你的位置:奥达菲股票信息网 > 股吧资讯 > 【300100双林股份】新股发行审核“严把关”已成常态(2017-05-05)

【300100双林股份】新股发行审核“严把关”已成常态(2017-05-05)

300100双林股份——300052中青宝

  随着上市公司一季报披露结束,部分公司业绩出现波动,部分次新股业绩出现下滑,引起市场热议。有人提出,一季度次新股业绩下滑甚至“变脸”的原因是发行审核不严,导致“病从口入”。
  记者从权威部门了解到,目前,监管部门对IPO审核执行的标准和程序没有变化。随着IPO的常态化和IPO公司的不断增多,首发审核和发行审核的否决率也在同步上升,对审核的“严控”成为IPO的又一常态。

  在审计的“严控”下,新股为何会出现业绩下滑的时候?据业内人士分析,不同行业的企业经营特点不同,部分企业受行业周期、经济周期和季节性因素影响较大。不能仅仅通过一季报数据就断定企业整体业绩“变脸”,也不能断定这类企业一开始就“带病上市”。
  事实上,在发行审核过程中,审计部门主要从主体资格、独立性、募集资金使用、财务会计、规范运作等方面对发行人的合规性进行审核,同时要求发行人按照规定充分披露信息和风险,并不判断企业的价值。

300100双林股份——国泰君安证券官方网

  考虑到企业绩效受多种因素影响,审计不会将绩效波动的企业“打死”,而是综合考虑上述三种因素,分析具体情况。

  新股发行审核“严控”已成常态
  去年四季度IPO发行常态化后,IPO审核日益呈现“严控”态势。据统计,今年以来,截至昨日,SFRC 175家企业中,有19家企业被拒,拒标率超过10%。

300100双林股份——曼尼普尔邦

  为提高上市公司整体素质,严防“病入膏肓”,在规范新股发行的同时,“严控”发行审核已成为常态。
  以下统计数据清楚地表明,自2016年以来,IPO否决率一直随着发行速度而增长:

  From January to September 2016, before the normalization of IPO, 162 enterprises were vetoed by the SFAC, of which 10 were vetoed, with a rejection rate of 6.2%; in the first three months of normalization of IPO in the fourth quarter of last year, 107 enterprises were vetoed by the SFAC, 8 were vetoed, with a rejection rate of 7.5%; so far this year, as of May 3, 175 enterprises were vetoed, 19 were vetoed, with a rejection rate of more than 10% 10%, up to 10.9%.

300100双林股份——金信诺股票

  At the same time, the IPO preliminary examination of the issuance department of the Securities Regulatory Commission is becoming more and more strict.
  According to the data obtained by the reporter from relevant departments, in the fourth quarter of last year, the CSRC concluded 153 initial enterprises (including approval, withdrawal and rejection), of which 131 were approved and 22 were withdrawn and rejected, with an approval rate of 85.6% Since then, as of yesterday, 217 initial enterprises have been adjudicated, of which 158 have been approved, 40 have been withdrawn and 19 have been rejected.The approval rate has dropped to 72.8%.

  As another starting point of “strict control” of IPO audit, the on-site inspection of IPO enterprises by regulatory authorities has also been upgraded.After the normalization of new share issuance, the CSRC has improved the on-site inspection system.In addition to the spot check on the quality of information disclosure, it also takes the problem as the guidance, and actively brings the enterprises with financial problems into the scope of on-site inspection.

  In the fourth quarter of 2016, the CSRC conducted on-site inspection on 12 enterprises, of which 6 enterprises were found to have major doubts in the audit.In March this year, 34 initial enterprises were identified through on-site inspection, and 11 enterprises found major doubts in daily audit.The clues found in the inspection by the issuance department of the CSRC have been transferred to the relevant functional departments of the CSRC for handling, or reported to the relevant departments for attention.
  Quarterly performance fluctuations are not necessarily true

  Three kinds of situations should be analyzed concretely
  Since the situation of “strict control” of IPO audit has been established, and the rate of passing meetings of enterprises has gradually declined, why are there still some enterprises’ first quarter performance data fluctuating, especially some new shares’ so-called “face changing” performance?

  According to the analysis of industry insiders, business operation is generally affected by industry cycle, economic cycle and seasonal factors, which leads to the fluctuation of quarterly financial data.特别是由于部分创业板企业规模较小,根据订单执行情况确认收入没有明显的季节性规律,目前上市后的业绩数据也不具有显著的参考价值。只看一季报就判断公司业绩变化,带病上市,是不科学的。
  记者从权威人士处了解到,中国证监会IPO审计主要从主体资格、独立性、募集资金使用、财务会计和依法规范运作五个方面对发行人的合规性进行审计,并要求发行人按照规定充分披露信息和揭示风险。发行审核不判断企业价值。

  审计时,通常根据具体情况分析企业受行业周期、经济周期和季节性因素影响的情况,不一定否认是否存在业绩波动。
  具体而言,如果审计发现企业业绩因行业周期而下降,监管部门将要求发行人充分披露行业波动和业绩下降风险。如果其业绩下滑与行业波动趋势一致,且下滑后仍符合法定的IPO财务指标,仍可获准IPO。如果业绩波动与行业波动趋势不一致,且无合理理由的,将根据情况提醒发改委重点关注。如果发现存在业绩注入、操纵报告等违法违规行为,将严肃处理。

  投行人士介绍,部分计划IPO公司的运营具有明显的周期性特征,可能是上半年报告往往“不好看”,下半年一般采取订单式。与往年相比,如果没有异常,属于正常的季节性波动,也符合上市指标,在充分披露和揭示风险后,可以批准上市。
  但如果上市当年企业业绩出现亏损,与上述三个因素的变化趋势不一致,确实存在“变脸”,监管部门将予以关注,并根据情节轻重依法采取相应措施。

  【相关新闻】
  

  5月4日,上海证券交易所就不断提高上市公司质量提出相关政策建议。上海证券交易所表示,将继续全面加强一线监管,整顿市场乱象,遏制上市公司“由实转虚”的不良倾向。

300100双林股份

以上是由奥德菲网为您整理编辑【300100双林股份】新股发行审核“严把关”已成常态的全部内容,旨在促进信息交流。同时,为您提供300052中青宝、曼尼普尔邦、国泰君安证券官方网、金信诺股票等文章资讯。

声明:本文观点与本站立场无关,不承担任何责任。部分内容文章及图片来自互联网或自媒体,版权归属于原作者,不保证该信息的准确性、真实性、完整性、有效性、及时性、原创性等,如无意侵犯媒体或个人知识产权,请来电或致函告之,本站将在第一时间处理。未经证实的信息仅供参考,不做任何投资和交易根据,据此操作风险自担。本站拥有对此声明的最终解释权。

转载请注明:奥达菲股票信息网 » 【300100双林股份】新股发行审核“严把关”已成常态(2017-05-05)

发表评论

电子邮件地址不会被公开。 必填项已用*标注

近期文章

随机文章

热门标签