| 第 1 頁：單項(xiàng)選擇題 |
| 第 3 頁：多項(xiàng)選擇題 |
| 第 4 頁：案例分析題 |
40 A公司于2007年6月在上海證券交易所上市。2011年4月，A公司聘請(qǐng)B證券公司作為向不特定對(duì)象公開募集股份(以下簡稱“增發(fā)”)的保薦人。B證券公司就本次增發(fā)編制的發(fā)行文件有關(guān)要點(diǎn)如下：
(1)A公司近3年的有關(guān)財(cái)務(wù)數(shù)據(jù)如下：
A公司于2008年度以資本公積轉(zhuǎn)增股本，每10股轉(zhuǎn)增2股，轉(zhuǎn)增資本公積7200萬元;2009年度每10股分配利潤0.5元(含稅)，共分配利潤1900萬元;2010年度以利潤送紅股，每10股送1股，共分配利潤5184萬元(含稅)。
(2)A公司于2009年10月為股東C公司違規(guī)提供擔(dān)保而被有關(guān)監(jiān)管部門責(zé)令改正;2010年1月，在經(jīng)過A公司董事會(huì)全體董事同意并作出決定后，A公司為信譽(yù)良好和業(yè)務(wù)往來密切的D公司向銀行一次借款1億元提供了擔(dān)保。
(3)A公司于2008年6月將所屬5000萬元委托E證券公司進(jìn)行理財(cái)，直到2010年11月，E證券公司才將該委托理財(cái)資金全額返還A公司，A公司虧損財(cái)務(wù)費(fèi)80萬元。
(4)本次增發(fā)的發(fā)行價(jià)格擬按公告招股意向書前20個(gè)交易日公司股票均價(jià)的90%確定。
要求：根據(jù)上述內(nèi)容，分別回答下列問題。
(1)A公司的盈利能力和已分配利潤的情況是否符合增發(fā)的條件?并分別說明理由。
(2)A公司的凈資產(chǎn)收益率是否符合增發(fā)的條件?并說明理由。
(3)A公司為C公司違規(guī)提供擔(dān)保的事項(xiàng)是否構(gòu)成本次增發(fā)的障礙?A公司為D公司提供擔(dān)保的審批程序是否符合規(guī)定?并分別說明理由。
(4)A公司的委托理財(cái)事項(xiàng)是否構(gòu)成本次增發(fā)的障礙?并說明理由。
(5)A公司本次增發(fā)的發(fā)行價(jià)格的確定方式是否符合有關(guān)規(guī)定?并說明理由。
參考解析:
(1) ①A公司的盈利能力符合增發(fā)的條件。根據(jù)規(guī)定，上市公司增發(fā)股票時(shí)，最近3個(gè)會(huì)計(jì)年度應(yīng)連續(xù)盈利，扣除非經(jīng)常性損益后的凈利潤與扣除前的凈利潤相比，以低者作為計(jì)算依據(jù)。在本題中，A公司最近3個(gè)會(huì)計(jì)年度連續(xù)盈利。
�、贏公司的已分配利潤的情況符合增發(fā)的條件。根據(jù)規(guī)定，上市公司增發(fā)股票時(shí)，最近3年以現(xiàn)金累計(jì)分配的利潤不少于最近3年實(shí)現(xiàn)的年均可分配利潤的30%。在本題中，A公司最近3年累計(jì)分配的利潤占最近3年實(shí)現(xiàn)的年均可分配利潤的比例超過了30%。
(2)A公司的凈資產(chǎn)收益率不符合增發(fā)的條件。根據(jù)規(guī)定，上市公司增發(fā)股票時(shí)，最近3個(gè)會(huì)計(jì)年度加權(quán)平均凈資產(chǎn)收益率平均不低于6%，扣除非經(jīng)常性損益后的凈利潤與扣除前的凈利潤相比，以低者作為加權(quán)平均凈資產(chǎn)收益率的計(jì)算依據(jù)。在本題中，A公司最近3個(gè)會(huì)計(jì)年度的凈資產(chǎn)收益率分別為5.46%、5.40%并和 6.15%，平均為5.67%，低于6%的法定要求。
(3)①A公司為C公司違規(guī)提供擔(dān)保的事項(xiàng)不構(gòu)成本次增發(fā)的障礙。根據(jù)規(guī)定，上市公司增發(fā)新股時(shí)，最近12個(gè)月內(nèi)不存在違規(guī)對(duì)外提供擔(dān)保的行為。在本題中，A公司為C公司違規(guī)提供擔(dān)保的事項(xiàng)距本次申請(qǐng)?jiān)霭l(fā)的時(shí)間已經(jīng)超過了12個(gè)月。
�、贏公司為D公司提供擔(dān)保的審批程序不符合規(guī)定。根據(jù)規(guī)定，上市公司單筆擔(dān)保額超過最近一期經(jīng)審計(jì)凈資產(chǎn)10%的擔(dān)保，必須經(jīng)股東大會(huì)作出決議。在本題中，A公司為D公司1億元的銀行貸款提供的擔(dān)保，超過了其最近一期經(jīng)審計(jì)凈資產(chǎn)(83088萬元)的10%，應(yīng)當(dāng)由股東大會(huì)作出決議，而A公司僅由董事會(huì)作出決議不符合規(guī)定。
(4)A公司的委托理財(cái)事項(xiàng)不構(gòu)成本次增發(fā)的障礙。根據(jù)規(guī)定，上市公司增發(fā)新股時(shí)，除金融類企業(yè)外，最近一期期末不存在持有金額較大的交易性金融資產(chǎn)和可供出售的金融資產(chǎn)、借予他人款項(xiàng)、委托理財(cái)?shù)蓉?cái)務(wù)性投資的情形。在本題中，由于E證券公司在2010年11月將委托理財(cái)資金全額返還A公司，A公司最近一期期末不存在委托理財(cái)?shù)蓉?cái)務(wù)性投資的情形。
(5)A公司本次增發(fā)的發(fā)行價(jià)格的確定方式不符合有關(guān)規(guī)定。根據(jù)規(guī)定，發(fā)行價(jià)格應(yīng)不低于公告招股意向書前20個(gè)交易日公司股票均價(jià)或前一個(gè)交易目的均價(jià)。在本題中，A公司本次增發(fā)的發(fā)行價(jià)格擬按公告招股意向書前20個(gè)交易日公司股票均價(jià)的90%確定不符合規(guī)定。
Correct answers：
(1) ①A Company’S profitability meets the conditions for making additional issuance of stocks.According to regulations，where a listed company is to make additional issuance of stocks，it shall have favorable earnings for the latest 3 consecutive fiscal years.Comparing the net profits after deducting the non—regular profits and losses with the pre—deduction net profits the lower one shall be the calculation basis.In this case，A Company has favorable earnings for the latest 3 consecutive fiscal years.②A Company’S profits that have been distributed meet the conditions for making additional issuance of stocks.According to regulations，where a listed
company is to make additional issuance of stocks，the profits that it has distributed
