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CDR办法出炉,究竟是什么原因促使独角兽企业得到热宠?

来源: 南方日报网络版     时间: 2019年02月24日 13:06:35
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(原)(标)(题)(:CDR办)(法)(出)(炉)(,究)(竟)(是)(什)(么)(原)(因)(促)(使)(独)(角)(兽)(企)(业)(得)(到)(热)(宠)(?
今)(年)(3月)(30日)(,《关)(于)(开)(展)(创)(新)(企)(业)(境)(内)(发)(行)(股)(票)(或)(存)(托)(凭)(证)(试)(点)(若)(干)(意)(见)(》的)(正)(式)(发)(布)(,宣)(布)(中)(国)(版)(存)(托)(凭)(证)(正)(式)(拉)(开)(了)(序)(幕)(。然)(而)(,时)(隔)(一)(个)(多)(月)(的)(时)(间)(,证)(监)(会)(就)(《存)(托)(凭)(证)(发)(行)(与)(交)(易)(管)(理)(办)(法)(》正)(式)(公)(开)(征)(求)(意)(见)(,而)(这)(一)(举)(动)(,也)(恰)(恰)(说)(明)(了)(CDR的)(推)(进)(步)(伐)(在)(显)(著)(加)(快)(,未)(来)(独)(角)(兽)(企)(业)(乃)(至)(超)(级)(独)(角)(兽)(企)(业)(有)(望)(加)(快)(回)(归)(至)(国)(内)(资)(本)(市)(场)(。
实)(际)(上)(,就)(在)(CDR办)(法)(出)(炉)(之)(前)(,港)(交)(所)(的)(IPO新)(规)(也)(于)(今)(年)(4月)(30日)(起)(生)(效)(,并)(正)(式)(允)(许)(同)(股)(不)(同)(权)(企)(业)(的)(上)(市)(申)(请)(。值)(得)(一)(提)(的)(是)(,就)(在)(今)(年)(5月)(3日)(,作)(为)(超)(级)(独)(角)(兽)(的)(小)(米)(公)(司)(,也)(正)(式)(在)(港)(交)(所)(提)(交)(了)(上)(市)(的)(申)(请)(,而)(这)(也)(将)(会)(成)(为)(港)(交)(所)(同)(股)(不)(同)(权)(的)(首)(家)(上)(市)(公)(司)(。
从)(CDR形)(式)(的)(讨)(论)(到)(CDR办)(法)(的)(出)(炉)(,其)(推)(进)(速)(度)(确)(实)(出)(乎)(了)(市)(场)(的)(预)(期)(。与)(此)(同)(时)(,对)(于)(港)(交)(所)(IPO新)(规)(的)(加)(快)(落)(地)(,并)(开)(始)(引)(发)(部)(分)(超)(级)(独)(角)(兽)(企)(业)(的)(上)(市)(申)(请)(,这)(也)(从)(一)(定)(程)(度)(上)(加)(快)(了)(内)(地)(市)(场)(CDR规)(则)(的)(落)(地)(。从)(CDR办)(法)(到)(港)(交)(所)(IPO新)(规)(的)(出)(炉)(,实)(际)(上)(也)(反)(映)(出)(两)(地)(资)(本)(市)(场)(正)(在)(加)(快)(吸)(引)(独)(角)(兽)(乃)(至)(超)(级)(独)(角)(兽)(企)(业)(的)(关)(注)(,并)(积)(极)(引)(导)(这)(些)(巨)(头)(企)(业)(的)(回)(归)(。
事)(实)(上)(,虽)(然)(两)(地)(市)(场)(都)(在)(为)(独)(角)(兽)(企)(业)(的)(回)(归)(做)(好)(了)(政)(策)(制)(度)(上)(的)(创)(新)(与)(让)(步)(,但)(这)(一)(思)(考)(过)(程)(,也)(并)(不)(短)(暂)(。其)(中)(,对)(于)(港)(股)(市)(场)(而)(言)(,曾)(经)(也)(因)(“基)(于)(公)(众)(利)(益)(”的)(考)(虑)(,而)(错)(过)(了)(一)(些)(互)(联)(网)(巨)(头)(企)(业)(,而)(随)(着)(部)(分)(互)(联)(网)(巨)(头)(先)(后)(远)(赴)(海)(外)(市)(场)(上)(市)(,却)(或)(多)(或)(少)(削)(弱)(了)(港)(股)(市)(场)(的)(核)(心)(竞)(争)(力)(,某)(种)(程)(度)(上)(降)(低)(了)(港)(股)(市)(场)(的)(投)(资)(吸)(引)(力)(。
