China: 靴子落地,路在何方:上市公司再融资新政评述

Last Updated: 6 March 2017
Article by Bin Zhi

2017年2月17日,中国证券监督管理委员会(下称"中国证监会")发布了《关于修改〈上市公司非公开发行股票实施细则>的决定》,对《上市公司非公开发行股票实施细则》(以下简称"《非公发实施细则》")进行了修订,并以发布《发行监管问答——关于引导规范上市公司融资行为的监管要求》(以下简称"《规范再融资监管问答》")的方式对上市公司再融资规则进行了实质性的调整。事实上关于上市公司再融资规则的调整预期早在今年1月20日中国证监会年前最后一次新闻发布会上即已初见端倪,中国证监会新闻发言人张晓军表态,"现行再融资制度从2006年开始实施,至今已逾十年,有必要对实施情况和效果进行评估,予以优化调整",并表明中国证监会"将采取措施限制上市公司频繁融资或单次融资金额过大","总体考虑是严格再融资审核标准和条件,解决非公开发行与其他融资方式失衡的结构性问题,发展可转债和优先股品种,抑制上市公司过度融资行为"。从最终发布的《非公发实施细则》修订稿和《规范再融资监管问答》来看,本次上市公司再融资新政旨在从上市公司非公开发行定价机制、单次融资规模、融资频率、融资用途等四个方面规范对上市公司再融资行为尤其是非公开发行融资行为的监管,这与此前中国证监会新闻发布会上的表态是一致的。

1. 上市公司再融资新政的主要监管要求

(1)修改主板、中小板非公开发行定价机制,只能以非公开发行的发行期首日为定价基准日

《上市公司证券发行管理办法》规定,主板、中小板上市公司非公开发行股票的发行价格不低于定价基准日前二十个交易日公司股票均价的90%。原《非公发实施细则》第七条第一款规定,"定价基准日",是指计算发行底价的基准日,定价基准日可以为关于本次非公开发行股票的董事会决议公告日、股东大会决议公告日,也可以为发行期的首日。由于董事会的召开时间实际上是把控在上市公司管理层手中,以董事会决议公告日为定价基准日的话,上市公司管理层可以选择在上市公司股价走势较低时停牌召开董事会审议非公开发行事项以锁定发行价格,后续上市公司复牌后如果股票抬升,则发行价格相比股票市价而言会有较多的折扣,使得非公开发行存在较大的套利空间。

本次新修订的《非公发实施细则》明确规定,主板、中小板上市公司非公开发行的定价基准日只能为本次非公开发行股票发行期的首日。由于发行期首日的股价与停牌前的股价相比一般而言会 有较大的抬升,以发行期首日为定价基准日,则发行底价与复牌后股票市价的价差会大大减小,也就大大压缩了主板、中小板上市公司定增市场的折价套利空间。

【汉坤提示】由于《上市公司证券发行管理办法》及《非公发实施细则》仅适用于主板、中小板上市公司的非公开发行,而创业板上市公司的非公开发行适用《创业板上市公司证券发行管理暂行办法》,因此本次《非公发实施细则》的修订并没有改变创业板上市公司非公开发行的定价机制。根据《创业板上市公司证券发行管理暂行办法》第十六条第(三)项规定,创业板上市公司控股股东、实际控制人或者其控制的关联方以及董事会引入的境内外战略投资者,仍可以以不低于董事会作出本次非公开发行股票决议公告日前二十个交易日或者前一个交易日公司股票均价的90%认购创业板上市公司非公开发行股份,所发行股份自发行结束之日起三十六个月内不得上市交易。但不排除后续中国证监会可能以保代培训或其他窗口指导意见方式对创业板上市公司非公开发行的定价机制规则进行实质性调整。

(2)限制上市公司单次融资规模,非公发增发股数不得超过发行前总股本20%

此前对主板、中小板上市公司而言,在各种再融资的选择路径中,公开发行证券要求上市公司最近三个会计年度连续盈利、最近三年以现金方式累计分配的利润不少于最近三年实现的年均可分配利润的30%,其中配股还要求拟配售股份数量不超过配股前股本总额的30%,公开增发股票和发行可转债则要求最近三个会计年度加权平均净资产收益率平均不低于6%,发行可转债更是要求发行后累计公司债券余额不超过最近一期末净资产额的40%以及最近三个会计年度实现的年均可分配利润不少于公司债券一年的利息等要求,对各种发行规模、财务指标的要求较多,门槛相对较高。相比之下,非公开发行侧重于以市场约束为主,主要面向有风险识别和承担能力的特定投资者,因此发行门槛较低,行政约束相对宽松,成为了目前上市公司最主要的融资源泉。

根据《规范再融资监管问答》规定,上市公司申请非公开发行股票的,拟发行的股份数量不得超过本次发行前总股本的20%。此项监管要求对非公开发行规模的限制甚至超过了对配股配售规模的限制,这将极大地限制了上市公司单次的融资规模,尤其对于小市值上市公司而言,其融资能力会受到较大的限制。

(3)限制融资频率,本次发行董事会决议日距前次募集资金到位日不少于18个月

自2006年《上市公司证券发行管理办法》发布后,在本次上市公司再融资新政发布前,对于上市公司再融资频率并没有太多明文限制,但《创业板上市公司证券发行管理暂行办法》要求创业板上市公司申请再融资时其前次募集资金基本使用完毕且使用进度和效果与披露情况基本一致,《上市公司证券发行管理办法》也要求主板、中小板上市公司申请再融资时提供前次募集资金使用的报告以说明上市公司再融资的必要性与合理性。这在一定程度上使得部分上市公司在申请再融资前可能会突击加速使用募集资金,为了追求实施再融资而导致客观上降低了募集资金的使用效率。

