The Refinancing Market Of Listed Companies Must Be "Tough".

In fact, besides refinancing, irrational structure and low efficiency, the refinancing of listed companies can not be ignored.

For example, there is a mode of "no lock" regular increase plus high pfer in North Xinyuan. There are also fixed plus plus pfer + good news + large shareholders (executives) to reduce the cash flow pattern, and the acquisition of the underlying assets with a higher premium.

On the other hand, when the board of directors resolution date was set as the base price date, the time when the listed company chose the "appropriate" opportunity to hold the board of directors, the case of low price issuance of interest pfer to the target participants was also everywhere.

Because the fixed increase has become the main means of refinancing of listed companies, the regulatory authorities have also taken some measures to deal with the unfair phenomena.

For example, in October 2015, the supervisory department held a "window guidance" on the listed companies' fixed refinancing three times in the early March and last April. The intensity of the listed companies is very rare in the past, and its purpose is to make the price of the non-public offering more close to the market, so as to eliminate the unfair chain of interests.

In view of the overfinancing of listed companies, the financing structure is unreasonable.

Using the problems of arbitrariness and low efficiency, the regulatory authorities said they would strictly refinance audit standards and conditions, solve the structural problems of imbalances in non-public offering and other financing modes, develop convertible bonds and preferred shares, and curb excessive financing of listed companies.

Since the issuance of new shares in November and the adjustment of stock index, IPO has become the focus of controversy.

However, the final "lying gun" is a huge refinancing of listed companies.

Although the controversy about the speed increase of IPO appears the result of "dramatization", it also objectively reflects the basic reality of the current market.

Data often illustrate the problem.

Statistics from the securities and Futures Commission show that in 2016, IPO and refinancing (cash portion) totaled 1 trillion and 330 billion yuan, an increase of 59% over the same period last year. The number of IPO households and the amount of financing increased nearly five years ago, and the scale of refinancing increased to a record high.

Whether it is "a new high in five years" or "a record high", it all shows the important role played by the new IPO and the refinancing of Listed Companies in supporting the development of the real economy. On the other hand, it may indirectly indicate that some listed companies have the problem of over financing.

Since the China Securities Regulatory Commission issued the "Regulations on the management of securities issuance of listed companies" in 2006, the rights issue has been marginalized by the listed companies because the controlling shareholders have to promise to sell a certain number of shares, and there is a risk of placing failure.

The issuance of convertible bonds and publicly issued shares and other refinancing methods, as a result of the existence of "the last three accounting years weighted average net assets yield of an average of not less than six percent" threshold, also gradually by listed companies "abandoned".

Because there is no threshold for non-public offering shares, and there are still advantages such as simple procedure, low cost and easy access, it has become the favorite of listed companies.

For all that,

There are still many problems in refinancing.

The author thinks that standardizing the Refinancing Behavior of listed companies and improving the efficiency of refinancing need to take measures from various aspects to achieve it.

First, set up the threshold of financial indicators.

Listed companies issue convertible bonds and public offerings have a net assets yield rate assessment, but the rights issue, especially fixed increase, has no threshold. Obviously, it is unfair for the listed companies to finance the first two refinancing ways.

Moreover, the capital market is a place to optimize the allocation of resources. There is no threshold for increasing the allocation of resources, which will not only lead to the appearance of "bad money drives out good money", but also make the listed companies that can not walk or keep up can not really withdraw from the market, which is not conducive to the success of the capital market and the formation of a virtuous circle.

Therefore, it is suggested that the refinancing of listed companies must meet certain net asset return index.

With this assessment, the problem of unreasonable financing structure can also be alleviated to a certain extent.

Two is to raise investment project tracking assessment.

Before refinancing, listed companies often advocate the prospect of related investment projects with the "money scene", and the ultimate goal is to fund them.

To get.

Therefore, it is necessary for the regulatory authorities to track and evaluate the relevant recruitment and investment projects completed by the listed companies after refinancing.

Once it fails to complete its capital investment in the corresponding time, and the realized revenue and net profit do not achieve the goal advocated, it should be stipulated that it will prohibit refinancing within a certain period (such as five years), and the refinancing will be strictly examined in the future.

The three is to implement the share repurchase system for idle refinancing funds.

At present, the problem of low efficiency of refinancing funds is partly caused by idle capital collection, which also leads some listed companies to turn the fund-raising funds into permanent liquid funds or entrust financial management.

The author's suggestion is that in order to avoid the appearance of similar phenomena, the regulatory authorities can make rigid rules, and raise funds must be invested in related investment projects, prohibiting the return of loans, loans, supplementary liquidity or financial management.

Once the investment projects are no longer implemented, the relevant fundraising funds should be used for share repurchase.

This regulation will make listed companies maintain a prudent attitude when launching refinancing, and also help alleviate the pressure caused by refinancing on the two tier market funds.

The four is the refinancing of listed companies and the marketization of pricing.

At present, the benchmark date of refinancing pricing for listed companies includes the announcement date of resolutions of the board of directors, the date of resolution of the general meeting of shareholders and the first day of issue.

Obviously, the first day of the issue period is more fair and more market-oriented.

It is suggested that the "green channel" should be established for the refinancing of the first day of the issue period as the base price date, such as follow up with the trial, and the principle of leniency should be implemented.

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