由)(此)(可)(见)(,对)(于)(近)(期)(港)(交)(所)(的)(IPO新)(规)(,实)(际)(上)(还)(是)(吸)(取)(了)(以)(往)(的)(经)(验)(教)(训)(,并)(一)(举)(改)(变)(以)(往)(的)(治)(市)(风)(格)(。其)(中)(,对)(于)(港)(股)(市)(场)(同)(股)(不)(同)(权)(模)(式)(的)(开)(放)(,也)(从)(一)(定)(程)(度)(上)(体)(现)(出)(港)(股)(市)(场)(的)(开)(放)(与)(包)(容)(性)(在)(不)(断)(提)(升)(,而)(在)(政)(策)(制)(度)(创)(新)(方)(面)(,港)(股)(市)(场)(也)(比)(内)(地)(市)(场)(稍)(显)(优)(势)(。
不)(过)(,对)(于)(独)(角)(兽)(企)(业)(尤)(其)(是)(超)(级)(独)(角)(兽)(企)(业)(的)(积)(极)(引)(导)(,内)(地)(市)(场)(却)(于)(最)(近)(一)(段)(时)(期)(内)(转)(变)(了)(态)(度)(,甚)(至)(敢)(于)(为)(部)(分)(同)(股)(不)(同)(权)(、VIE结)(构)(的)(独)(角)(兽)(企)(业)(开)(通)(了)(绿)(灯)(,并)(试)(图)(加)(快)(引)(导)(这)(类)(符)(合)(条)(件)(的)(独)(角)(兽)(企)(业)(回)(归)(内)(地)(市)(场)(上)(市)(。
实)(际)(上)(,对)(于)(独)(角)(兽)(企)(业)(的)(引)(导)(回)(归)(,本)(身)(就)(是)(一)(项)(复)(杂)(的)(进)(程)(。或)(许)(,对)(于)(独)(角)(兽)(企)(业)(而)(言)(,既)(可)(以)(选)(择)(IPO的)(上)(市)(方)(式)(,也)(可)(以)(选)(择)(借)(壳)(上)(市)(的)(形)(式)(,但)(对)(于)(部)(分)(本)(身)(股)(权)(结)(构)(比)(较)(复)(杂)(,甚)(至)(存)(在)(同)(股)(不)(同)(权)(形)(式)(的)(企)(业)(来)(说)(,却)(更)(可)(能)(通)(过)(CDR的)(形)(式)(回)(归)(至)(内)(地)(市)(场)(。
不)(可)(否)(认)(的)(是)(,随)(着)(独)(角)(兽)(的)(市)(场)(关)(注)(度)(水)(涨)(船)(高)(,CDR也)(逐)(渐)(成)(为)(了)(一)(个)(新)(鲜)(的)(热)(门)(词)(。
事)(实)(上)(,对)(于)(CDR而)(言)(,本)(身)(属)(于)(中)(国)(存)(托)(凭)(证)(,而)(它)(的)(出)(现)(,不)(仅)(会)(以)(人)(民)(币)(进)(行)(交)(易)(结)(算)(,而)(且)(还)(有)(效)(打)(破)(了)(注)(册)(地)(在)(海)(外)(的)(公)(司)(不)(能)(直)(接)(在)(A股)(市)(场)(上)(市)(的)(约)(束)(限)(制)(。与)(此)(同)(时)(,凭)(借)(其)(发)(行)(成)(本)(不)(高)(、上)(市)(手)(续)(与)(流)(程)(比)(较)(简)(便)(的)(优)(势)(,也)(将)(会)(从)(一)(定)(程)(度)(上)(激)(发)(独)(角)(兽)(企)(业)(以)(CDR形)(式)(回)(归)(至)(国)(内)(资)(本)(市)(场)(的)(热)(情)(。
时)(下)(,无)(论)(是)(内)(地)(市)(场)(还)(是)(港)(股)(市)(场)(,都)(似)(乎)(对)(独)(角)(兽)(企)(业)(抱)(有)(欢)(迎)(与)(开)(放)(的)(态)(度)(。但)(是)(,从)(两)(地)(市)(场)(的)(具)(体)(实)(施)(规)(则)(来)(看)(,也)(并)(非)(盲)(目)(任)(性)(引)(导)(独)(角)(兽)(企)(业)(的)(回)(归)(,而)(是)(设)(置)(了)(一)(定)(的)(准)(入)(门)(槛)(、准)(入)(条)(件)(,尽)(可)(能)(降)(低)(独)(角)(兽)(企)(业)(回)(归)(所)(带)(来)(的)(负)(面)(冲)(击)(。
