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B證券公司作為向不特定對象公開募集股份(以下簡稱“增發”)的保薦人。B證券公司就本次增發編制的發行文件有關要點如下：

　　(1)A公司近3年的有關財務數據如下：

　　A公司于2008年度以資本公積轉增股本，每10股轉增2股，轉增資本公積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公司違規提供擔保而被有關監管部門責令改正;2010年1月，在經過A公司董事會全體董事同意并作出決定后，A公司為信譽良好和業務往來密切的D公司向銀行一次借款1億元提供了擔保。

　　(3)A公司于2008年6月將所屬5000萬元委托E證券公司進行理財，直到2010年11月，E證券公司才將該委托理財資金全額返還A公司，A公司虧損財務費80萬元。

　　(4)本次增發的發行價格擬按公告招股意向書前20個交易日公司股票均價的90%確定。

　　要求：根據上述內容，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的條件?并分別說明理由。

　　(2)A公司的凈資產收益率是否符合增發的條件?并說明理由。

　　(3)A公司為C公司違規提供擔保的事項是否構成本次增發的障礙?A公司為D公司提供擔保的審批程序是否符合規定?并分別說明理由。

　　(4)A公司的委托理財事項是否構成本次增發的障礙?并說明理由。

　　(5)A公司本次增發的發行價格的確定方式是否符合有關規定?并說明理由。

　　參考解析:

　　(1) ①A公司的盈利能力符合增發的條件。根據規定，上市公司增發股票時，最近3個會計年度應連續盈利，扣除非經常性損益后的凈利潤與扣除前的凈利潤相比，以低者作為計算依據。在本題中，A公司最近3個會計年度連續盈利。

　　②A公司的已分配利潤的情況符合增發的條件。根據規定，上市公司增發股票時，最近3年以現金累計分配的利潤不少于最近3年實現的年均可分配利潤的30%。在本題中，A公司最近3年累計分配的利潤占最近3年實現的年均可分配利潤的比例超過了30%。

　　(2)A公司的凈資產收益率不符合增發的條件。根據規定，上市公司增發股票時，最近3個會計年度加權平均凈資產收益率平均不低于6%，扣除非經常性損益后的凈利潤與扣除前的凈利潤相比，以低者作為加權平均凈資產收益率的計算依據。在本題中，A公司最近3個會計年度的凈資產收益率分別為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公司違規提供擔保的事項不構成本次增發的障礙。根據規定，上市公司增發新股時，最近12個月內不存在違規對外提供擔保的行為。在本題中，A公司為C公司違規提供擔保的事項距本次申請增發的時間已經超過了12個月。

　　②A公司為D公司提供擔保的審批程序不符合規定。根據規定，上市公司單筆擔保額超過最近一期經審計凈資產10%的擔保，必須經股東大會作出決議。在本題中，A公司為D公司1億元的銀行貸款提供的擔保，超過了其最近一期經審計凈資產(83088萬元)的10%，應當由股東大會作出決議，而A公司僅由董事會作出決議不符合規定。

　　(4)A公司的委托理財事項不構成本次增發的障礙。根據規定，上市公司增發新股時，除金融類企業外，最近一期期末不存在持有金額較大的交易性金融資產和可供出售的金融資產、借予他人款項、委托理財等財務性投資的情形。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等財務性投資的情形。

　　(5)A公司本次增發的發行價格的確定方式不符合有關規定。根據規定，發行價格應不低于公告招股意向書前20個交易日公司股票均價或前一個交易目的均價。在本題中，A公司本次增發的發行價格擬按公告招股意向書前20個交易日公司股票均價的90%確定不符合規定。

　　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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