文丨财联社

touxingyewuyizhishifadangaofadi。8yue7ri，shangjiaosuogongbuliangzefadan，shishejuweixincaiipoxiangmu。faxingren、baojianjigou、baojianrentongshibeifa。congyanchuli、yianduofadejiezouqingxikejian。

juweixincaiyuandingdenglukechuangban，yu2022nian6yuebeishouli，danxianshiyu2023nian1yue10rizaoyu“zanhuanshenyi”，dao2023nian4yue28ribeizhongzhishangshi，lishibingbuzhang，jin10geyueshijian。qijianjinglileshangshiweiyuanhuidelianglunwenxun，jingyingyejibodongyuzaijiangongchenghuanmanjunbeizhongdianguanzhu。danjieguokanlai，bufenneirongdedafujihechabingmeiyoudedaojianguanderenke，zaizanhuanshenyidesangeduoyuehougongsixuanzezhudongchehuicailiao，zheihuoyuxianchangdudaochachuwentiyouguan。

zuoweijuweixincaiipobaojianjigou，fadanyejinsuiqihou。zhongzhishangshihoujinguo3geyueshijian，diyichuangyetouxingzidiyichuangyechengxiaobaojian，sanmingbaodaiguanwei、yinzhiyong、liutaotao，yijifaxingzhutibenshen，dounanciqijiu，zaodaochufa。

zhengjianhuinianchucengzhichu，quanmianhegui、youxiaoyunxingdetouxingneikongjizhishitouxingzhiyezhiliangdejichu，xiayibu，jiangchangtaihuakaizhantouxingneikongxianchangjiancha，cong“daibingshenbao”、“yichajiuche”、zhiyezhiliangcunzaiyanzhongquexiandengdianxingwentirushou，zhongdianjianchatouxingneikongzhidushifoujianquan、yunxingshifouyouxiao、renyuanjibaozhangshifoudaoweideng。

现场督导发现三大违规事项,此前经历两轮问询

congweiguishixianglaikan，baojianjigou、baojianrencunzaibaojianzhizelvxingbudaoweideqingxing。

第一，对发行人研发费用归集相关内部控制有效性核查不到位。zhuyaoshejiliangdafangmian，yishiyanfalingliaoyushengchanlingliaobucunzaihuntongdejielunyuzhengjucunzaimingxianmaodun。jianguanrenyuanzaixianchangdudaozhongfaxian，chanliangshujubiaozhongjizaiweishengchanhuodongdepicihaoyubuliangpinhefeipinchurukujiluzhongjizaiweiyanfahuodongdepicihaocunzaijiaoduozhonghe，baojianrenweishuomingzhonghepicixiacailiaolingyongdezuizhongquxiang。zaixiugaibuchonghou，yangbenyichanglvrengda75%。

ershizhigongxinchoudeguijiquefazhichixingwenjian，wufazhichibaojianjigoudehechajielun。jianguanrenyuanzaixianchangdudaozhongfaxian，faxingrenbufenyuangongcunzaitongshifuzeyanfaheshengchangongzuodeqingkuang，chuqizhongliangmingyuangongdexinchouzaiyanfafeiyongheshengchanchengbenzhijianfenpei，qiyuxiangguangangweirenyuanxinchoujunjiruleyanfafeiyong。

第二，对发行人产量数据的核查不到位。baojianrenduitouruchanchushujujinxingfenxishi，weichongfenfuhechanliangshuju。zaixianchangdudaoqijiantigongdenigengzhengpiluchanliangyuzhaogushuomingshujishenhewenxunhuifuzhongpiludechanliangleijicunzai783.34dundechayi。

