【中英文对照版】国务院关于进一步提高上市公司质量的意见.docx

国务院关于进一步提高上市公司质量的意见OpinionsoftheStateCouncilforFurtherImprovingtheQualityofListedCompanies制定机关：国务院发文字号：国发202014号公布日期：2020.10.05施行日期:2020.10.05效力位阶：国务院规范性文件法规类别：上市公司营商环境优化IssuingAuthority：StateCouncilDocumentNumber：No.142020oftheStateCouncilDateIssued：10-05-2020EffectiveDate：10-05-20201.evelofAuthority：RegulatoryDocumentsoftheStateCouncilAreaofLaw：ListedCompaniesOptimizationofDoingBusinessOpinionsoftheStateCouncilforFurtherImprovingtheQualityofListedCompanies国务院关于进一步提高上市公司质量的意见(No.142020oftheStateCouncil)(国发(2020)14号)Thepeople'sgovernmentsofallprovinces,autonomousregions,andmunicipalitiesdirectlyundertheCentralGovernment;andallministriesandcommissionsoftheStateCouncilandallinstitutionsdirectlyundertheStateCouncil:各省、自治区、直辖市人民政府，国务院各部委、各直属机构：Thecapitalmarkethasabutterflyeffectonfinancialoperation,andlistedcompaniesarethecornerstoneofthecapitalmarket.Improvingthequalityoflistedcompaniesisaninherentrequirementforadvancingthesounddevelopmentofthecapitalmarketandan资本市场在金融运行中具有牵一发而动全身的作用，上市公司是资本市场的基石。提高上市公司质量是推动资本市场健康发展的内在要求，是新时代加快完善社会主义市场经济体制的重要内 容。国务院批转证监会关于提 高上市公司质量意见的通知（国发（2005） 34号）印发以 来，我国上市公司数量显著增 长、质量持续提升，在促进国民 经济发展中的作用日益凸显。但 也要看到，上市公司经营和治理 不规范、发展质量不高等问题仍 较突出，与建设现代化经济体 系、推动经济高质量发展的要求 还存在差距。同时，面对新冠肺 炎疫情影响，上市公司生产经营 和高质量发展面临新的考验。为 进一步提高上市公司质量，现提 出如下意见。一、总体要求以习近平新时代中国特色社会主 义思想为指导，全面贯彻党的十 九大和十九届二中、三中、四中 全会精神，认真落实党中央、国 务院决策部署，贯彻新发展理 念，坚持市场化、法治化方向， 按照深化金融供给侧结构性改革 要求，加强资本市场基础制度建 设，大力提高上市公司质量。坚 持存量与增量并重、治标与治本 结合，发挥各方合力，强化持续importantcontentforacceleratingtheimprovementofthesocialistmarketeconomysysteminthenewera.SincetheissuanceoftheNoticeoftheStateCouncilonApprovingandForwardingtheOpinionsoftheChinaSecuritiesRegulatoryCommissionforEnhancingtheQualityofListedCompanies(OrderNo.342005,StateCouncil),listedcompaniesinChinaavewitnessedasignificantincreaseinquantityandcontinuousimprovementinquality,havingplayedanincreasinglyprominentroleinadvancingthedevelopmentofthenationaleconomy.However,itshallbenoticedthatsuchproblemsasunregulatedbusinessoperationandgovernance,andlow-qualitydevelopmentoflistedcompaniesareprominentaswell,showingagapbetweenthecurrentsituationandtherequirementsforbuildingamoderneconomicsystemandadvancingthehigh-qualityeconomicdevelopment.Meanwhile,duetotheimpactoftheCOVID-19Outbreak,listedcompaniesfacenewchallengesinproductionandbusinessoperation,andhigh-qualitydevelopment.Forthepurposesoffurtherimprovingthequalityoflistedcompanies,thefollowingopinionsareherebyputforward.I. GeneralrequirementsUndertheguidanceofXiJinpingThoughtonSocialismwithChineseCharacteristicsinaNewEra,thespiritofthe19thCPCNationalCongressandtheSecond,ThirdandFourthPlenarySessionsofthe19thCPCCentralCommitteeshallbecomprehensivelyimplemented,thedecisionsanddeploymentsoftheCPCCentralCommitteeandtheStateCouncilshallbediligentlyimplemented,thenewdevelopmentconceptshallbeimplemented,themarket-orientedandlegalizationdirectionshallbeinsistedon,andtheconstructionofthebasicsystemofthecapitalmarketshallbestrengthenedaccordingtotherequirementsfordeepeningthesupply-sidestructuralreformofthefinancialsectorsoastovigorouslyimprovethequalityoflistedcompanies.Layingequalstressonstockandincrementandcombiningsymptomswiththerootcausesshallbeinsistedon,jointforcesofallpartiesshallbemaximized,continuoussupervisionshallbestrengthened,andthestructureanddevelopmentenvironmentoflistedcompaniesshallbeoptimizedtosignificantlyimprovetheregulatedoperationoflistedcompanies,continuouslyimprovetheinformationdisclosurequality,effectivelyresolvetheprominentproblems,significantlyimprovethesustainabledevelopmentcapabilityandoverallquality,andprovidestrongsupportfortheconstructionofaregulated,transparent,open,dynamicandresilientcapitalmarketandthepromotionofhigh-qualityeconomicdevelopment.II. Improvingthegovernanceleveloflistedcompanies监管，优化上市公司结构和发展 环境，使上市公司运作规范性明 显提升，信息披露质量不断改 善，突出问题得到有效解决，可 持续发展能力和整体质量显著提 高，为建设规范、透明、开放、 有活力、有韧性的资本市场，促 进经济高质量发展提供有力支 撑。二、提高上市公司治理水平（一）规范公司治理和内部控 制。完善公司治理制度规则，明 确控股股东、实际控制人、董 事、监事和高级管理人员的职责 界限和法律责任。控股股东、实 际控制人要履行诚信义务，维护 上市公司独立性，切实保障上市 公司和投资者的合法权益。股东 大会、董事会、监事会、经理层 要依法合规运作，董事、监事和 高级管理人员要忠实勤勉履职， 充分发挥独立董事、监事会作 用。建立董事会与投资者的良好 沟通机制，健全机构投资者参与1. Regulatingcorporategovernanceandinternalcontrols.Therulesofthecorporategovernancesystemshallbeimprovedandthedemarcationofresponsibilitiesandlegalresponsibilitiesofcontrollingshareholders,actualcontrollers,directors,supervisorsandseniorexecutivesshallbespecified.Controllingshareholdersandactualcontrollersshallperformtheirfiduciaryduties,maintaintheindependenceoflistedcompanies,andeffectivelyprotectthelawfulrightsandinterestsoflistedcompaniesandinvestors.Thegeneralmeetingofshareholders,theboardofdirectors,theboardofsupervisors,andthemanagementshalloperateincompliancewiththelawsandregulations,andthedirectors,supervisorsandseniorexecutivesshallperformtheirdutiesfaithfullyanddiligently,andfullymaximizetheroleofindependentdirectorsandtheboardofsupervisors.Asoundcommunicationmechanismbetweentheboardofdirectorsandinvestorsshallbeestablished,andthechannelsandmethodsforinstitutionalinvestorstoparticipateincorporategovernanceshallbeimproved.Therightsandresponsibilitiesofrelevantpartiesforgovernanceofstate-controlledlistedcompaniesshallbescientificallydefined,andthegovernancemechanismofstate-ownedlistedcompanieswithChinesecharacteristicsshallbeimproved.Theinternalcontrolsystemoflistedcompaniesshallbestrictlyimplemented,theinternalcontrolstandardsystemshallbepromotedatafasterpace,andtheeffectivenessofinternalcontrolshallbeimproved.Thebottom-linerequirementsforthegovernanceoflistedcompaniesshallbestrengthened,thebestpracticeshallbeadvocated,thedisclosureofgovernanceinformationshallbestrengthened,andtheimprovementofthescientificdecision-makingmanagementshallbeadvanced.Thespecialcampaignofcorporategovernanceshallbecarriedouttoeffectivelyimprovethecorporategovernancelevelthroughself-examination,onsiteinspection,andurgingrectification.