中国证监会投资者保护局日前对投资者提出的涉及资本市场的9大方面热点问题，进行了集中回应（下称“回应”）。内容涉及蓝筹股投资、是否应当停发新股、改变基金业“旱涝保收”现象、“新三板”及国际板市场筹建、遏制发行人与承销商利益输送、打击证券市场违法违规等领域。

The China securities regulatory commission to investors before investors protection agency address some of the concerns of the capital market of 9 big aspects of a hot issue，On the response（Said the“response”）。Content involves blue chip investment、Whether they should stop hair new shares、Change funds“Drought or waterlogging”phenomenon、“New SanBan”And international board market preparation、Contain the issuer and conveying lead underwriters interests、Blow violations of securities market, etc。

　　根据投保局回应内容，“新三板”市场筹建工作正在按照部署稳步推进；国际板推出没有时间表；监管部门将支持保险、信托、银行、私募扩大理财业务；支持券商、基金产品创新，沪深交易所及相关券商正在研究分级的理财产品；开始推动建立基金经理和基金投资者利益捆绑的机制，探索基金费率改革。⊙记者 马婧妤 ○编辑 毛明江

According to insurance bureau response content，“New SanBan”The preparation work is being deployed in accordance with market progressed steadily；International board launched no timetable；Regulators will support insurance、trust、bank、Private expand financing business；Support brokers、Fund product innovation，Shenzhen exchange and related brokers are studying classification of the financial products；Began to promote the establishment of a fund managers and fund investors interests bind of the mechanism，Explore the funds rate reform。Reporter MaJing ⊙ ○ hsueh MaoMingJiang editor

　　“新三板”与场内市场功能互补 “New SanBan”And the field the market complementary functions

　　对于市场普遍给予密切关注的场外市场筹建情况，投保局“回应”表示，目前证监会正在按照国务院的部署稳步推进“新三板”市场的筹建工作。按照目前设计，“新三板”主要是为未上市股份公司提供股份转让服务，不向社会公众募集资金，即便融资也是以定向募集为主，且增资规模较小，不会产生对A股的资金分流效应。“回应”表示，投资者可以打消“新三板”市场是“扩容又至”的疑虑。

The market is to give pay close attention to the construction of the over-the-counter market，Insurance bureau“response”said，At present the deployment of the CSRC in accordance with state council is steadily“New SanBan”The preparatory work of the market。According to the current design，“New SanBan”Primarily for not listed shares company provides the stock transfer service，Not to the public to raise funds，Even if the financing is directional collection to give priority to，And add endowment on a smaller scale，Won't produce A share of the funds shunting effects。“response”said，Investors can reassure“New SanBan”Market is“Expansion and to”doubts。

　　根据投保局“回应”，“新三板”有诸多区别于主板、中小板和创业板的安排：一是挂牌公司性质不同，新三板挂牌公司将是未上市的成长型、创新型中小企业；二是挂牌条件不同，新三板挂牌条件拟不设盈利状况和企业规模指标，只要申请人依法设立、主营业务突出且持续经营、公司治理结构健全、运行规范，就可以申请挂牌；三是申请挂牌程序不同，新三板申请挂牌程序将进一步发挥场外市场运营机构的自律管理职能，弱化行政管制；四是转让方式不同，新三板拟以协议转让为主，并引入做市商双向报价的做市交易方式，增强流动性；五是新三板有较为严格的投资者适当性制度，不是大众参与型市场；六是新三板建设将采取逐步扩大试点的方式稳步推进，初期将选择少数城市条件成熟的国家级高新技术园区，不会对已有市场产生负面影响。

According to insurance bureau“response”，“New SanBan”With so many different from the mainboard、Small and medium plate and the arrangement of the gem：A listed company is different properties，New SanBan listed company is not yet on the market will be the growth、Innovative small and medium-sized enterprises；2 it is listing different conditions，New SanBan listing conditions do not set to profitability and enterprise scale index，If the applicant is established according to law、Main business outstanding and sustainable business、The structure of company treatment sound、Standardized operation，Can apply for to put up for sale；3 it is listed for different application program，New SanBan listing application program will further play the over-the-counter market operation organization self-discipline management functions，Weakening administrative control；Four is the transfer in different ways，New SanBan plan to transfer agreement to give priority to，And introducing market maker two-way offer the way to trade，Enhanced liquidity；Five new SanBan have relatively strict is the appropriate institutional investors，Not the public participating market；Six is the new SanBan construction will take gradually expand the pilot way steadily，Initial will choose a few city conditions mature national high-tech park，Won't have a negative impact on the market。

