searching for. Came here by searching for troy ounce

  • stock market news 2017年10月13日在上午7:45

    I and my buddies came reviewing the great things found on your web blog and then the sudden came up with an awful suspicion I never thanked the site owner for those strategies. Most of the guys are already absolutely passionate to see all of them and now have in reality been using those things. Appreciation for getting considerably kind as well as for finding certain incredible subject matter millions of individuals are really desperate to know about. Our honest apologies for not expressing gratitude to you earlier.

  • mail order brides 2017年10月14日在上午3:29

    Hello, Neat post. There is a problem along with your web site in internet explorer, may test this¡K IE nonetheless is the marketplace leader and a huge portion of people will omit your wonderful writing due to this problem.

  • health articles 2017年10月14日在上午10:35

    I really appreciate this post. I have been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thx again

  • moba gaming list 2017年10月14日在下午2:31

    I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get got an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this increase.

  • best waterproof horse blanket 2017年10月14日在下午2:54

    BecauseSinceAsFor the reason that the admin of this websiteweb sitesiteweb page is working, no doubthesitationuncertaintyquestion very soonrapidlyquicklyshortly it will be famouswell-knownrenowned, due to its qualityfeature contents.

  • Renovation 2017年10月14日在下午9:11

    Great tremendous issues here. I am very satisfied to see your post. Thank you so much and i am looking forward to touch you. Will you kindly drop me a e-mail?

  • business finance 2017年10月14日在下午9:45

    Pretty section of content. I just stumbled upon your site and in accession capital to assert that I get in fact enjoyed account your blog posts. Anyway I’ll be subscribing to your augment and even I achievement you access consistently quickly.

  • botanical garden 2017年10月15日在上午5:21

    I like the valuable info you provide in your articles. I’ll bookmark your blog and check again here frequently. I’m quite sure I will learn lots of new stuff right here! Good luck for the next!

  • Fashion Trends DIY 2017年10月15日在下午7:14

    Hello there, I found your site by way of Google while looking for a similar matter, your web site got here up, it seems great. I have bookmarked it in my google bookmarks.

  • Science Website 2017年10月16日在下午8:21

    I do not even know how I ended up here, but I thought this post was good. I don’t know who you are but definitely you are going to a famous blogger if you are not already 😉 Cheers!

  • Cool Gadgets For Men 2017年10月17日在上午12:38

    Heya i’m for the first time here. I came across this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you aided me.

  • Date Ideas 2017年10月17日在上午11:15

    Thank you, I have recently been searching for information about this subject for ages and yours is the best I’ve discovered so far. But, what in regards to the conclusion? Are you positive concerning the supply?

  • home based business 2017年10月17日在下午3:06

    Wonderful work! This is the type of info that should be shared around the internet. Shame on the search engines for not positioning this put up higher! Come on over and discuss with my web site . Thanks =)

  • House Representatives 2017年10月17日在下午10:24

    magnificent publish, very informative. I wonder why the opposite experts of this sector do not realize this. You must proceed your writing. I’m sure, you’ve a great readers’ base already!

  • auto site 2017年10月18日在上午2:41

    We’re a group of volunteers and opening a new scheme in our community. Your web site provided us with valuable information to work on. You have done a formidable job and our entire community will be thankful to you.

  • Lawyer 2017年10月18日在下午8:19

    I was just seeking this information for a while. After six hours of continuous Googleing, at last I got it in your web site. I wonder what’s the lack of Google strategy that do not rank this kind of informative web sites in top of the list. Normally the top sites are full of garbage.

  • Nanotechnology 2017年10月18日在下午9:09

    I’m not sure where you are getting your information, but good topic. I needs to spend some time learning more or understanding more. Thanks for fantastic info I was looking for this information for my mission.

  • Cruise Agents 2017年10月18日在下午10:01

    Thanks , I’ve recently been searching for info about this topic for a long time and yours is the greatest I’ve came upon so far. But, what concerning the bottom line? Are you certain in regards to the source?

  • starting a business 2017年10月18日在下午11:24

    Wow, awesome blog layout! How long have you been running a blog for? you make blogging glance easy. The full glance of your web site is wonderful, as neatly as the content!

  • Computer Careers 2017年10月19日在上午2:00

    It¡¦s actually a cool and useful piece of information. I¡¦m happy that you simply shared this helpful information with us. Please keep us informed like this. Thanks for sharing.

  • Jeep Patriot 2017年10月19日在下午7:41

    Simply wish to say your article is as surprising. The clarity in your post is just great and i can assume you’re an expert on this subject. Fine with your permission let me to grab your RSS feed to keep updated with forthcoming post. Thanks a million and please keep up the enjoyable work.

  • Furniture Shop 2017年10月19日在下午9:13

    Well I definitely enjoyed studying it. This article procured by you is very useful for correct planning.

  • PGA Leaderboard 2017年10月19日在下午10:34

    Great blog here! Also your website loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my site loaded up as quickly as yours lol

  • Interior Home Design 2017年10月20日在下午7:03

    Thanks , I have just been looking for information approximately this topic for ages and yours is the best I have found out till now. But, what in regards to the conclusion? Are you certain about the source?

  • Dealerships 2017年10月21日在下午1:48

    A lot of thanks for all your labor on this web page. Gloria really loves doing investigation and it’s easy to understand why. A lot of people know all concerning the compelling manner you give practical tricks via the website and strongly encourage participation from other people on that point while our own child is always becoming educated so much. Take pleasure in the rest of the year. You’re the one performing a fantastic job.

  • daily finance 2017年10月21日在下午3:44

    I will immediately snatch your rss as I can not in finding your e-mail subscription hyperlink or e-newsletter service. Do you’ve any? Please allow me know in order that I could subscribe. Thanks.

  • learn colors 2017年10月21日在下午10:19

    Hi there! I could have sworn I’ve been to this site before but after
    reading through some of the post I realized it’s new to me.
    Anyhow, I’m definitely glad I found it and I’ll be book-marking and checking back often!

  • business finance 2017年10月21日在下午10:24

    I keep listening to the rumor speak about receiving free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i acquire some?

  • Digital Marketing 2017年10月21日在下午10:24

    I must express appreciation to the writer for rescuing me from this type of predicament. Just after scouting through the online world and getting thoughts that were not productive, I believed my life was well over. Being alive without the presence of solutions to the difficulties you have sorted out by way of your main guide is a critical case, and ones that would have negatively damaged my career if I hadn’t noticed your web blog. Your actual expertise and kindness in playing with all areas was important. I’m not sure what I would’ve done if I had not discovered such a subject like this. It’s possible to at this point look ahead to my future. Thanks very much for the high quality and sensible help. I won’t be reluctant to propose your web site to anybody who ought to have guidelines on this matter.

  • Real Estate 2017年10月21日在下午10:58

    I don’t even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you’re going to a famous blogger if you aren’t already 😉 Cheers!

  • Latest Business News 2017年10月22日在下午2:08

    Valuable information. Fortunate me I discovered your website unintentionally, and I’m stunned why this twist of fate didn’t took place earlier! I bookmarked it.

发表评论

电子邮件地址不会被公开。 必填项已用*标注