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class="c_content_text"> <div class="c_content_overflow" id="fontzoom"> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;"><strong style="box-sizing: border-box;">       问:近期市场关注到有上市公司发布了股东参与ETF份额认购的公告。请介绍一下这项业务的基本情况?/strong></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;"><strong style="box-sizing: border-box;">  答:</strong>ETF作为交易所场内指数型基金,基金份额可在二级市场交易,具有独特的实物认购、申购赎回机制,具备透明度高、交易便捷、成本低廉等优点,近年来发展迅速,已成为投资者重要的权益资产配置工具。作为ETF三种常规募集方式(网上现金认购、网下现金认购和实物认购)之一,股票认购是指投资者可在募集期使用单只或者多只标的指数成份股认购ETF份额,有利于基金管理人在成份股权重范围内降低建仓成本,优化投资者资产配置,有助于做大股票ETF规模,吸引更多中长期资金通过投资ETF入市?/p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;">  <strong style="box-sizing: border-box;">问:有市场人士担忧,上市公司股东认购ETF份额有变相减持的隐患。请问如何看待这个问题?</strong></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;"><strong style="box-sizing: border-box;">  答:</strong>《上市公司股东、董监高减持股份的若干规定》及《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》(简称减持规则),对上市公司股东减持股份做出了具体规定。为防止市场主体变相减持、违规减持,上交所对上市公司股东以股份认购ETF,按照减持规则的规定,从严实施监管。具体而言,上市公司股东认购ETF份额使用的股份,计入减持规则规定的减持额度,与该股东通过二级市场减持的股份合并计算,不得超过当期可减持的股份额度。此外,参与主体还需承诺在一定期限内不转让股票认购获得的ETF份额。具体业务开展过程中,上交所采取基金管理人、股东事前承诺,交易所事前、事中检查,事后监管等措施,确保股东认购ETF所用股份数量不超过减持规则规定的减持额度。因此,上市公司相关股东使用股票认购ETF的行为,不存在变相减持、违规减持的情形?/p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;">  <strong style="box-sizing: border-box;">问:请简要分析一下ETF股票认购对市场的影响?/strong></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;"><strong style="box-sizing: border-box;">  答:</strong>ETF股票认购能在一定程度上缓解投资者直接减持对市场的冲击,更有利于二级市场稳定。ETF股票认购可以集合众多投资者持有的股份,降低建仓期成本。从实际情况来看,目前大部分参与ETF股票认购的投资者认购后长期持有ETF份额,未进行大额减持,且部分投资者还持续增持。基金管理人也基本采用了较为缓和的调仓节奏,在逐步卖出认购股票的同时,买入其他成份股,整体资金并没有流出市场。因此,相比于投资者将所持有的股票直接在二级市场竞价卖出或大宗转让,ETF股票认购平滑了对股票价格的冲击,更有利于二级市场稳定?/p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;">  <strong style="box-sizing: border-box;">问:上交所在ETF业务规范和发展方面有什么后续安排?</strong></p> <p style="box-sizing: border-box; margin: 0px 0px 10px; font-size: 14px; line-height: 22.4px; padding: 0px 20px 15px; color: rgb(77, 77, 77); font-family: -apple-system, "Helvetica Neue", 微软雅黑, sans-serif, Tohoma;"><strong style="box-sizing: border-box;">  答:</strong>下一步,上交所将按照证监会部署要求,进一步加强ETF规范运作的监管,完善基础制度建设,持续丰富产品种类,优化市场机制,保障ETF市场健康发展,保护投资者利益,努力建设规范、透明、开放、有活力、有韧性的资本市场?/p> </div> </div> <div class="contArticle_bot_Artpage"> <span id="pe100_page_contentpage" class="pagecss"></span> </div> <div class="c_contant_end"> 您可以分享或转发本文至: <div class="bdsharebuttonbox"><a href="#" class="bds_more" data-cmd="more"></a><a href="#" class="bds_weixin" data-cmd="weixin" title="分享到微?></a><a href="#" class="bds_tsina" data-cmd="tsina" title="分享到新浪微?></a><a href="#" class="bds_tqq" data-cmd="tqq" title="分享到腾讯微?></a><a href="#" class="bds_renren" data-cmd="renren" title="分享到人人网"></a><a href="#" class="bds_qzone" data-cmd="qzone" title="分享到QQ空间"></a><a href="#" class="bds_tqf" data-cmd="tqf" title="分享到腾讯朋?></a><a href="#" class="bds_kaixin001" 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