新华财经北京1月14日电（记者董道勇）当前，诚信正逐步被资本市场量化、定价，北京国家会计学院 教授、致公党中央经济委员会委员胡明霞接受记者采访时表示，对上市公司而言，将诚信从"合规成 本"转化为"战略资产"，是价值创造的关键一跃。近年来，我国持续推动修复诚信生态，旨在重建商业 对真实的敬畏、职业判断对准则的遵从、市场对诚信的公允定价。 信任资本：超越合规的战略资产 胡明霞表示，对上市公司而言，将诚信从"合规成本"转化为"战略资产"，是价值创造的关键一跃。视诚 信为成本者，行为是防御性、最小化的，目标仅为"不出事"；而视诚信为资产者，其行为是进取性的 ——主动审慎披露，保持与市场坦诚沟通，其深知透明与可信赖能带来真实溢价。 "这体现为更稳定的投资者基础、更强的危机韧性、更低的融资成本及更牢固的伙伴关系。"胡明霞举例 说，在深交所"质量回报双提升"行动中表现优异的企业，共性正是通过清晰、一致、可信的沟通赢得长 期信任。 胡明霞认为，构建企业"信任"资产，需从"关键少数"入手，将诚信纳入高管聘任与考核核心维度；建立 诚信导向的长期激励机制，与经审计验证的长期业绩及ESG表现挂钩；在晋升与评优中实施"诚信一票 否决" ...

Group 1 - ST Qibu (SZ603557) has been fined a total of 62 million yuan for fraudulent issuance of securities, with a recent penalty of 10 million yuan imposed on the company and six executives facing prosecution for related offenses [2][3] - The company has experienced continuous financial decline, reporting a revenue drop from 773.4 million yuan in 2020 to 327.3 million yuan last year, with a cumulative net loss of 1.762 billion yuan over five years [3] - In the first half of this year, ST Qibu's revenue was 85.84 million yuan, a year-on-year decrease of 33.53%, and the net loss attributable to shareholders was 37.14 million yuan, down 20.13% year-on-year [3] Group 2 - The fraudulent issuance behavior has severely damaged the reputation and competitiveness of China's capital market, necessitating increased efforts to combat illegal activities and protect investor rights [3] - The Criminal Law Amendment (XI) effective from March 1, 2021, has increased the maximum prison term for fraudulent issuance from five to fifteen years, reflecting the country's determination to crack down on such crimes [3] - The case serves as a reminder for investors to focus on risk control and conduct thorough research on companies, emphasizing the importance of transparency and integrity in the capital market [4]

Group 1 - ST Qibu (SZ603557) was fined 10 million yuan for fraudulent issuance of securities, with former chairman Zhang Limin and five other executives facing prosecution for related offenses [1] - The company has been penalized a total of 62 million yuan for fraudulent issuance, including a previous fine of 52 million yuan from the China Securities Regulatory Commission [1][2] - ST Qibu has experienced continuous financial decline, reporting a revenue drop from 773.4 million yuan in 2020 to 327.3 million yuan last year, with a cumulative net loss of 1.762 billion yuan over five years [2] Group 2 - In the first half of this year, ST Qibu's revenue was 85.84 million yuan, a year-on-year decrease of 33.53%, and the net loss attributable to shareholders was 37.14 million yuan, down 20.13% year-on-year [2] - The company has been under scrutiny for its governance and regulatory compliance, highlighting the need for increased enforcement against market misconduct to protect investor rights [2][3] - The recent legal changes have increased the maximum prison term for fraudulent issuance from 5 to 15 years, reflecting a stronger stance against financial crimes in the capital market [2]

Core Viewpoint - The recent ruling in a securities infringement case highlights the consequences for executives who fail to fulfill public commitments to increase shareholdings, emphasizing the importance of accountability in the capital market [1][2][3] Group 1: Case Overview - The first case under the revised Securities Law since 2019 resulted in two investors winning a compensation of 783,500 yuan due to executives' failure to fulfill their commitment to increase shareholdings by at least 300 million yuan within six months [1] - The executives did not purchase any shares and provided false deposit certificates in response to inquiries from the stock exchange, which was deemed a significant act of false representation by the Shanghai Financial Court [1] Group 2: Implications for Market Integrity - Public commitments such as share buybacks, dividends, and increases in shareholdings are seen as signals of long-term investment value and effective market value management [2] - Misusing these commitments undermines not only the company's image but also the overall market trust, potentially harming the development of the real economy [2] Group 3: Legal Framework and Future Outlook - The new Securities Law stipulates that failure to fulfill public commitments resulting in investor losses will lead to legal liability, aiming to protect honest companies and penalize dishonest ones [2][3] - The recent compensation case provides a practical reference for determining the nature of false representation and the causal relationship between such actions and investor losses, thereby facilitating investor claims [3] - A transparent and trustworthy capital market can only be achieved through strict accountability for violations and robust protection of investors' rights [3]

Core Viewpoint - The Shanghai Financial Court's ruling on a securities infringement case due to the failure of listed company executives to fulfill public shareholding commitments marks a significant milestone in investor protection and sets a precedent for enforcing commitments by major stakeholders in listed companies [1][2]. Group 1: Legal Responsibility Clarification - The ruling clarifies the civil liabilities of controlling shareholders, actual controllers, and executives for failing to fulfill public commitments, addressing a long-standing ambiguity in the A-share market regarding the consequences of such violations [2]. - This case represents the first judicial application of Article 84, Paragraph 2 of the new Securities Law, which mandates that issuers and their key stakeholders must disclose commitments and bear legal responsibility for losses incurred by investors due to non-fulfillment [2]. Group 2: Reference and Guidance - The ruling serves as a reference for various types of public commitments in the capital market, including performance commitments, dividend commitments, and share repurchase commitments, establishing a foundation for trust and smooth transactions among market participants [2]. - It provides clear guidance for handling similar cases in the future, encouraging ordinary investors to actively protect their rights and interests [2]. Group 3: Warning Effect - The judgment acts as a warning to executives and major stakeholders, urging them to be more cautious and diligent when making public commitments, thereby promoting compliance and responsible corporate governance [3]. - Companies are encouraged to strengthen internal controls and governance mechanisms to ensure that executives understand their responsibilities and obligations, which is crucial for maintaining market stability and protecting investor rights [3]. - The case reinforces the principle that deceptive practices, such as "misleading commitments," will incur significant consequences, fostering a more transparent and resilient capital market ecosystem [3].