中国修订证券法明年三月实施大幅降低上市门槛

<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: bold; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 28px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">12月28日，中国全国人大常委会通过新修改的证券法。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">新证券法放宽了公司上市的门槛，与国际资本市场接轨；大幅增加违反证券法的处罚力度；增设投资者保护章节，规定了有利于投资者的民事损害赔偿诉讼制度。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">新证券法将在2020年3月1日起施行。专家认为，降低门槛将帮助中国众多的科技初创企业成功。<ul style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; list-style-image: none; list-style-position: outside; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> <li style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; list-style-image: none; list-style-position: outside; list-style-type: square; margin-bottom: 0px; margin-left: 20px; margin-right: 0px; margin-top: 18px; padding-bottom: 0px; padding-left: 4px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><a style="border-bottom-color: #dcdcdc; border-bottom-style: solid; border-bottom-width: 1px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #222222; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: bold; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; -webkit-tap-highlight-color: rgba(17, 103, 168, 0.3);" href="https://www.bbc.com/zhongwen/simp/business-45485294">金融危机10年祭：世界五大经济的当年和今日</a></li> <li style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; list-style-image: none; list-style-position: outside; list-style-type: square; margin-bottom: 0px; margin-left: 20px; margin-right: 0px; margin-top: 18px; padding-bottom: 0px; padding-left: 4px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><a style="border-bottom-color: #dcdcdc; border-bottom-style: solid; border-bottom-width: 1px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #222222; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: bold; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; -webkit-tap-highlight-color: rgba(17, 103, 168, 0.3);" href="https://www.bbc.com/zhongwen/simp/chinese-news-49034305">中国崛起和中美贸易战：全球化逼近新拐点？</a></li> <li style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; list-style-image: none; list-style-position: outside; list-style-type: square; margin-bottom: 0px; margin-left: 20px; margin-right: 0px; margin-top: 18px; padding-bottom: 0px; padding-left: 4px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><a style="border-bottom-color: #dcdcdc; border-bottom-style: solid; border-bottom-width: 1px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #222222; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: bold; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; -webkit-tap-highlight-color: rgba(17, 103, 168, 0.3);" href="https://www.bbc.com/zhongwen/simp/business-49070972">中国加大金融业开放能否将美国拉回谈判桌</a></li> </ul><h2>降低门槛</h2><p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">现行证券法规定下，中国股市实施发行审核制，由发审委对拟上市公司进行审核，并要求公开发行股票应当“具有持续盈利能力”，一般要求公司连续三年盈利达到一定数额。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">新证券法取消了发行审核制，实行注册制，同时将“具有持续盈利能力”的要求改为“具有持续经营能力”。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">在发审制下，发审委根据一系列硬性要求对公司的价值进行评判，以期让更优质的公司上市。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">在注册制下，新法明确证券交易所等机构可以对证券发行的申请进行审核，但并不判断该公司的价值高低，而是向投资者提供必要信息，由投资者判断该公司的价值。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">中国证监会法律部主任程合红向媒体表示，实行注册制，非常关键的就是要以信息披露为核心，这次证券法修改明确规定发行人报送的证券发行申请文件，应当充分披露投资者做出价值判断和投资决策所必需的信息，要求内容真实准确完整，简明清晰，通俗易懂。<figure style="background-color: #111111; border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; clear: both; color: inherit; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: -4.16%; margin-top: 24px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative; vertical-align: baseline;"> <img width="976" height="549" style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #bdbdbd; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; height: auto; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; max-width: 100%; -ms-user-select: none; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; transition-delay: 0s; transition-duration: 0.2s; transition-property: opacity; transition-timing-function: ease-in; vertical-align: baseline; width: 100%;" alt="z" src="https://ichef.bbci.co.uk/news/624/cpsprodpb/3851/production/_107971441_gettyimages-1163469826.jpg" data-highest-encountered-width="624" datasrc="https://ichef.bbci.co.uk/news/624/cpsprodpb/3851/production/_107971441_gettyimages-1163469826.jpg" /> <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; clip: rect(1px, 1px, 1px, 1px); color: inherit; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; height: 1px; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; overflow: hidden; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: absolute; vertical-align: baseline; width: 1px;">图片版权 <span style="background-attachment: scroll; background-clip: border-box; background-color: rgba(0, 0, 0, 0.6); background-image: none; background-origin: padding-box; background-position-x: 0%; background-position-y: 0%; background-repeat: repeat; background-size: auto; border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; bottom: 0px; color: #ececec; font-family: inherit; font-size: 0.87rem; font-style: inherit; font-weight: inherit; letter-spacing: 0.25px; line-height: 1.1428; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 1px; padding-left: 8px; padding-right: 8px; padding-top: 3px; position: absolute; right: 0px; text-transform: uppercase; vertical-align: baseline;">Getty Images <figcaption style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 16px; padding-left: 16px; padding-right: 16px; padding-top: 16px; vertical-align: baseline; visibility: visible;"> <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; clip: rect(1px, 1px, 1px, 1px); color: inherit; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; height: 1px; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; overflow: hidden; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: absolute; vertical-align: baseline; width: 1px;">Image caption <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #ececec; display: block; font-family: inherit; font-size: 0.75rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.3333; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"> 2019年7月22日，科创板在上海鸣锣开市。 </figcaption> </figure><p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">降低上市门槛，首先受到打击的是现行上市公司中的垃圾股，垃圾股的壳价值将极速缩水。壳价值是指，经济状况极差的上市公司，期望被其他非上市公司收购并注入资产，以“借壳上市”。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">受益者则包括科技公司、互联网公司等新经济公司。相比传统企业注重盈利，新经济公司更注重经营和市场扩张，有时在竞争中愿意承受多年的亏损。比如美国电动车公司特斯拉，2010年上市后连续亏损三年才实现单个季度盈利，然后又亏损三年才再次单季度盈利，然而特斯拉目前市值已达到778亿美元，遥遥领先福特、通用、宝马等老牌车企。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">平安证券策略组表示，新证券法将推动存量上市公司的优胜劣汰，两者将共同推动实体经济高质量发展。中长期来看，权益市场分化及新股破发将成为新常态，经营良好有前景的上市公司将更受资金的青睐，而上市公司尾部风险或面临缓慢出清。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">但是，降低公司上市的准入门槛，意味着非机构的投资者（俗称“散户”）识别股票投资价值的门槛更高。<figure style="background-color: #111111; border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; clear: both; color: inherit; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: -4.16%; margin-top: 24px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;"> <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative; vertical-align: baseline;"> <img width="976" height="549" style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #bdbdbd; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; height: auto; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; max-width: 100%; -ms-user-select: none; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; transition-delay: 0s; transition-duration: 0.2s; transition-property: opacity; transition-timing-function: ease-in; vertical-align: baseline; width: 100%;" alt="。" src="https://ichef.bbci.co.uk/news/624/cpsprodpb/0A52/production/_100924620_gettyimages-451536481.jpg" data-highest-encountered-width="624" datasrc="https://ichef.bbci.co.uk/news/624/cpsprodpb/0A52/production/_100924620_gettyimages-451536481.jpg" /> <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; clip: rect(1px, 1px, 1px, 1px); color: inherit; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; height: 1px; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; overflow: hidden; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: absolute; vertical-align: baseline; width: 1px;">图片版权 <span style="background-attachment: scroll; background-clip: border-box; background-color: rgba(0, 0, 0, 0.6); background-image: none; background-origin: padding-box; background-position-x: 0%; background-position-y: 0%; background-repeat: repeat; background-size: auto; border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; bottom: 0px; color: #ececec; font-family: inherit; font-size: 0.87rem; font-style: inherit; font-weight: inherit; letter-spacing: 0.25px; line-height: 1.1428; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 1px; padding-left: 8px; padding-right: 8px; padding-top: 3px; position: absolute; right: 0px; text-transform: uppercase; vertical-align: baseline;">Getty Images <figcaption style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: inherit; display: block; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 16px; padding-left: 16px; padding-right: 16px; padding-top: 16px; vertical-align: baseline; visibility: visible;"> <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; clip: rect(1px, 1px, 1px, 1px); color: inherit; font-family: inherit; font-size: 100%; font-style: inherit; font-weight: inherit; height: 1px; letter-spacing: inherit; line-height: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; overflow: hidden; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: absolute; vertical-align: baseline; width: 1px;">Image caption <span style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #ececec; display: block; font-family: inherit; font-size: 0.75rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.3333; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"> 影视明星赵薇因参与主导一起杠杆率超过50倍的股份收购案，2018年4月被证监会处罚30万元，且5年内禁入证券市场。 </figcaption> </figure><h2>“默示加入”的投资者诉讼制度</h2><p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">新证券法创新了一些保护投资者的规定。比如，规定投资者保护机构可以作为诉讼代表人，按照“明示退出”“默示加入”的诉讼原则，依法为受害投资者提起民事损害赔偿诉讼。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">再比如，建立征集股东权利制度，允许特定主体公开请求上市公司股东委托其代为出席股东大会，并代为行使提案权、表决权等股东权利。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">本次修法过程中呼声较高的一项是提高处罚力度。现行法律中，对于违反证券法的行为处罚多在三十万元、六十万元不等。这种级别的处罚在动辄亿级涉案金额的金融市场，显得“不痛不痒”。<p style="border-bottom-color: currentColor; border-bottom-style: none; border-bottom-width: 0px; border-image-outset: 0; border-image-repeat: stretch; border-image-slice: 100%; border-image-source: none; border-image-width: 1; border-left-color: currentColor; border-left-style: none; border-left-width: 0px; border-right-color: currentColor; border-right-style: none; border-right-width: 0px; border-top-color: currentColor; border-top-style: none; border-top-width: 0px; color: #404040; font-family: inherit; font-size: 1rem; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: 1.75; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 18px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: none; vertical-align: baseline; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">新法大幅加大处罚金额，比如，对于欺诈发行行为，原本最高可处罚募集资金百分之五的罚款，新法提高至募集资金的一倍；对于上市公司信息披露违法行为，从原来最高可处以六十万元罚款，提高至一千万元。<strike></strike>