China: 国家发改委关于地方国有企业外债发行新政解读

Last Updated: 25 June 2019
Article by DeHeng Law Offices
Most Read Contributor in China, July 2019

国家发展和改革委员会(以下简称"国家发改委")办公厅于官网发布《关于对地方国有企业发行外债申请备案登记有关要求的通知》(发改办外资〔2019〕666号)(以下简称"666号文")。该通知是继2018年5月国家发改委与财政部联合发布《关于完善市场约束机制严格防范外债风险和地方债务风险的通知》(发改外资[2018]706号,以下简称"706号文")后,相关部门规制外债风险和地方债务风险的另一重要通知。

706号文发布后,曾在中资境外债券市场引起不小波澜,706号文所监管的企业海外债券发行过程中均会被提及和讨论该文件监管事项。根据我们一年来的项目实践,我们理解,706号在后续执行过程中产生了诸多不确定问题。本次通知的发布,即旨在进一步落实《关于推进企业发行外债备案登记制管理改革的通知》(发改外资[2015]2044号,以下简称"2044号文")及706号文,以更进一步加强外债发行的监管,特别是地方国有企业外债发行的监管。

结合我们过往项目中的经验,我们对666号文进行如下简要分析,以期供拟发行或拟申请备案登记的企业,特别是地方国有企业对最新监管政策有更加明晰的了解:

一、666号文所规范的外债发行范围

根据666号文第一条,所有企业(含地方国有企业)及其控制的境外企业或分支机构发行外债,需由境内企业向国家发展改革委申请备案登记。该条并未明确666号文所指外债是否仅针对1年期以上债务工具。

鉴于666号文旨在防范中长期外债风险和地方政府隐性债务风险,且为进一步落实2044号文,我们理解,666号文仍仅针对1年期以上外债发行。目前市场上海外发行364天及以下期限的债券不受666号文规制。

二、真实性承诺函

根据666号文第二条,所有企业(含地方国有企业)申请备案登记均需提交真实性承诺函,并由企业主要决策人员签字确认,前述主要决策人员至少包括法定代表人、董事长、总经理及财务负责人。早在2044号文发布时,国家发改委就已经明确申请人应对申请材料及信息的真实性、合法性和完整性负责,企业在向发改委部门提交的申报文件中一般也会就前述事项作出承诺,但国家发改委一直以来未针对该事项发布问责制度。

本次666号文明确了问责制度,企业及前述决策人员均需在承诺函中承诺,如果其陈述有任何误导之处,同意将自身及公司主要决策人员纳入违规行为记录,录入全国信用信息共享平台,并承担由此导致的一切法律责任。

三、发行主体经营年限

2044号文及706号文均未对申请外债备案登记企业的经营年限作出要求,本次666号文第三条明确指出,地方国有企业发行外债申请备案登记需持续经营不少于三年。

对于新设或重组后的地方国有企业来讲,如果其申报时经营年限未满三年,666号文的出台无疑是限制了以自身作为发行人的境外融资行为。但如果企业下属公司满足三年经营年限且作为海外债券发行人,则前述地方国有企业作为担保主体则不受三年经营年限的要求。

四、地方政府及其部门不得担保

近年来,地方债务风险的防控不断升级。早在706号文之前,即存在一系列规范地方国有企业及地方政府举债融资的规定,如《财政部关于规范金融企业对地方政府和国有企业投融资行为有关问题的通知》(财金[2018]23号)。706号文进一步明确了"谁用谁借、谁借谁还、审慎决策、风险自担"的原则。

本次666号文第四条针对实践中仍存在的不合规行为,进一步明确了该原则,即地方政府及其部门不得直接或者承诺以财政资金偿还地方国有企业外债,不得为地方国有企业发行外债提供担保。

666号文第六条也重申了706号文对交易文件披露的要求,在债券募集说明书等文件中,严禁掺杂可能与政府信用挂钩的误导性宣传信息。

五、企业首发申请限制及续发申请资金用途限制

666号文第五条明确指出,承担地方政府融资职能的地方国有企业发行外债仅限用于偿还未来一年内到期的中长期外债。该条规定对于承担地方政府融资职能的地方国有企业申请发行外债将其资金用途限定为"中长期外债",未来该等地方国有企业在向国家发改委提交申报文件时需提供前述相关资金用途的证明文件,并可能被要求说明前续已发行外债的募集资金用途及是否合规。