　　“‘新三板’与主板、中小板和创业板是功能互补、相互促进的关系，而不是重复建设，它们都是多层次资本市场体系的有机组成部分，将使不同发展阶段、不同类型、不同特点的企业都能得到支持和发展。”“回应”表示。

“‘New SanBan’And motherboard、Small and medium plate and gem is complementary functions、The relationship between each other and promote each other，And not repeat construction，They are multi-level capital market system of organic component，Will make different stage of development、Different types、The different characteristics of the enterprise can get the support and development。”“response”said。

　　国际板推出还没有时间表 International board launched haven't schedule

　　近期，国际板推出的传言对市场产生了一定影响。“回应”对此表示，目前国际板还处在制度设计、方案论证和规则制定阶段，何时推出还没有时间表。

recent，The launch of the international panel on market rumours that has certain influence。“response”expressed，The international board is still in system design、Scheme comparison and regulations stage，When to launch has not schedule。

　　投保局“回应”称，建设国际板是构建多层次资本市场的重要一环，也是国家经济金融发展战略的需要。从长远来看，一个开放的市场一定会出现境外企业到境内上市的情况。我国是世界上新增资本积累最多的国家，也完全有能力包容和承受国外企业来华发行证券。

Insurance bureau“response”says，Construction international board is establish multi-tiered capital market is important one annulus，It is also the national economic and financial development strategy needs。In the long run，An open market will appear overseas enterprise to domestic listed。Our country is the world new capital accumulation most populous country，Also has the ability to tolerance and bear the overseas enterprise issue securities to China。

　　但建设国际板涉及的法规十分繁多，包括法律、会计、财务、跨境监管等在内的问题，均需逐一解决，证监会将本着对国家、对市场、对投资者负责任的态度，认真研究、准备、论证。

But international board of regulations involving the construction is very various，Including legal、accounting、financial、Trans-territorial supervision, etc，All needs to addressing，Securities regulatory commission will be in to the country、On the market、For investors responsible manner，Seriously study、Ready to、argument。

　　根据“回应”，今后证监会将继续加强与有关各方的沟通协调，广泛征求和听取业界、学术界及各类市场参与者的意见，不断增进和凝聚共识，积极稳妥地推进国际板制度设计、规则制定和相关技术准备工作。

According to“response”，Future CSRC will continue to strengthen the communication and coordination with all the parties concerned，Asked for a wide range of and listen to the industry、Academics and all kinds of market participants opinion，Improving and build consensus，Steadily and surely with international board system design、Regulations and related technical preparation。

　　停发新股是行政管制 应尽可能避免 Stop hair is new administrative controls should as far as possible to avoid

　　近期，受内外部复杂因素影响，境内股市波动幅度加大，部分投资者再提应停发新股。对此，投保局在“回应”中表示，新股发行体制改革的市场化方向，已获得市场参与各方的广泛认同，停发新股是一种行政管制行为，改革应当尽可能避免采取这类措施。

recent，The internal and external factors influence by complex，Domestic stock market fluctuations increase，Some investors should raise again hair new shares。this，Insurance bureau in“response”Said in a，The system reform of the ipo market direction，Has obtained the market participants of the widely recognized，Stop hair new shares is a kind of administrative control behavior，Reform shall, as far as possible, avoid to take such measures。

　　“回应”认为，去年以来，相继出现八菱科技(002592,股吧)、朗玛信息(300288,股吧)、海达股份(300320,股吧)发行中止案例，不少企业在过会后推迟发行和上市，根据市场情况缩减发行规模，选择更好的时间窗口，部分甚至撤回申请，说明市场约束正在对发行上市的企业数量和规模进行自主调节。而投资者也应意识到，预先披露招股书并不等于过会，过会也不等于发行，如果投资者不接受发行人提出的价格，即使企业已经过会、拿到批文也可能无法成功发行。