accumulatively in cash in the latest 3 years shall be not less than 30%of the average annual distributable profits realized in the latest 3 years.In this case，the profits that A Company has distributed accumulatively in the latest 3 years is more than 30%of its average annuaI distributable profits realized in the latest 3 years.
(2)A Company，s weighted average yield rate of net asset does not meet the conditlons for makillg additional issuance of stocks.According to applicable regulations，where a listed company is to make additional issuance of stocks，its weighted average yield rate of net asset for the latest 3 vears shall be not lower than 6%.Comparing the net profits after deductmg the non—regular profits and losses with the pre-deduction net profits the lower one shall be the.calculation basis of weighted average yield rates of net asset.In this case，A Company’s Yleld rates of net assets for the latest 3 years respectively are 5.46%，5.40%and 6.15%，and the
weighted average yield rate ofnet asset is 5.67%.lower than 6%as legally requireD.(3)O)The fact that A Company provided a guarantee to C Company illegally will not constitute an obstacle to tlle issuance of additional stocks.According to applicable regulations，where a listed company is to make additional issuance of stocks，it shall have not provided any guarantee to any outsider illegally within the latest 12 months.In this case，A Company provided a guarantee to C Company illegally over 12 months before the current application for me issuance of additional stocks.②The procedure for examination and approval of the guarantee provided by A Company to D Company is illegal.According to applicable regulations，if a single guarantee whose amount exceeds 1 0%of the latest audited net assets.such external guarantee of the listed company must be reviewed and passed by the shareholder’s meetin9.In this case，the amount of the guarantee provided by A Company for D Company’s loan of l00 million yuan exceeds 10%of its latest audited net assets(830.88 million yuan).so such guarantee must be reviewed and passed by the shareholder’s meeting rather than the board of directors.
(4)The entrusted fmancing made by A Company will not constitute an obstacle to the issuance of additionaI stocks.According to regulations，to make additionalissuance，a listed company shall meet the following provision：except for a f'mancial enterprise，it does not hold any relatively large amount of transaction financial assets or financial asset available for sale，nor does it make any financial investment by lending money to others or by making any entrusted financing by the end of the latest period.In this case，the securities company E fully returned the money for entrusted financing in November 201 1，so A Company did not make any financial investment by making any entrusted financing by the end of the latest perioD.(5)The way A Company determines the issuance price for the current additional issuance is illegal.According to regulations，to make additional issuance，the issuance price shall not be lower than the average price of the company’s stock prices during the 20 transaction days prior to the announcement of the letter of intent or the average price of the transaction day prior to the issuance.In this case.A Company plans to make the issuance price equal t0 90%of the average price of the company’s stock prices during the 20 transaction days prior to the announcement of the letter of intent，which lS not in line with the aforesaid regulations.
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