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,theMinistryofFinanceandtheChinaBankingandInsuranceRegulatoryCommission)公司治理的渠道和方式。科学界 定国有控股上市公司治理相关方 的权责，健全具有中国特色的国 有控股上市公司治理机制。严格 执行上市公司内控制度，加快推 行内控规范体系，提升内控有效 性。强化上市公司治理底线要 求，倡导最佳实践，加强治理状 况信息披露，促进提升决策管理 的科学性。开展公司治理专项行 动，通过公司自查、现场检查、 督促整改，切实提高公司治理水 平。（证监会、国务院国资委、 财政部、银保监会等单位负责）（二）提升信息披露质量。以提 升透明度为目标，优化规则体 系，督促上市公司、股东及相关 信息披露义务人真实、准确、完 整、及时、公平披露信息。以投 资者需求为导向，完善分行业信2. Improvingthequalityofinformationdisclosure.Aimingatimprovingtransparency,therulessystemshallbeoptimized,andlistedcompanies,shareholdersandrelevantinformationdisclosureobligorsshallbeurgedtodiscloseinformationinanauthentic,accurate,complete,timelyandfairmanner.Beinginvestor-oriented,thestandardsforinformationdisclosurebyindustryshallbeimproved,thecontentstobedisclosedshallbeoptimized,andthepertinenceandeffectivenessofinformationdisclosureshallbeenhanced.TheAccountingStandardsforBusinessEnterprisesshallbestrictlyimplemented,therulesforreportinginformationdisclosureshallbeoptimized,andthequalityoffinancialinformationshallbeimproved.Listedcompaniesandotherinformationdisclosureobligorsshallfullydisclosetheinformationrequiredforinvestorstomakevaluejudgmentsandinvestmentdecisions,andshallbeconcise,clearandstraightway.Relevantdepartmentsandinstitutionsshall,accordingtotherulesofthecapitalmarket,supportandcooperatewithlistedcompaniesinfulfillingtheirinformationdisclosureobligationsaccordingtothelawsandregulations.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,theMinistryofIndustryandInformationTechnologyandtheMinistryofFinance)III.Urginglistedcompaniestobecomemoresuperiorandpowerful息披露标准，优化披露内容，增 强信息披露针对性和有效性。严 格执行企业会计准则，优化信息 披露编报规则，提升财务信息质 量。上市公司及其他信息披露义 务人要充分披露投资者作出价值 判断和投资决策所必需的信息， 并做到简明清晰、通俗易懂。相 关部门和机构要按照资本市场规 则，支持、配合上市公司依法依 规履行信息披露义务。(证监 会、国务院国资委、工业和信息 化部、财政部等单位负责)三、推动上市公司做优做强(S)支持优质企业上市。全面 推行、分步实施证券发行注册 制。优化发行上市标准，增强包 容性。加强对拟上市企业的培育 和辅导，提升拟上市企业规范化 水平。鼓励和支持混合所有制改 革试点企业上市。发挥股权投资 机构在促进公司优化治理、创新 创业、产业升级等方面的积极作 用。大力发展创业投资，培育科 技型、创新型企业，支持制造业 单项冠军、专精特新“小巨人”3. Supportingthelistingofhigh-qualityenterprises.Theregistrationsystemforsecuritiesofferingshallbecomprehensivelypromotedandimplementedstepbystep.Thestandardsforofferingandlistingshallbeoptimized,andtheinclusivenessshallbeenhanced.Thecultivationandtutorshipofcompaniestobelistedshallbestrengthened,andthestandardizedlevelofenterprisestobelistedshallbeimproved.Thelistingofenterprisesimplementingthepilotprogramofmixedownershipreformshallbeencouragedandsupported.Theactiveroleofequityinvestmentinstitutionsinpromotingcompanies'optimizedgovernance,innovationandentrepreneurship,industrialupgrading,andsoforthshallbemaximized.Venturecapitalshallbevigorouslydeveloped,scienceandtechnologyenterprisesandinnovativeenterprisesshallbecultivated.SupportshallbeprovidedtothedevelopmentandgrowthofleadingmanufacturersandtechologicallyadvanceduIittIegiants".ThepositiveroleoftheNationalEquitiesExchangeandQuotations,regionalequitymarketsandpropertyrightsexchangemarketsincultivatingcompaniestobelistedshallbemaximized.