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募投項目在企業上市中的重要性
 
發布時間: 2014-07-21 [特大 ]
The importance of raised projects in enterprise IPO

企業通過IPO募集來的資金投產的項目,稱作募投項目。一方面,募投項目的實施是以企業IPO的啟動為前提,另一方面,企業IPO通過證監會的審核需要合理的募投項目來支持,可見,募投項目與企業能否成功上市息息相關。
The projects invested by fund from enterprise IPO are called raised projects. On one hand, the implementation of the raised project is based on the start of enterprise IPO; on the other hand, if the enterprise IPO wants to pass the audit of CSRC, it needs a reasonable project to support; therefore, raised project is closely linked with the success of enterprise IPO.

在企業首發上市的過程中,與募投項目相關聯的群體主要包含證監會、投資者和企業自身,三者分別從短期、中期和長期視野來揭示募投項目在企業IPO中的重要性:
In the process of enterprise IPO, there are three groups mainly associated with raised project including CSRC, investors and the enterprise itself, and the three respectively from the short, medium and long-term vision to reveal the importance of raised project to enterprise IPO.

1、上市募投項目的可行性研究工作決定了企業能否上市成功
The feasibility study of raised project decides whether the enterprise will be listed successfully
(1)募投項目在招股說明書中的重要地位
Importance of raise projects in prospectus.
作為企業IPO上市的必備法律文件,招股說明書有4大核心章節:發行人基本情況、業務與技術、財務會計信息、募集資金運用。其中,業務與技術、募集資金運用兩章是充分地突出公司亮點和前景、行業亮點和前景的好時機。滿足“業務與技術”章節,需要進行細分市場研究,而細分市場研究又是募投項目可行性研究的前提條件。因而,募投項目在招股說明書中有著舉足輕重的位置。
As legal documents for enterprise IPO, the prospectus have four core sections, the basic situation of issuer, business and technology, financial and accounting information and raise funds usage. Among them, business and technology and raise funds usage, these two chapters are good times to fully highlight company as well as industry’s prospects. To meet the requirements of "business and technology" section, the issuer needs to segment the market research, which is also the prerequisite of feasibility study. Thus, the raised projects have a pivotal position in the prospectus.
(2)募投項目在證監會審核階段的決定作用
The role of raise projects in SASAC review
募投項目設計,應結合細分市場報告和企業自身特點,合理預測項目前景和盈利能力,準確描述公司核心競爭優勢及持續盈利能力之間的邏輯關系,并對其可行性、必要性和可控性進行論證,充分吻合證監會審核思路,以保證通過證監會審核。
The raised project design should combine segments of the market report and enterprise's characteristics, reasonably forecast project future and profitability, accurate descript the logical relationship between company core competitive advantages and sustainable profitability, and make argument about the feasibility, necessity and controllability, fully understand the CSRC review ideas, in order to pass CSRC review smoothly.
2、投資者會根據企業的募投項目來判斷企業的投資價值和增長潛力Investors will judge enterprise’s investment value and growing potentiality basing on the raised projects.
因為投資者在選擇證券時會根據募投項目的市場前景、技術含量、財務數據等綜合來判斷企業的投資價值和成長潛力,故募投項目的優劣決定著該企業對投資者的吸引力。同時,投資者的認可程度,或者說籌集資金的比例高低也影響著募投項目的實施情況。總的來說,一切的起點都是企業IPO時募投項目的設計是否科學合理,它左右著投資者的判斷,同時也為企業的發展提供保障。
When choosing securities, investors will judge the value of investment and enterprise's growth potential comprehensively according to market prospects, technical content, and financial data, etc. so for the merits of the project decides the enterprise’s attractiveness to investors. Meanwhile, investors’ contribution, or the proportion of raised also influence the project implementation. In general, the starting point of enterprise IPO is whether the project design is scientific and reasonable, and it not only matters the judgment of the investors, but also provide support to the development of enterprise.
3、合理的募投項目為企業自身未來發展戰略提供支撐,推動企業成長
Reasonable raised projects support the future development strategy of enterprise and promote its growing up
上市公司募集資金的主要目的是為了解決公司資金短缺問題,投資于能為公司帶來更高收益的項目,以提高公司的市場競爭力和經濟效益。因而,募投項目必須與企業未來發展戰略保持一致,合理的募投項目分別通過企業IPO和支撐企業戰略雙重途徑來間接和直接推動企業的發展,但是不合理的募投項目在具體實施過程中,也會成為企業前進的阻礙。
The main purpose for listed company to raise funds is to solve funds shortage, and invest in projects bringing high return, in order to improve the company's market competitiveness and economic benefits. Thus, the raised project must be consistent with enterprise’s future development strategy. A rational project could respectively through enterprise IPO and supporting enterprise strategy to indirectly and directly promote the development of the enterprise, but to implement an unreasonable project could also become obstacles of enterprise.
 
瀏覽次數:147848 [打印][關閉]文章來源:證券法務部
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