需)(要)(注)(意)(的)(是)(,从)(最)(新)(公)(布)(的)(CDR办)(法)(中)(,我)(们)(可)(以)(发)(现)(CDR的)(发)(行)(要)(求)(以)(及)(交)(易)(程)(序)(还)(是)(不)(少)(。其)(中)(,不)(仅)(强)(化)(了)(信)(披)(、强)(调)(了)(CDR的)(上)(市)(交)(易)(条)(件)(与)(程)(序)(,而)(且)(还)(要)(求)(建)(立)(存)(托)(凭)(证)(的)(存)(托)(与)(托)(管)(制)(度)(,并)(按)(照)(规)(定)(禁)(止)(从)(业)(人)(员)(买)(卖)(CDR等)(。
除)(此)(以)(外)(,从)(之)(前)(的)(CDR新)(规)(中)(,我)(们)(还)(可)(以)(发)(现)(独)(角)(兽)(发)(行)(CDR回)(归)(内)(地)(市)(场)(的)(门)(槛)(并)(不)(低)(。
其)(中)(,试)(点)(企)(业)(市)(值)(不)(得)(低)(于)(2000亿)(元)(人)(民)(币)(。再)(者)(,对)(于)(尚)(未)(在)(境)(外)(上)(市)(的)(创)(新)(企)(业)(,最)(近)(一)(年)(营)(收)(不)(低)(于)(30亿)(元)(人)(民)(币)(,而)(且)(估)(值)(不)(低)(于)(200亿)(元)(人)(民)(币)(。此)(外)(,对)(于)(个)(别)(独)(角)(兽)(企)(业)(而)(言)(,若)(不)(能)(够)(满)(足)(上)(述)(条)(件)(,那)(么)(可)(能)(需)(要)(满)(足)(“营)(业)(收)(入)(快)(速)(增)(长)(,拥)(有)(自)(主)(研)(发)(、国)(际)(领)(先)(技)(术)(,同)(行)(业)(竞)(争)(中)(处)(于)(相)(对)(优)(势)(地)(位)(”等)(条)(件)(。
需)(要)(注)(意)(的)(是)(,除)(了)(上)(述)(提)(及)(的)(条)(件)(与)(门)(槛)(之)(外)(,对)(于)(试)(点)(企)(业)(而)(言)(,仍)(需)(经)(过)(科)(技)(创)(新)(产)(业)(化)(咨)(询)(委)(员)(进)(行)(甄)(别)(等)(,而)(对)(于)(试)(点)(企)(业)(的)(标)(准)(要)(求)(同)(样)(颇)(显)(关)(键)(。
对)(此)(,在)(CDR办)(法)(与)(规)(则)(严)(格)(执)(行)(的)(背)(景)(下)(,实)(际)(上)(还)(是)(可)(以)(起)(到)(较)(好)(的)(过)(滤)(作)(用)(,并)(把)(一)(些)(浑)(水)(摸)(鱼)(的)(伪)(独)(角)(兽)(企)(业)(拒)(之)(门)(外)(。
其)(实)(,不)(仅)(仅)(是)(国)(内)(资)(本)(市)(场)(对)(独)(角)(兽)(企)(业)(设)(置)(了)(较)(高)(的)(门)(槛)(,而)(且)(连)(港)(股)(市)(场)(,同)(样)(在)(港)(交)(所)(IPO新)(规)(中)(,拟)(对)(采)(取)(同)(股)(不)(同)(权)(的)(企)(业)(,设)(置)(了)(一)(定)(的)(门)(槛)(条)(件)(。例)(如)(,最)(低)(预)(期)(市)(值)(达)(到)(400亿)(港)(元)(,而)(对)(于)(市)(值)(低)(于)(400亿)(港)(元)(的)(企)(业)(,要)(求)(在)(最)(近)(一)(个)(财)(政)(年)(内)(,收)(入)(不)(低)(于)(10亿)(港)(元)(等)(。
除)(此)(以)(外)(,对)(于)(港)(股)(市)(场)(而)(言)(,除)(了)(准)(入)(门)(槛)(的)(约)(束)(外)(,还)(会)(对)(同)(股)(不)(同)(权)(的)(独)(角)(兽)(企)(业)(,设)(置)(了)(一)(定)(的)(约)(束)(条)(件)(。例)(如)(,上)(市)(后)(不)(得)(提)(高)(不)(同)(投)(票)(权)(的)(比)(例)(;同)(股)(同)(权)(股)(东)(必)(须)(占)(投)(票)(权)(的)(10%以)(及)(重)(大)(事)(宜)(必)(须)(按)(照)(“一)(股)(一)(票)(”的)(基)(准)(投)(票)(表)(决)(等)(。对)(于)(港)(交)(所)(的)(系)(列)(举)(措)(,确)(实)(可)(以)(从)(一)(定)(程)(度)(上)(强)(化)(了)(监)(督)(,并)(对)(投)(资)(者)(的)(切)(身)(利)(益)(构)(成)(了)(或)(多)(或)(少)(的)(保)(护)(,而)(这)(更)(需)(要)(值)(得)(A股)(市)(场)(去)(借)(鉴)(的)(。