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,theNationalDevelopmentandReformCommission,theMinistryofFinanceandtheMinistryofIndustryandInformationTechnologyaswellasallpeople'sgovernmentsattheprovinciallevel)等企业发展壮大。发挥全国中小 企业股份转让系统、区域性股权 市场和产权交易市场在培育企业 上市中的积极作用。（证监会、 国务院国资委、国家发展改革 委、财政部、工业和信息化部等 单位与各省级人民政府负责）（四）促进市场化并购重组。充 分发挥资本市场的并购重组主渠 道作用，鼓励上市公司盘活存 量、提质增效、转型发展。完善 上市公司资产重组、收购和分拆 上市等制度，丰富支付及融资工 具，激发市场活力。发挥证券市 场价格、估值、资产评估结果在 国有资产交易定价中的作用，支 持国有企业依托资本市场开展混 合所有制改革。支持境内上市公 司发行股份购买境外优质资产， 允许更多符合条件的外国投资者 对境内上市公司进行战略投资， 提升上市公司国际竞争力。研究 拓宽社会资本等多方参与上市公 司并购重组的渠道。（证监会、4. Promotingmarket-orientedmerger,acquisitionandreorganization.Theroleofthemainchannelsforthemerger,acquisitionandreorganizationofthecapitalmarketshallbefullymaximized,andlistedcompaniesshallbeencouragedtorevitalizestocks,improvequalityandefficiency,andconducttransformationanddevelopment.Thesystemsforassetrestructuring,acquisition,andspin-offlisting,amongothers,shallbeimproved.Thepaymentandfinancinginstrumentsshallbeenriched,andthemarketvitalityshallbestimulated.Theroleofsecuritiesmarketprices,valuation,andassetassessmentresultsinthepricingofstate-ownedassetstransactionsshallbemaximized.State-ownedenterprisesshallbesupportedincarryingoutmixedownershipreformsbyrelyingonthecapitalmarket.Domesticlistedcompaniesshallbesupportedinofferingsharesandpurchasingoverseashigh-qualityassets.Morequalifiedforeigninvestorsshallbeallowedtomakestrategicinvestmentsindomesticlistedcompanies,andtheinternationalcompetitivenessoflistedcompaniesshallbeenhanced.Channelsforprivateinvestorsandothervariouspartiestoparticipateinthemerger,acquisitionandreorganizationoflistedcompaniesshallbestudiedandexpanded.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theMinistryofIndustryandInformationTechnology,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,theNationalDevelopmentandReformCommission,theMinistryofFinance,thePeople'sBankofChina,theMinistryofCommerce,theStateAdministrationforMarketRegulationandtheStateAdministrationofForeignExchangeaswellasallpeople,sgovernmentsattheprovinciallevel)工业和信息化部、国务院国资 委、国家发展改革委、财政部、 人民银行、商务部、市场监管总 局、国家外汇局等单位与各省级 人民政府负责）（五）完善上市公司融资制度。 加强资本市场融资端和投资端的 协调平衡，引导上市公司兼顾发 展需要和市场状况优化融资安 排。完善上市公司再融资发行条 件，研究推出更加便捷的融资方 式。支持上市公司通过发行债券 等方式开展长期限债务融资。稳 步发展优先股、股债结合产品。 大力发展权益类基金。丰富风险 管理工具。探索建立对机构投资 者的长周期考核机制，吸引更多 中长期资金入市。（证监会、财 政部、人民银行、国家发展改革 委、银保监会等单位负责）5. Improvingthefinancingsystemoflistedcompanies.Thecoordinationandbalancebetweenthefinancingendandtheinvestmentendofthecapitalmarketshallbestrengthened.Listedcompaniesshallbeguidedtooptimizethefinancingarrangementsinconsiderationofbothdevelopmentneedsandmarketconditions.Theseasonedofferingconditionsforlistedcompaniesshallbeimproved,andmoreconvenientfinancingmethodsshallbestudiedandintroduced.Listedcompaniesshallbesupportedincarryingoutlong-termdebtfinancingthroughbondofferingandothermethods.Preferredstocksandhybridsecuritiesshallbesteadilypromoted.Equityfundsshallbevigorouslydeveloped.Riskmanagementinstrumentsshallbeenriched.Explorationshallbemadefortheestablishmentofalong-termassessmentmechanismforinstitutionalinvestorstoattractmoremediumandlong-termfundsintothemarket.