第三，保荐业务内部质量控制存在薄弱环节。jianguanrenyuanzaixianchangdudaozhongfaxian，baojianrenxiangmuzuduiyunixiangshangjiaosuobaosongdezhaogushuomingshujishenhewenxunhuifudengbufenshenbaocailiao，zaijingguoneikongbumenheyanqianzhanghou，youjinxinglebufenshizhixingxiugai，baokuozengjia2jiakebigongsixinxi、dapianfuxiugaihexinjishuliangdian、buchongpiluzhongdahetongxinxideng。danbaojianrenxiangmuzuweianguidingzhongxinlvxingneikongbumenheyanqianzhangchengxu，jibaosongxiangguanshenbaocailiao，bufuheneibukongzhixiangguanyaoqiu，fanyingchubaojianrenbaojianyewuneibuzhiliangkongzhicunzaiyidingboruohuanjie。

baojianjigouyubaojianrenshuangshuangbeijianguanjingshi，bingyaoqiuzishoudaobenjuedingshuzhiriqi20gejiaoyirineitijiaojingbaojianyewufuzeren、zhikongfuzeren、neihefuzerenqianzi，bingjiagaigongsigongzhangdeshumianzhenggaibaogao。

faxingrenyeyinweiyanfafeiyongguijixiangguanneibukongzhibuguifan，yanfatourujinepilubuzhunque；chengbenhesuanxiangguanneibukongzhibuguifan，chanliangshujupilubuzhunquebeijianguanchujujingshihan。

zhideguanzhudeshi，juweixincaiciqianjinglilelianglunwenxun，zuizhongyu2023nian1yuezhengshishanghui，danjieguoshizanhuanshenyi。sangeduoyuehou，gongsixuanzelezhudongchecailiao，shangjiaosuojuedingzhongzhiqifaxingshangshishenhe。conglianglunwenxundeqingkuanglaikan，zaijiangongchengyanhuanzhihouyijigaomaolilvzhenshixingcunyichenglejianguanwenxunguanzhudezhongdian。zaigongsidewenxunhuifuzhong，yecunzaiyuxianshibiaoxiancunzaichurudedifang。

youyeneirenshibiaoshi，yibanlaishuo，zanhuanshenyishizaishenheguochengzhongkenengcunzaibufenshumianwenxunrengweinengjiejuedeyiwen，suoyihuijiqiyeshijianlaichengqingwenti、mibuyilou。jianguanyehuicaiquxianchangjiancha、dudaodexingshi。lishisangeduoyuehougongsixuanzezhudongchehuicailiao，huoyuxianchangdudaochachuwentiyouguan。

现场督导成IPO审核一大利器

youyeneirenshibiaoshi，xianchangjiancha、dudaohendayuanyinshizaishenheguochengzhongfaxianshumianwenxunbunengjiejuedewenti，lirucunzaizaojiaxianyi，faxingren、baojianjigouzaishenheguochengzhongbupeihe，jianguanrenyuanjiuhuitongguoxianchangjiancha、dudaolailejiexiangguanqingkuang。“xianchangdudaoduiyudabufenxiacigongsilaishuojijushashangli，suoyihuichuxianyidujiuche，yichelezhideqingxing。”

xianchangdudaozuoweiiposhenhedeyidaliqi，jiaoyisuoyizhichizhongshitaidu。shenjiaosuomeiqidefaxingshangshishenhedongtaizhongdouhuigongbulianglixianchangdudaoanli，zuixinyiqi（2023diliuqi）dexianchangdudaoanlifaxianfaxingrenguanliancaigoujiagegongyunxingcunzaiyichang、faxingrenduibufenkehuxiaoshoushourucunzaiyichang；faxingrenbufenwaixiaoshourucunzaiyichang、faxingrenshijikongzhirenrendingdezhunquexingcunyi。liangjiafaxingrenhebaojianrenduiciweinengtigonghelijieshi，xuanzezhudongshenqingchehuishenbao。

zhenduiyichajiuche，shenjiaosuozaozaijinnian2yuefabu《guanyujinyibuducuhuiyuantishengbaojianyewuzhiyezhiliangdetongzhi》，duizhucezhixiaipobaojianyewuzhiyezhiliangjiaodi，neikongfengxianjiaodadebaojianjigou，shishixianchangdudao、zhuanxiangzichadechayihuajianguananpai。jutilaishuo，baojianjigoubaodairenjunbaojianxiangmushupaiqianershi，qiexiangmuchefoulvchaoguo60%，shenjiaosuojiangduiqibaojiandeipoxiangmuan50%yishangdebilichouqushishixianchangdudao。genjujinrifabudeshangshishenhedongtai，shouciqidongchayihuajianguananpaideshijianbeidingwei8yue17ri。