从)(《2017年)(中)(国)(独)(角)(兽)(企)(业)(发)(展)(报)(告)(》的)(资)(料)(显)(示)(,中)(国)(独)(角)(兽)(企)(业)(数)(量)(规)(模)(达)(到)(164家)(。换)(言)(之)(,如)(果)(让)(这)(164家)(独)(角)(兽)(企)(业)(回)(归)(至)(内)(地)(市)(场)(乃)(至)(港)(股)(市)(场)(上)(市)(,显)(然)(并)(不)(实)(际)(。然)(而)(,随)(着)(详)(细)(的)(规)(则)(落)(地)(以)(及)(相)(应)(约)(束)(条)(件)(与)(准)(入)(门)(槛)(的)(出)(炉)(,却)(从)(一)(定)(程)(度)(上)(筛)(选)(出)(一)(些)(优)(质)(的)(独)(角)(兽)(企)(业)(,并)(尽)(可)(能)(降)(低)(独)(角)(兽)(企)(业)(集)(中)(上)(市)(给)(二)(级)(市)(场)(带)(来)(的)(冲)(击)(影)(响)(。
引)(导)(独)(角)(兽)(企)(业)(的)(加)(快)(回)(归)(,实)(际)(上)(还)(是)(离)(不)(开)(核)(心)(竞)(争)(力)(、核)(心)(创)(造)(力)(的)(争)(夺)(。简)(而)(言)(之)(,谁)(掌)(握)(了)(独)(角)(兽)(尤)(其)(是)(超)(级)(独)(角)(兽)(的)(资)(源)(,谁)(将)(会)(更)(有)(底)(气)(地)(发)(展)(市)(场)(,并)(从)(一)(定)(程)(度)(上)(增)(强)(市)(场)(的)(核)(心)(竞)(争)(力)(与)(投)(资)(吸)(引)(力)(。归)(根)(到)(底)(,对)(于)(当)(前)(的)(全)(球)(市)(场)(而)(言)(,还)(是)(处)(于)(优)(质)(人)(才)(、核)(心)(技)(术)(、核)(心)(资)(源)(的)(激)(烈)(比)(拼)(,而)(作)(为)(新)(经)(济)(代)(表)(的)(独)(角)(兽)(企)(业)(,无)(疑)(也)(会)(被)(市)(场)(赋)(予)(了)(较)(高)(的)(厚)(望)(。
不)(过)(,仍)(需)(警)(惕)(的)(是)(,对)(于)(国)(内)(的)(独)(角)(兽)(企)(业)(,并)(非)(都)(具)(备)(较)(强)(的)(核)(心)(技)(术)(以)(及)(核)(心)(竞)(争)(力)(。在)(实)(际)(情)(况)(下)(,对)(于)(部)(分)(独)(角)(兽)(企)(业)(而)(言)(,虽)(然)(打)(着)(独)(角)(兽)(的)(旗)(号)(,但)(其)(核)(心)(技)(术)(含)(量)(并)(不)(高)(,甚)(至)(营)(销)(成)(分)(远)(高)(于)(核)(心)(技)(术)(的)(成)(分)(,而)(这)(也)(更)(像)(是)(伪)(独)(角)(兽)(企)(业)(。由)(此)(可)(见)(,给)(予)(独)(角)(兽)(回)(归)(上)(市)(设)(置)(一)(定)(的)(门)(槛)(与)(要)(求)(,还)(是)(可)(以)(从)(一)(定)(程)(度)(上)(淘)(汰)(一)(批)(伪)(独)(角)(兽)(的)(企)(业)(,并)(让)(部)(分)(掌)(握)(核)(心)(技)(术)(、技)(术)(含)(量)(高)(的)(独)(角)(兽)(企)(业)(获)(得)(更)(多)(的)(机)(会)(,这)(也)(是)(一)(个)(明)(智)(的)(做)(法)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(责)(任)(编)(辑)(:
声)(明)(:该)(文)(观)(点)(仅)(代)(表)(作)(者)(本)(人)(,搜)(狐)(号)(系)(信)(息)(发)(布)(平)(台)(,搜)(狐)(仅)(提)(供)(信)(息)(存)(储)(空)(间)(服)(务)(。
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