“response”think，Since last year，Arise eight rhombohedrons technology(002592,Shares it)、Lang and information(300288,Shares it)、Haida shares(300320,Shares it)Issue to suspend the case，Many enterprises have delayed in the issuance and listing，According to the market situation issue size reduction，Choose a better time window，Some or withdraw an application，Market restraint is that on the issuance of the number of companies traded on the scale and independent regulation。But investors should also be aware of that，Prior disclosure is not equal to the prospectus in a will，It would also not equal to the issue，If investors don't accept the issuer's offer，Even if the enterprise has been、To get the approval document also may not be able to successfully issued。

　　在再融资政策导向上，监管部门和交易所一直鼓励和引导上市企业通过定向募集、发行公司债券等方式补充资金。上半年非公开发行的项目数量和融资总额，均占到全部股权再融资的80%左右。

In refinancing policy guidance，Regulators and exchange has been encouraging and guiding the listed enterprise through the directional collection、The issuance of corporate bonds, etc way added funds。Non-public development project in the first half of the quantity and the total amount of financing ways，Are all the refinancing accounted for about 80% of the equity。

　　“停发新股是一种行政管制行为，改革应当尽可能避免采取这类措施，应当在市场和经济正常运行的条件下进行。”“回应”认为，目前资本市场气氛不够热烈，主要是国际国内经济增长下行压力较大，投资者信心受到影响，而非资金不足。过往经验表明，停发新股也不能对市场环境有实质性改善。因此，应当坚持继续深化发行体制改革，引导和督促市场主体归位尽责。在此基础上，发挥好市场约束机制的作用。

“Stop hair new shares is a kind of administrative control behavior，Reform shall, as far as possible, avoid to take such measures，Ought to be in the normal operation of the markets and economic conditions。”“response”think，At present the capital market atmosphere warm enough，Major is international and domestic economic growth downward pressure is bigger，Investor confidence affected，And the lack of funds。Past experience shows that，Stop hair new market environment also can't have substantial improvement。so，Should stick to continue to deepen reform issue system，Guide and supervise the market main body position responsible。Based on this，Good play the role of market restraint mechanism。

　　支持各类机构扩大理财业务及产品创新 Support various institutions expand financing business and product innovation

　　有投资者提出希望监管部门介绍在机构、基金理财产品创新方面的工作安排，投保局“回应”表示，证监会正在积极推动基金公司从产品结构、投资方向、公司治理、资产管理方式及加强分析研究等方面着手向现代财富管理机构转型。

Investors have put forward the supervision department in institutions to introduce、Fund financial product innovation work schedule，Insurance bureau“response”said，Securities regulatory commission are actively promote fund company from product structure、Investment direction、Corporate governance、Asset management mode and strengthen the analysis research from the aspects such as to the modern transformation of wealth management institutions。

　　“回应”称，监管部门支持保险公司、信托计划、银行理财、私募股权投资扩大其理财业务，支持证券公司、基金公司进行产品创新，根据客户的偏好为广大投资者设计出多元化理财产品，提供更好的理财服务。

“response”says，Regulators support insurance company、Trust plans、Bank financing、Private equity investment expand its finance business，Support securities company、Fund company for product innovation，According to the customer's preference for the investors design diversified financial products，Provide better financial services。

　　除目前已推出的债券质押式报价回购业务、现金管理产品等风险较低、收益相对稳定的产品外，上海、深圳证券交易所会同相关证券公司正在研究分级的理财产品等。

Except now has launched bonds repurchase pledge type offer business、Cash management products and low risk、Earnings relative stable product outside，Shanghai、The shenzhen stock exchange shall, jointly with the related securities company is the classification of the financial product, etc。

　　下一步，证监会将继续完善机构、基金产品创新工作机制。调动证券公司、基金公司产品创新的积极性，以市场为导向，以客户为中心，为广大投资者提供多样化的理财服务和产品，建设一个强大的财富管理行业。

The next step，Securities regulatory commission will continue to improve the agency、Fund product innovation mechanism。Transfer securities company、Fund company product innovation the enthusiasm，Guided by the market，Take the customer as the center，For the investors provides various financial services and products，Build a strong wealth management industry。

　　正建立基金持有人利益捆绑机制 Is setting up fund holder interests bind mechanism

　　“回应”表示，监管部门一直在关注市场热议的基金行业旱涝保收的现象。针对这种情况，证监会已开始推动建立基金经理和基金投资者利益捆绑的机制。当前正在开展的工作包括两方面：