下半年以来投行罚单已7张

jinnianshangbanniangejizhengjianbumengongpaichu165zhangfadan，qizhong43zhangshejitouxingyewuweigui。jinruxiabannian，touxingyewufadanshuliangrengrangaoqi，jubuwanquantongji，7yueyilaigongyou7zhangxiangguanfadan。huatailianhe、minshengzhengquan、guangfazhengquan、huaxingzhengquan、zhangjiangzhengquanchengxiaobaojian、zhongxinjiantou、diyichuangyechengxiaobaojiandouyintouxingyewuweiguizaofa。

jutilaikan，huatailianhejiliangmingbaojianrenzhangmou、liumouningzaibaojianjichuangbeifangiposhangshiguochengzhong，weinengduifaxingrenbaogaoqijingxiaoshouru、neibukongzhi、zijinliushuidengduofangmiancunzaideyichangqingkuangyuyichongfenguanzhujishenshenhecha，lvxingbaojianzhizebudaowei；tongshi，baojianrenzaibaojiandaibiaorenyewuguanlihebaojianyewuneibuzhiliangkongzhifangmiancunzaiyidingboruohuanjie，zhikong、neihebumenweiyouxiaofahuizhihengyueshuzuoyong。

minshengzhengquanjiliangmingbaojianrensumou、cuimouzaibaojianfutekeiposhangshiguochengzhong，weiqinmianjinzelvxingxiangguanzhize,weifaxianfaxingrencunzaiduoxiangweipiludezijinzhanyong、weiguidanbaoxinxipilubuwanzheng、qitaneibukongzhiwentijiaoduoheyanfarenyuanxinxipilubuzhunquedengwenti。

guangfazhengquanyingongsizaimeishangshengtaijingguangufenyouxiangongsi2018nianfeigongkaifaxinggupiaodebaojianyewuzhongweiqinmianjinze，shexianweifa，yujinnian7yuebeizhongguozhengjianhuilian。gongsijibaojianrenwangmou、yangmoujiebeizelinggaizheng，jiyujinggao，bingmeishoubaojianyewushouru，chuyifakuan。

huaxingzhengquanbaojianrenxiaomounan、wangmouyingzailansexingjiipobaojianguochengzhongweinengtongguoquanmianhechayanzhengzaishenbaoqianfaxianbingchulihuijicuobaoshixiang，weizuodaoqinmianjinze，duixiangguanshixiangfuyouzeren，beibeijiaosuochujujingshihan。

zhangjiangzhengquanchengxiaobaojianjiliangmingbaojianrenxinmouli、guomouduizaigumaiguangdianipobaojianguochengzhong，duifaxingrenyuzhuyaokehudeyewumoshi、xinzengyewuyuxinzengkehu、neibukongzhi、guquanzhuanrangkuandezijinliuxiangdengfangmiancunzaideyichangqingxingweibaochichongfenguanzhubingjinxingshenshenhecha，fabiaodehechayijianbuzhunque。

zhongxinjiantoubaojianrensunmou、mamounanzaisongyuangufenxiangbutedingduixiangfaxingkezhuanzhaidebaojianguochengzhong，weiduifaxingrenbencishenbaoshicunzaishanzigaibianqiancimujizijinyongtudeqingxingjinxingchongfenhecha，weijishiducufaxingrenjiuzhenghuolvxinggudongdahuishenyichengxu，fabiaodehechayijianbuzhunque。