要有效遏制和打击资本市场中的违法违规行为，必须直指资金拆借等问题的核心实质，出台更具针 对性的法律法规，而非仅通过信息披露等侧面手段"旁敲侧击"。唯有如此，方能明确此类行为的违法性 质，并切实强化对违法行为的打击力度。为此，笔者建议： 首先，证券法可增设相应行政处罚条款。可将目前"违规占用""违规拆借""违规提供财务资助"等行 为，明确为法律所禁止的违法行为，并增设处罚条款。要将行政处罚与违法占用（违法拆借、违法资 助）金额、期限、净资产占比挂钩。例如，占用资金超净资产10%的，对责任主体可处以占用金额10% —20%的罚款，或远超信披违法的500万元罚款上限。 其次，要精准区分违法主体责任层级。谁从违法行为中收益最多，谁就应受到最严厉的惩戒。一般 来说，占用资金等行为，主要是由控股股东、实控人、董事长等决策并受益，对其罚款金额应远高于执 行层，要形成"决策者担主责、受益者受重罚"的局面。对执行层面的责任主体，需根据具体履职情况追 责、处罚应与其失职程度匹配。 近日，广东嘉应制药及相关主体接连收到行政处罚、监管警示函与交易所公开谴责三份"罚单"，关 联方资金拆借、违规财务资助等违规行为浮出水面。尽管相关资金最 ...

Core Viewpoint - The recent actions by 14 A-share companies to improve the management of fund occupation reflect a growing consensus among listed companies to strengthen the financial safety "firewall" through institutional measures [1] Group 1: Regulatory Actions and Company Responses - 27 A-share listed companies have faced regulatory measures due to fund occupation issues this year, indicating a strong regulatory stance against such behaviors [1][2] - Companies are increasingly adopting measures to prevent fund occupation, with a focus on revising their internal management systems [1][4] Group 2: Characteristics of Fund Occupation - Fund occupation behaviors are becoming more covert, with a decline in traditional methods like direct borrowing and an increase in non-operational transactions and hidden guarantees [2][3] - The manufacturing and construction sectors are particularly affected, with 51.85% of the 27 companies involved in fund occupation being from the manufacturing industry [3] Group 3: Regulatory Framework and Future Directions - New regulations have been introduced, including stricter delisting rules for companies with significant fund occupation issues, with amounts exceeding 200 million or 30% of the latest audited net assets triggering potential delisting [5] - Experts suggest enhancing transparency in information disclosure, increasing penalties for violations, and strengthening the responsibilities of intermediary institutions as key measures to combat fund occupation [6]