根据《规范再融资监管问答》的规定,上市公司申请增发、配股、非公开发行股票的,本次发行董事会决议日距离前次募集资金到位日原则上不得少于18个月,前次募集资金包括首发、增发、配股、非公开发行股票;上市公司发行可转债、优先股和创业板小额快速融资,不适用前述规定。

【汉坤提示】《规范再融资监管问答》规定,上市公司发行可转债、优先股和创业板小额快速融资不适用于融资频率限制的规定。根据《创业板上市公司证券发行管理暂行办法》第三十七条规定,所 谓的"创业板小额快速融资"是指,创业板上市公司申请非公开发行股票时融资额不超过人民币五千万元且不超过最近一年末净资产10%,但是最近十二个月内该创业板上市公司非公开发行股票的融资总额不得超过最近一年末净资产10%,该等非公开发行股票申请由中国证监会适用简易程序审核。但实践中,该种再融资方式由于融资规模上限太小,无法满足上市公司对募集资金的需求,故较少被上市公司采用。

(4)限制融资用途,避免"脱实向虚",防止变相进行财务性投资及投入类金融业务

此前对上市公司再融资资金用途的监管要求主要体现在《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》的相关规定中,要求上市公司募集资金原则上应当用于主营业务,除金融类企业外,募集资金投资项目不得为持有交易性金融资产和可供出售的金融资产、借予他人、委托理财等财务性投资,不得直接或间接投资于以买卖有价证券为主要业务的公司。为了规避《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》对募集资金用途的监管要求,部分上市公司可能采取先使用自有资金进行财务性投资或投入类金融业务,然后再以再融资募集资金补充流动资金的方式变相地将募集资金用于前述用途。

根据《规范再融资监管问答》的规定,上市公司申请再融资时,除金融类企业外,原则上最近一期末不得存在持有金额较大、期限较长的交易性金融资产和可供出售的金融资产、借予他人款项、委托理财等财务性投资的情形。对于那些"脱实向虚"、使用大量资金用于财务性投资及投入类金融业务的上市公司,未来将很难符合进行再融资的申请标准。

事实上,该项规定与对上市公司公开增发股份的监管要求是一致的,《上市公司证券发行管理办法》第十三条第(二)项、《创业板上市公司证券发行管理暂行办法》第十三条第(一)项均要求,上市公司公开增发股份的,除金融类企业外,最近一期末不存在持有金额较大的交易性金融资产和可供出售的金融资产、借予他人款项、委托理财等财务性投资的情形。从该项新政来看,中国证监会对上市公司再融资监管改革正在使非公开发行与公开发行的条件差异越来越小,压缩再融资制度套利的空间。

(5)再融资新政生效后的适用时效

在适用时效上,《非公发实施细则》和《规范再融资监管问答》自发布之日起立即实施,此后新受理的上市公司再融资申请即予执行,但已经受理的上市公司再融资申请则不受影响。

2. 再融资新政对上市公司及各市场参与方的影响

(1) 压缩再融资募资规模和频率,为解决IPO堰塞湖争取时间

根据Wind数据统计显示,2016年1-12月,创业板IPO实际募集资金总额为228.210亿元,而创业板非公开发行实际募资资金总额为1775.355亿元;中小板IPO实际募集资金总额为199.492亿元,而中小板非公开发行实际募集资金总额为4863.876亿元;上交所主板IPO实际募集资金总额为960.257亿元,上交所主板非公开发行实际募集资金总额为7094.380亿元。可见,在境内资本市场,A股非公开发行对资金的抽取量已经大大超越A股IPO。目前中国证监会正在加速推进A股IPO的审核速度,从历次新股发行改革的实践看,IPO的加速需要一个总体稳定的股票市场外部环境,为了平衡股票供给与市场资金量的供求关系平衡,适当压缩再融资募集规模空间似乎是监管机 构在努力为IPO扩容营造一个更为稳定的股票市场环境,从而争取更多的时间得以解决A股IPO的堰塞湖问题。

(2) 马太效应显现,优质上市公司融资平台价值提升

上市公司再融资新政发布后,上市公司的单次融资规模和融资频率相较以往都受到较大限制,部分财务表现优秀的上市公司可以选择转向公开增发、配股、可转债、优先股等门槛相对较高的融资方式,并且股本总额较大、市值较高的上市公司在募资能力上会显著强于小股本、小市值的上市公司,因此上市公司很可能出现两极分化,缺乏优质资产和良好财务表现的上市公司未来的转型发展之路可能会受到较多限制。

(3) 定增交易折价安全垫受限,定增投资更强调个股成长性,交易潜在纠纷也可能增多

以前定增交易中由于发行底价与上市公司复牌后市价之间的折价空间较大,市场投资者往往偏重发行底价相比于股票市价的折价率,而忽略了上市公司的成长性和内在投资价值。再融资新政改变了主板、中小板上市公司的定价机制,大大压缩了发行底价与股票市价的折价空间,因此未来投资三年期定增时需要更多关注上市公司的成长性,否则仅凭有限的发行折价安全垫可能难以确保投资者取得理想的投资回报。另一方面,由于再融资新政压缩了定增交易的套利空间,以后定增交易中投资者可能会更多地要求上市公司实际控制人提供定增交易最低收益的保底承诺,一旦限售期届满后上市公司股价无法达到投资者理想预期,则上市公司及其实际控制人与定增投资者之间关于定增收益保底承诺的潜在纠纷很可能会增多。

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If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Emails

From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

*** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.