申请创业板上市企业如何应对改制难题

申请创业板上市企业如何应对改制难题 据了解，拟到创业板上市企业在改制过程中有很多疑问，尤其对如何改制才能顺利上市非常关注，就改制中的难题和敏感问题，记者采访了做过200多个股改案例的著名专家刘纪鹏先生。 三资企业应大胆申请上市 记者:我们发现，一些企业担心有外资股东对上市十分不利，在改制中尽量淡化外资的持股比例，而有些主板上市公司也有外资股份，您认为有外资股东的企业能否在创业板上市, 刘纪鹏:90年代深沪股市成立之初就有外资参股的公司上市，至今主板市场已有四五十家上市公司存在外资股，由于发起人股份不能流通，外资股和国家股、法人股一样被冻结，所以外资股的问题被掩盖。政策上并没有规定有外资股份的企业不能申请上市(《公司法》75条规定在至少5个发起人中，只要过半数发起人在中国有住所)，但在执行中却存在着限制性规定，这和法律没有规定民营企业不能上市，但在实际过程中民营企业上市受到歧视是一样的。90年代存在两种立法思路并存的特有现象，以所有制的立法思路排斥民营和三资企业上市，在执行政策中迁就了中国国情，主推国企上市。随着中国加入WTO和产业升级，中国资本市场必须坚定地削弱中国特色，给予三资企业国民待遇，而且大量借鉴国外企业的技术和管理能够提升民venture capital investment guarantee mechanisms, talents, positive for special funds, play to the guiding role of financial capital, leveraging features, evolving financial resources, capital, financial capital, protection of social capital into new patterns. 3 innovation environment, optimizing talent, create a good atmosphere. Departments at all levels to put science and technology innovation and talent working in the strategic position of priority development, and full play to the guiding role of Government, vigorously promote scientific and technological innovation and the preferential policies, mobilizing the entire society's awareness of innovation, stimulate creativity. Further open "service the green channel" for talent to provide efficient, convenient, quality service and allow all kinds of talents to focus on innovation, play to our strengths. County-level accreditation in recognition of work in a timely manner, contributing to talent and rewarding scientific and technological achievements to emerge, release patent awards grants, encourage patent applications, social forces are encouraged to set up science and technology awards, create an environment conducive to scientific and technological progress, technological innovation, talent and career policy environment, rule of law, market and social environment. Comrades, technological innovation, talent is a 营企业的竞争力，所以在实践中形成的对三资企业不成文的歧视现象在创业板审批中应被消除。据了解，主管部门对此反复论证，现已基本统一了看法，创业板第一批上市企业中就会有外资股东的企业。 从技术角度讲，我更倾向于外方股东的持股比例不超过50,，因为现在还处于试验期，纯外资企业或外方股东持股比例很大的企业上市还是一个渐进的过程，目前仍以扶植中国境内出资人的企业为主。从操作上讲，我建议，第一，有外资股东的企业亦应大胆申请上市;第二，不要为上市而破坏现有的股东结构，在政策不明朗的时候调整股本结构，有可能违反上市前12个月内股权不得有重大调整的规定;第三，最好把外资股东的比例限制在50,以内。 “终极所有人”的概念应被接受 记者:刚才您提到《公司法》对发起人的规定，似乎并没有限定是自然人还是法人，创业板企业一个明显特征就是创业者要作为自然人发起人股东，而且持股比例很高，如果发起人都是自然人，当然自然人的背景也可能比较复杂，这类公司上市是否会遇到障碍, 刘纪鹏:创业板的基本特征是股权全流通，发起人可以获得公司的原始股，从而在上市后实现可观的收益，所以对发起人的规定极为敏感。如果企业发起人完全由自然人组成，在法律上和政策上没有任venture capital investment guarantee mechanisms, talents, positive for special funds, play to the guiding role of financial capital, leveraging features, evolving financial resources, capital, financial capital, protection of social capital into new patterns. 3 innovation environment, optimizing talent, create a good atmosphere. Departments at all levels to put science and technology innovation and talent working in the strategic position of priority development, and full play to the guiding role of Government, vigorously promote scientific and technological innovation and the preferential policies, mobilizing the entire society's awareness of innovation, stimulate creativity. Further open "service the green channel" for talent to provide efficient, convenient, quality service and allow all kinds of talents to focus on innovation, play to our strengths. County-level accreditation in recognition of work in a timely manner, contributing to talent and rewarding scientific and technological achievements to emerge, release patent awards grants, encourage patent applications, social forces are encouraged to set up science and technology awards, create an environment conducive to scientific and technological progress, technological innovation, talent and career policy environment, rule of law, market and social environment. Comrades, technological innovation, talent is a 何限制，即不仅对国有和民营没有所有制歧视，对法人发起人还是自然人发起人也不应有“人格歧视”。但在现实中，法人为出资人更容易被接受，有人不愿意露富，以法人为发起人能让私人股东退到幕后，但这些“终极所有人”将日益被人们所熟悉，资本迷宫也会被识破，所以我们应该引入并接受“终极所有人”的概念。既然对自然人作为发起人没有限制性规定，为降低监管成本应该保证自然人发起人的合法权益。 但必须指出的是，有些企业趁这个机会掀起二次企业内部职工股，向企业职工发放原始股，有的还在一级半市场进行黑市交易，造成公司股权十分分散，对公司治理结构也会产生不良影响。内部职工股是90年代初期搞定向募集公司时出现的，这个概念现在应该消失。因此，如果股权集中在五六个自然人手中是可以理解的，即使创始人股东的持股比例高达80,也不怕;如果股权分散在一两百个员工手中，每个员工手中只有几百股或几千股，持股比例只有1,，持股目的在于吃大锅饭、优惠职工，企业一上市就抛出，这就失去了创业板市场扶植民营科技企业的作用。在此我建议设立5,的限制准则，自然人股东的持股比例应在5,以上，而不主张高度分散的股权结构。 发起人股票禁售期应在两年以上 记者:如果这些高度分散的自然人股东以法人形态出现呢,如果公司的发起人都是自然人，或者是自然人加上风险投资公司，自然人venture capital investment guarantee mechanisms, talents, positive for special funds, play to the guiding role of financial capital, leveraging features, evolving financial resources, capital, financial capital, protection of social capital into new patterns. 3 innovation environment, optimizing talent, create a good atmosphere. Departments at all levels to put science and technology innovation and talent working in the strategic position of priority development, and full play to the guiding role of Government, vigorously promote scientific and technological innovation and the preferential policies, mobilizing the entire society's awareness of innovation, stimulate creativity. Further open "service the green channel" for talent to provide efficient, convenient, quality service and allow all kinds of talents to focus on innovation, play to our strengths. County-level accreditation in recognition of work in a timely manner, contributing to talent and rewarding scientific and technological achievements to emerge, release patent awards grants, encourage patent applications, social forces are encouraged to set up science and technology awards, create an environment conducive to scientific and technological progress, technological innovation, talent and career policy environment, rule of law, market and social environment. Comrades, technological innovation, talent is a 加上证券市场上的投资公司，这是否会加大创业板的炒作气氛，而且对公司未来的治理结构不利, 刘纪鹏:如果分散的若干自然人股东以一个合法的法人形态出现，如公司而不是持股会之类的中国特有产物，公司治理结构不会发生混乱。允许一些民营高科技企业在上市前进行必要的资产重组和调整，最近一两年风险投资公司如雨后春笋般涌现，这些以流动性好、有退出渠道为投资原则的风险投资公司，依托资本市场进行分散组合投资，正是看到了创业板的股权流动性，他们投资于一级和一级半市场，提前进入申请上市的企业中来，等待上市一年后抛出。要让这些投资公司不发现这样的机会是不可能的，企业在首次公开上市前获取私募基金也是现实经营与上市形象包装的需要，所以两者走到了一起。这类投资的天性是“喜新厌旧”，所以不要对此看不惯，重要的是修订监管原则，从企业健康发展角度考虑，发起人股票一年的禁售期是不够的，延长到两年甚至三年为宜，投资公司与企业结合的时间长一点，对上市公司和投资者都有好处，可以减少投机性泡沫，而对风险投资公司来说三年禁售期与其投资原则并不矛盾。 支持分拆上市反对捆绑上市 记者:改制中的资产调整也是大家非常关心的问题，许多上市公司打算分拆上市;而一些企业，尤其是高校企业在资产规模不够的情况下准备捆绑上市;有的企业不愿意让股东分享所有的利润，改制时venture capital investment guarantee mechanisms, talents, positive for special funds, play to the guiding role of financial capital, leveraging features, evolving financial resources, capital, financial capital, protection of social capital into new patterns. 3 innovation environment, optimizing talent, create a good atmosphere. Departments at all levels to put science and technology innovation and talent working in the strategic position of priority development, and full play to the guiding role of Government, vigorously promote scientific and technological innovation and the preferential policies, mobilizing the entire society's awareness of innovation, stimulate creativity. Further open "service the green channel" for talent to provide efficient, convenient, quality service and allow all kinds of talents to focus on innovation, play to our strengths. County-level accreditation in recognition of work in a timely manner, contributing to talent and rewarding scientific and technological achievements to emerge, release patent awards grants, encourage patent applications, social forces are encouraged to set up science and technology awards, create an environment conducive to scientific and technological progress, technological innovation, talent and career policy environment, rule of law, market and social environment. Comrades, technological innovation, talent is a 剥离了一部分资产，在改制前进行这样的资产调整是否符合规范, 刘纪鹏:分拆包括分立和剥离，剥离是国有企业上市时存在的特有现象，由于当时企业办社会，上市时要强制性地将非经营性资产剥离。