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公司债执业评价体系酝酿在途 打破承销价格战困局仍然路远

2019-04-18     牛牛财经   来源:21世纪经济报道
文章摘要:  监管层针对公司债券承销的恶性竞争正在酝酿更多的自律措施。  21世纪经济报道记者4月17日从接近监管层的投行人士处获悉,中国证券业协会(下称中证协)日前已内部形成了《证券公司公司债券业务执业能力评价办法》的征求意见稿(下称《办法》),将启动行….

  监jianguancengzhendui公司债券chengxiaodeexingjingzhengzhengzaiyunnianggengduodezilvcuoshi

  21世shijijingjibaodaojizhe4月yue17日ricongjiejinjianguancengdetouxingrenshichuhuoxi,中zhongguozhengquanyexiehui(下xiachengzhongzhengxie)日riqianyineibuxingchengliao《证zhengquangongsigongsizhaiquanyewuzhiyenenglipingjiabanfa》的dezhengqiuyijian稿gao(下xiacheng《办banfa》),将jiangqidongxingyeneideyijianzhengqiu

  记jizheliaojiedao,中zhongzhengxiezaishangshubanfazhongduigongsizhaiquanyewunidingliaobaokuojichubaozhangnengli、业yewunenglidengbushaoyu5项xiangzhibiaoduiquanshangdezhiyenenglijinxingquanweidudafen,而erciqiangequanshangzhuiqiudechengxiaoxiangmuzhishu、金jineheshourusanxiangzhibiaojunbeijiruyewunenglifanchou,占zhanzongtipingjiadequanzhongbuchaoguo30%。

  一yiweijiejinjianguancengdetouxingrenshibiaoshi,全quanfangweikaopingquanshangzhiyenengli,将jiangjinyibuyindaogengduoquanshangzhuzhonggongsizhaiquanyewudefengkongyuhegui,平pingyijijinzhanyedeqianzaifengxian,但danyeyouzhaichengrenshibiaoshi,上shangshupingjiaruguojinzuogongshiyongtu,而erbucaiquxiangguancuoshi,仍rengrannanyiduiquanshanggouchengyouxiaoyueshu

  另lingyoufenxirenshizhichu,目muqianzhaiquanchengxiaodejiagezhanzhuyaoyoutoubuquanshangxianqi,而ergaileijigoutongchangyejuyouzuzhi、风fengkong、机jizhidengyoushi,仍rengrannanyiduiqidijialanxiangdexianxianggouchengezhi

  五wuweidupingjia

  监jianguancengzhengzaiduitouxinggongsizhaiquanchengxiaoyewujianligengjiaduoweidudekaopingfangshi

  21世shijijingjibaodaojizhecongjiejinjianguancengdetouxingrenshichuhuoxi,《办banfa》围weiraogongsizhaiquanyewudezhiyenengligongtichuliaowuxiangzhibiao,包baokuojichubaozhengnenglizhibiao、业yewunenglizhibiao、合heguizhanyenenglizhibiao、风fengkongshixiaozhibiaoyijifuwuguojiazhanluenenglizhibiao,对duizhengtipingjiaquanzhongdezhanbifenbiewei20%、30%、30%、10%和he10%。

  其qizhong,基jichubaozhengnengliheyewunengliliangxiangzhibiaoyoufenbiebaohansanxiangzizhibiao,其qizhongjichubaozhengnengliyouzhidujianshezhibiao、三sannianyishangzhaiquancongyerenyuanzhanbizhibiao、质zhiliangkongzhirenyuangoucheng,权quanzhongzhanbifenbiewei10%、5%和he5%;业yewunenglizhibiaozebaokuotongyejianbipinzuiweijiliedeyewushouru、项xiangmushuliang、承chengxiaojinesanzhibiaogoucheng,权quanzhongzhanbifenbiewei15%、10%和he5%。

  这zheyeyiweizhuo,业yeneizuizhongshideshouru、数shuliang、金jinesanxiangzhibiaohejizhanzhiyenenglipingjiadebizhongbuchaoguo30%,若ruojinyijinehengliang,其qiquanzhongzhanbibudao5%。

  在zaiyeneirenshikanlai,在zaidangqianzhaiquanchengxiaojiagezhanruhuorutudedangxia,这zheyizhibiaoyouwangyindaoyixiequanshangfangqi“唯weiguimolun”展zhanyesilu,对duipingyidijialanxiangdengshichangexingjingzhenghuodongqidaoyidingzuoyong

  “现xianzaidejiagezhanzhuyaoshikaojiangdiguimoshourubilaizhuanguimo,比bipinchengxiaojine,所suoyichengxiaojinezaizhegepingjializhizhandaoliao5%的dequanzhong。”一yiweijiejinjianguancengdetouxingrenshibiaoshi,“如ruguoyiweizhikaolvjineerbugushuliang、收shourunaizhifengkongdengqitaweidu,仍rengranwufahuodeyigehaodexingyepingjia。”

