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  本报记者 吴晓璐

  近日,中国人民银行上海总部、中国人民银行广东省分行、中国人民银行北京市分行先后发布消息称,近日联合辖区证监局等相关单位组织银企对接交流系列,对回购增持贷款政策进行宣讲,支持上市公司和主要股东持续规范用好政策工具,充分满足上市公司市值管理融资需求,助力资本市场平稳健康发展。

  自去年10月18日股票回购增持再贷款政策工具正式设立至今已半年,上市公司和主要股东积极响应。据Wind资讯数据统计,截至4月16日,470家A股上市公司累计披露496单回购增持贷款,贷款金额上限合计969.78亿元,接近首期3000亿元规模的三分之一。

  受访专家表示,回购增持贷款为上市公司和主要股东提供了便利的融资渠道,助力上市公司市值管理,推动公司股价向合理价值回归,也有效地提振了市场信心。下一步,可以进一步优化回购增持再贷款政策,更好满足上市公司和主要股东需求。

  “贷动”效果明显

  回购增持积极性提升

  从披露的公告中可以发现,使用回购增持贷款工具的大市值、行业龙头公司占比较高。据Wind资讯数据统计,上述470家公司中,有188家公司A股市值超百亿元,占比四成,涉及石油化工、家用电器、新能源、半导体等行业龙头。

  从效果来看,回购增持贷款的“贷动”效果明显。在这一政策工具支持下,上市公司回购以及股东增持规模明显增大。以今年以来回购增持数据为例,据同花顺iFind数据统计,今年以来截至4月16日,A股公司披露的回购增持计划金额上限合计1536.02亿元,同比增长30.28%,去年同期A股公司披露的回购增持计划金额上限合计为1179亿元。

  在市场人士看来,回购增持再贷款政策工具出台以来,效果显著。南开大学金融发展研究院院长田利辉在接受《证券日报》记者采访时表示,迄今上市公司回购增持贷款金额上限已经接近首期目标规模的三分之一,这表明政策推出后迅速被市场接受,上市公司及股东参与积极性较高。民企通过回购稳定股价、传递市场信心的需求强烈,国企通过股东增持强化市值管理,响应政策导向的意图明显,整体实现了对上市公司市值管理融资需求的充分覆盖。

  “股票回购增持再贷款工具设立以来,对资本市场和企业融资产生了显著影响。”中央财经大学资本市场监管与改革研究中心副主任李晓在接受《证券日报》记者采访时表示,一方面,该政策通过向上市公司和主要股东提供低成本贷款支持回购和增持股票,为市场注入增量资金,增强了资本市场内在稳定性;另一方面,企业融资成本降低,该政策通过再贷款机制降低商业银行资金成本,进而以低息贷款支持企业,从落地情况来看,先进制造、生物医药、高端装备等多领域企业获得贷款支持,助力国企、民企等不同所有制企业进行市值管理。

  民企更倾向回购

  国企股东获得增持贷款较高

  据记者梳理,上述496单回购增持贷款中,347单为回购贷款,贷款上限合计575.37亿元;149单为增持贷款,贷款上限合计394.41亿元。

  从企业性质和贷款类型来看,民企披露的回购贷款数量和金额较多。347单回购贷款中,民企发布263单回购贷款,占比75.79%,金额上限合计361.72亿元,占比62.87%。

  银河证券策略首席分析师杨超对《证券日报》记者表示,民营企业在回购贷款中占比明显较高,这表明民企更倾向于通过回购操作提升市场信心,进一步推高了回购贷款的整体规模。

  “民企回购贷款较高是市场压力、决策效率和激励需求三大因素所致。”南开大学金融发展研究院院长田利辉在接受《证券日报》记者采访时表示,民企通常面临更大的市场波动压力,尤其在市场下行期,回购成为稳定股价、增强投资者信心的直接手段。同时,民企决策链条短,机制灵活,能够快速响应政策红利,利用回购贷款补充流动性并优化财务结构。此外,部分民企将回购与员工持股计划结合,通过低成本融资支持长期激励措施。

  而国企披露的增持贷款数量和金额较多。149单增持贷款中,国企发布76单股东增持贷款,占比51.01%,金额上限合计202.13亿元,占比51.25%。

  “国企披露增持贷款较高,是政策导向与市值管理责任、长期战略布局需求和融资渠道优势三个原因所致。”田利辉表示,国有企业需要承担更多社会责任,增持行为既响应政策号召,也体现对国有资本保值增值的重视。而且,国企增持常与混改、引入战略投资者等长期规划结合,增持贷款为其提供低息资金支持。此外,国企信用评级较高,更容易通过增持贷款获得大额长期资金。

  监管部门助力银企对接

  推动回购增持贷款稳步增长

  近期,A股市场出现非理性波动,上市公司披露增持回购贷款数量明显增多,金额明显增加。据Wind资讯数据统计,4月份以来截至4月16日,有53家公司披露回购增持贷款,贷款金额上限合计142.53亿元,均值上限2.79亿元(其中2单未披露金额,未纳入统计),超过3月份全月49家公司2.34亿元的均值,也远超此前(3月底之前)1.87亿元的均值。

  据悉,股票回购增持再贷款政策工具设立后,为进一步加大政策支持力度,便利参与主体操作,去年12月份,金融监管部门对该政策工具进行优化,包括降低自有资金比例要求至10%,延长贷款最长期限至3年,鼓励银行发放信用贷款,便利银行和企业开展贷款业务,充分满足上市公司市值管理的融资需求。

  “优化措施成效积极,带来了贷款规模的增大。”田利辉表示,融资比例提高与期限延长后,单笔贷款规模上限显著提升,贷款期限也更匹配企业中长期资金需求。政策也覆盖更多行业及股权结构复杂的企业,适用范围拓宽助推贷款快速落地,差异化监管要求降低了合规成本,提升企业参与意愿。

  近日,多地金融监管部门纷纷表示,将持续推动股票回购增持贷款业务增量扩面。如中国人民银行上海总部、上海证监局将会同有关部门进一步加大政策宣贯力度,引导辖内金融机构与上市公司充分对接;通过深入走访上市公司,一对一宣讲再贷款专项政策,了解相关企业困难诉求,支持上市公司和主要股东持续规范用好政策工具,不断提升公司投资价值,持续推动股票回购增持贷款业务在上海增量扩面。

  “监管部门对通过运用回购增持等方式稳定市场信心的态度更加明确。”杨超表示,在市场波动背景下,企业更倾向于通过回购稳定股价,而增持则有助于向市场传递长期信心,这将共同推动回购增持贷款需求的增长。

  谈及回购增持再贷款政策如何进一步优化,田利辉表示,可以在融资成本、审批效率及适用范围上进一步突破,以更精准服务实体经济需求,推动资本市场长期健康发展。当前,可能存在部分企业贷款审批流程较长的情况,建议推动线上化审批并公布标准化条件。

  李晓认为,可以从以下三方面进一步优化:首先,简化流程与强化培训。部分银行反映监管细节复杂(如竞价交易规定),建议加强政策宣讲和合规操作培训,帮助中小型上市公司高效利用政策。其次,扩大政策覆盖面。当前贷款集中于大型银行和上市公司,可探索向区域性银行和中小微企业延伸,增强普惠性。最后,动态调整利率机制。结合市场利率变化,适时调整再贷款利率,保持政策吸引力。

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