以前上市还有额度和募集资金规模的配给，为使资产(主要指负债)和资本(主要指股本)达到可流通数量的限制，有的企业要将非核心业务、辅助业务剥离，这样的剥离是可以被接受的。 分立与合并相对，是将一个法人变成两个法人，涉及到共有的资产经营业绩如何分拆。如果企业根据经营需要进行分立，业绩可分，而且分拆过程合理，就可以分拆。如果担心规模太大不能进入创业板而进行分拆就没有必要，因为创业板并没有规定资产和资本规模的上限。 我认为上市公司出于资本运作的需要进行分立也会成为普遍现象，母子公司双重上市，达到资本双重放大的效果，是资本运作的趋势所在。母公司欲通过子公司产生巨额利润是早晚要发生的，这种资本运作技巧事实上已被一些公司掌握，从法律上讲也是无可厚非的。其实为防止分拆上市而设立的限制性规定也限制不住企业的变相运作，而且控股公司在资本市场的运作是不可阻挡的，所以不要限制分拆上市。 venture capital investment guarantee mechanisms, talents, positive for special funds, play to the guiding role of financial capital, leveraging features, evolving financial resources, capital, financial capital, protection of social capital into new patterns. 3 innovation environment, optimizing talent, create a good atmosphere. Departments at all levels to put science and technology innovation and talent working in the strategic position of priority development, and full play to the guiding role of Government, vigorously promote scientific and technological innovation and the preferential policies, mobilizing the entire society's awareness of innovation, stimulate creativity. Further open "service the green channel" for talent to provide efficient, convenient, quality service and allow all kinds of talents to focus on innovation, play to our strengths. County-level accreditation in recognition of work in a timely manner, contributing to talent and rewarding scientific and technological achievements to emerge, release patent awards grants, encourage patent applications, social forces are encouraged to set up science and technology awards, create an environment conducive to scientific and technological progress, technological innovation, talent and career policy environment, rule of law, market and social environment. Comrades, technological innovation, talent is a 而对于捆绑上市，尤其是高校企业捆绑上市，我是非常反对的。首先将高校等同于高科技是非常错误的，我们经历了官办高科技、高校高科技、公司高科技三个阶段，只有在公司的组织形式上、在市场环境中确立的高科技公司才能成为我国高科技产业的生力军，而照顾高校和科研院所上市的政策是非常错误的。尤其是一些校办企业打着高校的品牌，以高校的品牌作资产与社会资源捆绑，甚至参股传统产业的企业也称高校高科技，在资本市场受到追捧，对市场造成非常不好的影响。创业板的上市门槛本来就不高，如果还要捆绑上市的话，说明这种校办公司除了有牌子什么也没有，而且对于一个初创企业，在其开发期同时搞几个不同类的产品也是很难成功的，所以创业板要求主业必须突出。 venture capital investment guarantee mechanisms, talents, positive for special funds, play to the guiding role of financial capital, leveraging features, evolving financial resources, capital, financial capital, protection of social capital into new patterns. 3 innovation environment, optimizing talent, create a good atmosphere. Departments at all levels to put science and technology innovation and talent working in the strategic position of priority development, and full play to the guiding role of Government, vigorously promote scientific and technological innovation and the preferential policies, mobilizing the entire society's awareness of innovation, stimulate creativity. Further open "service the green channel" for talent to provide efficient, convenient, quality service and allow all kinds of talents to focus on innovation, play to our strengths. County-level accreditation in recognition of work in a timely manner, contributing to talent and rewarding scientific and technological achievements to emerge, release patent awards grants, encourage patent applications, social forces are encouraged to set up science and technology awards, create an environment conducive to scientific and technological progress, technological innovation, talent and career policy environment, rule of law, market and social environment. Comrades, technological innovation, talent is a