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theMinistryofFinance,thePeople'sBankofChina,theNationalDevelopmentandReformCommissionandtheChinaBankingandInsuranceRegulatoryCommission)6. Improvingtheincentiveandrestraintmechanism.Theequityincentiveandemployeestockownershipsystemsoflistedcompaniesshallbeimproved,andmoreflexiblearrangementsinobjects,methods,pricingandotherrespectsshallbemade.Thepolicyenvironmentshallbeoptimized.Variouslistedcompaniesshallbesupportedinestablishingandimprovinglong-termincentivemechanisms,andthesharingofinterestsbetweenworkersandownersshallbestrengthenedsoastomoreeffectivelyattractandretaintalentsandfullymobilizetheenthusiasmofemployeesoflistedcompanies.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncilandtheMinistryofFinance)IV.Improvingtheexitmechanismoflistedcompanies（六）健全激励约束机制。完善 上市公司股权激励和员工持股制 度，在对象、方式、定价等方面 作出更加灵活的安排。优化政策 环境，支持各类上市公司建立健 全长效激励机制，强化劳动者和 所有者利益共享，更好吸引和留 住人才，充分调动上市公司员工 积极性。（证监会、国务院国资 委、财政部等单位负责）四、健全上市公司退出机制（七）严格退市监管。完善退市 标准，简化退市程序，加大退市 监管力度。严厉打击通过财务造 假、利益输送、操纵市场等方式 恶意规避退市行为，将缺乏持续 经营能力、严重违法违规扰乱市 场秩序的公司及时清出市场。加 大对违法违规主体的责任追究力 度。支持投资者依法维权，保护 投资者合法权益。（证监会、最 高人民法院、公安部、国务院国 资委等单位与各省级人民政府负7. Strictlyimplementingdelistingregulation.Thedelistingstandardsshallbeimproved,thedelistingproceduresshallbestreamlined,andgreatereffortsshallbemadefordelistingregulation.Maliciousevasionofdelistingthroughfinancialfraud,tunneling,marketmanipulation,andothermethodsshallbeseverelycrackeddown,andcompaniesthatarelackofabilityforperformancesasagoingconcernandthatdisruptthemarketorderinsevereviolationoflawsandregulationsshallbedelistedinatimelymanner.Theaccountabilityofentitiesthatviolatethelawsandregulationsshallbeintensified.Investorsshallbesupportedinsafeguarding责)theirrightsinaccordancewiththelawandthelawfulrightsandinterestsofinvestorsshallbeprotected.(InthechargeoftheChinaSecuritiesRegulatoryCommission,theSupremePeople'sCourt,theMinistryofPublicSecurityandtheState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncilaswellasallpeople,sgovernmentsattheprovinciallevel)8. Diversifyingexitchannels.Thesystemsformerger,acquisition,reorganization,andbankruptcyreorganization,amongothers,shallbeimproved,theproceduresshallbeoptimized,theefficiencyshallbeimproved.Thechannelsfordiversifiedexitoflistedcompaniesthataredelistedactively,thataresubjecttomerger,acquisition,reorganization,andthataresubjecttobankruptcyreorganizationshallbesmoothed.Relevantregionsanddepartmentsshallcomprehensivelyimplementthepoliciestosupportlistedcompani