“response”said，Regulators have been concerned about the market of hot debate in the fund industry drought or waterlogging phenomenon。In view of this situation，Securities regulatory commission has started to promote the establishment of a fund managers and fund investors interests bind of the mechanism。The ongoing work includes two aspects：

　　一是出台《关于基金从业人员投资证券投资基金有关事项的规定》，建立基金从业人员与基金份额持有人的利益绑定机制，鼓励基金管理公司针对高级管理人员、基金投资和研究部门负责人、基金经理等购买本公司管理的或者本人管理的基金份额。

One is issued《About fund investment from personnel of the securities investment fund the provisions of the relevant matters》，Establish fund employees and fund share holders of the interests of the binding mechanism，Encourage the fund management company for senior management personnel、Fund investment and research director of the department、Fund managers to buy the company management or I management share of the funds。

　　二是推出发起式基金，促进基金公司、基金经理与基金持有人利益一致，更好地体现持有人利益优先的原则。

2 it is launched out of funds，Promote fund company、Fund managers and fund holder interests are consistent，Better embody the principle of priority holder interests。

　　三是探索基金费率改革，如鼓励基金公司提取部分管理费设立专门的业绩风险准备金，当基金业绩低于业绩基准时，提取业绩风险准备金补偿基金持有人。

Three is to explore the funds rate reform，Such as encourage fund company extract of the management fee of a special risk reserve fund performance，When the fund performance below performance standards，Extracting performance risk reserve fund shareholders compensation。

　　建议坚持价值投资理性决策 Suggestions to the value investment rational decision

　　对于有投资者提出如何理解蓝筹股价值投资方向正确，但现实中蓝筹股遭冷遇一路下挫，且公募基金大举抛售蓝筹股的现象。投保局回应称，近期，部分蓝筹股交易不够活跃，银行股也出现波动，但不能因此就说蓝筹股被抛弃。蓝筹股公司代表了中国经济的主体，对中国经济有信心，就应对蓝筹股整体有信心。

For investors puts forward how to understand the value investment blue chip in the correct direction，But in reality by a blue chip stocks fell all the way，And public offering funds aggressively selling blue chip phenomenon。Insurance bureau response says，recent，Part of the blue chip trade is not enough active，Bank shares also volatile，But you can't just say blue chip being abandoned。A blue-chip company represents the main body of the Chinese economy，On China's economic confidence，Blue chip stocks should be whole have confidence。

　　“回应”认为，近期银行股下跌较多，一方面受宏观经济下滑和降息的影响，经济和金融数据给银行板块带来了较大压力；另一方面，去年银行取得了高额利润，市场舆论对其高额利润来源以及能否持续增长存有疑虑，加大了银行板块的估值压力。但应看到，银行股投资收益率整体较高，股息率也远高于一年期银行存款利率。

“response”think，Recent bank shares down more，On the one hand by the macro economic downturn and the effect of lower interest rates，Economic and financial data to the bank plate brought the big pressure；On the other hand，Last year, the bank made big profits，The market for its high profits source public opinion and the sustainable growth scepticism，Increase the bank the pressure plate valuations。But should see，The overall rate of investment bank stocks higher，The dividend yield is far higher than the one-year bank deposit interest rates。

　　“基金公司根据市场情况增加或减少某类股票的持有比例，属于公司自主决策权，是正常经营行为。”投保局回应表示，但目前公募基金以开放式为主，大都随时可以赎回，因此其行为模式有点像个人中小投资者，这一现象值得研究。

“Fund company according to the market situation increase or decrease of the stock hold proportion，Belong to the company independent decision-making authority，Is normal business behavior。”Insurance bureau response said，But the public enlisting fund to open to give priority to，Most can be redeemed at any time，So the mode of its action is a bit like individual small investors，This phenomenon is worth studying。

　　证监会投保局建议，广大投资者应继续坚守信念，坚持价值投资和理性投资理念，结合市场现状、预期及自身情况，认真研究上市公司的基本面，潜心寻找具有发展潜力的股票，不因个股价格一时的涨跌而恐慌，慎重作出投资决策。

Securities regulatory commission insurance bureau to suggest，The investors shall continue to stick to faith，Insist on the value investment and rational investment philosophy，Combined with the market situation、Expectations and their situation，Study the fundamentals of the listed company，'looking for potential of the stock，Not because the ups and downs of the stock price at that time and panic，Careful to make investment decisions。