  有youzhaichengrenshizhichu,监jianguancengchushouyindaodezhuyaoyuanyinrengranshizhaichengyewuzhongdedijialanxiangheexingjingzhengxianxiangdepubiancunzai,例liruriqianmouyangqibai亿yijizhaiquanchengxiaozhaobiaoshi,某mouquanshangbaochu1万wanyuandejiagejiuyiduyinqiyeneichengmu

  “目muqianzhaichengshangdejiagezhandadetailihailiao,很henduoquanshangduzaipeiqian‘刷shuaguimo’。”北beijingyijiazhongzitouquanshangzhaichengrenshibiaoshi

  马mataixiaoyingnanhan

  近jinnianlai,价jiagezhanyizhishizhaichengshichangchangqicunzaidexianxiang。而erjianguancengciqianyeduitouxingjiagezhanxianxiangjinxingliaoshucichushou

  早zaozai2018年nianshangbannian,监jianguancengtongguoyifenjianguantongbaozhizhigongsizhaichengxiaofeilvguodiwenti,提tichuyaoguanzhuchengxiaojigoudezhiyezhiliang,强qianghuafaxingchengxiaohuanjiedeguanli,同tongnian9月yuezhengjianhuitongguojianguanwendaxingshibiaoshiyigaoduguanzhuxingyeneifangaigongpingjingzheng,扰raoluanshichangzhixudexingwei

  今jinnian1月yue21日ri,中zhongzhengxiezhaokaidiliujietouziyinxingweiyuanhuizhuantikuodahuiyishi,“券quanshangzhiyezhongyingguanzhuyewubenshen,提tigaohexinyewushuiping,以yigaozhiliang、高gaofujiazhidefuwuxingchengzhengquangongsihexinjingzhengli”更gengshichengweihuiyigongshi

  然ranerlvcitongbaozhixia,投touxingjiandejiagezhanfaneryuyanyulie。前qianshujiejinjianguancengdetouxingrenshirenwei,由youyugongsizhaiquandepingjiaweidujiaoweizonghe,因yincihuirangyixiezhuzhongzhiliangerfeiguimodejigouyouhuodegenggaopingjiadejihui

  “在zaicongyerenyuan、制zhidujianshedengchangqiweidushang,评pingjiatixiyouyixieanpai,业yewuzhanbibudao30%,是shiyigegengjiazonghedepaiming。”该gairenshitanyan

  但danyeyouyeneirenshizhichu,债zhaichengyewudejiagezhanzhuyaoyintoubujigouerqi,而ertoubujigouwulunzaihegui、风fengkong、人renyuanwendingxinghuanshizhidujianshefangmian,仍rengranshiduizhongxiaoquanshangquanfangweidenianya

  “尤youqizaiyixiedaxiangmushang,主zhuyaoshitoubuquanshangzaijingbiao,才caidaozhiquanxingyedejiagebeiladi。”北beijingyijiazhongxingquanshangzhaichengrenshitanyan,“大daquanshangdeyoushijiushizijinxionghou,不budanyouwanshandezhidu,更gengyoukuiqianzuoxiangmudediqi,所suoyiji便biananzhaoxiangduizonghedeweidulaipingjia,也yerengrannanyiduimuqiandejumianyougaiguan。”

  债zhaichengjiagehuopindequechengweitoubuquanshangdezhanchang。记jizhedujiahuodedeyifenneibutongbaoshujuxianshizhongxinjiantou、中zhongxinliangjiaquanshangzaizhaiquanchengxiaozongjineshangfenlieyi、二erwei,远yuanyuanshuaikaiqitatongye

  上shangshushujuxianshi,统tongjikoujingneide91家jiaquanshangzhong,有you42家jiadezhaiquanchengxiaojineweichaoguobai亿yiyuan,换huaneryanzhi,债zhaichengyewupaiminghou42家jiaquanshangdezongchengxiaojinezhiheyebibuguozhongxinjiantouzhongxinzhengquanzhaoshangzhengquanzhongderenyiyijia

  “头toubudehenduodaguimoxiangmudushiyijingzhaohaoliaozijin,或huozhezaishichangzhonggenbenbuchoumai,但dananyaoqiuxuyaozougebaojianzige,所suoyiyou‘投touxingtongdaohua’的dexingzhi。”上shangshuzhongxingquanshangzhaichengrenshicheng,“大daquanshangdekehuziyuanyoushigengmingxian,又younengbaodaogengdidejiage,所suoyiziyuanyehuijinyibuxiangqiqingxie,这zhezhongyoushidailaidedijiaxianxiangkongpabushiyigezhiyepingjiatixijiunengjiejuede。”

(文wenzhanglaiyuan:21世shijijingjibaodao

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