考虑到该等规定旨在控制承担地方政府融资职能的地方国有企业境外中长期外债的总体规模。我们理解,上述"中长期外债"应为根据国家发改委出具的《企业借用外债备案登记证明》发行的境外中长期外债,而1年期以下短期债券及未经国家发改委备案的1年期以上的境外银团贷款、私募融资等形成的外债则不符合前述规定所述的资金用途。

基于上述分析,我们认为,666号文禁止承担地方政府融资职能的地方国有企业的首次发行中长期外债,并且对于能够提供符合上述要求地方国有企业的后续发行,其资金用途仅限于偿还一年内到期的中长期外债。

六、"承担地方政府融资职能的地方国有企业"的定义

自《中国人民银行关于在全国范围内实施全口径跨境融资宏观审慎管理的通知 》(银发[2016]132号文,该文被2017年1月12日发布的《中国人民银行关于全口径跨境融资宏观审慎管理有关事宜的通知》(银发[2017]9号)废止)于2016年4月29日发布以来,政府融资平台申请国家发改委的《企业借用外债备案登记证明》难度一直较大。而对于前述"政府融资平台"的具体含义并没有一个明确规定,虽然《关于加强地方政府融资平台公司管理有关问题的通知》(国发[2010]19号)首次明确了对城投平台的定义,即为由地方政府及其部门和机构等通过财政拨款或注入土地、股权等资产设立,承担政府投资项目融资功能,并拥有独立法人资格的经济实体,但前述定义并不能等同于"政府融资平台"的含义,且根据比较银监会和财政部发布的关于地方政府融资平台的规定及实践来看,银监会及财政部对地方政府融资平台的认定标准并不完全一致,财政部强调公益性质及非市场化,而银监会的口径强调由地方政府出资设立并承担连带还款责任。根据以往项目实践,我们理解,银监会发布的地方政府融资平台名单为各中介机构及企业自身认定其是否为"政府融资平台"的重要标准之一。因此,不少企业在向国家发改委提交申报文件前,会先申请退出银监会地方政府融资平台名单。

666号文颁布后,各方关注最多的为"承担地方政府融资职能的地方国有企业"的具体范围或含义。鉴于666号文为最新颁布,目前并没有相关文件对"承担地方政府融资职能的地方国有企业"作出具体解释,也没有相关文件界定何为"承担地方政府融资职能"。但国家发改委在666号文中用"承担地方政府融资职能的地方国有企业"的概念替代"政府融资平台",我们认为,其范围应不局限于银监会发布的地方政府融资平台名单企业。

基于上述分析,666号文颁布后,对于是否属于"承担地方政府融资职能的企业",我们建议企业在申报前根据自身经营实际情况、募集资金用途、还款资金来源、拟投资项目收益来源,并结合前述银监会及财政部关于"公益性质、非市场化、由地方政府出资设立并承担连带还款责任"的相关规定等角度综合做出判断。如有可能,可事先征询当地银监及财政部门的意见。如确认自身不属于承担地方政府融资职能的企业,建议在申报文件中向国家发改委明确说明,并辅以证明文件(包括但不限于当地主管部门出具的声明)。

七、已取得备案尚未发行企业的资金用途及延期事项

根据上述相关分析,对于目前已经取得《企业借用外债备案登记证明》的"承担地方政府融资职能的企业",我们理解,其募集资金可根据已提交的申报文件所述及《企业借用外债备案登记证明》规定的用途进行使用,而无需遵从666号文第五条所述的资金用途限制。

但需特别提示注意,如果企业现已取得《企业借用外债备案登记证明》,但到期未进行发行或未能发行全部备案额度,如果其属于首次发行,且被国家发改委理解为"承担地方政府融资职能的企业",则可能无法像以往一样就未发行额度取得延期备案。我们建议,已取得备案的企业需注意合理安排发行窗口。

综上,666号文既有对原有要求的重申及强调,亦有问责制度的增加及最新的限制。无论哪一项,落脚点均在于外债风险,特别是地方债务风险的防范。666号文的发布也为地方国有企业境外债券发行敲响了警钟,根据自身真实状况申报,落实好还本付息计划,进行市场化融资是必经的规范发展之路。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions