让预测性财务信息披露作为再融资的前提

从1998年开始,国内上市公司明显地表现出了对再融资的热衷,再融资几乎成了“圈钱”的代名词,规范再融资已经迫在眉睫,是除IPO之外从源头上把握市场资源配置科学化的另一个关键,本文从上市公司再融资热点的演变思考再融资“门槛”问题,通过对配股、增发和可转换债券的发行条件比较分析认为现有的以不断提高对公司历史盈利指标的要求来逐渐扎紧再融资的“口袋”,提高其门槛,存在一定缺陷,忽视了公司未来盈利能力及资金使用效益,而将预测性财务信息披露制度纳入再融资政策,使其成为再融资的前提条件,是促进再融资行为合理化,并最终促使市场资源配置科学化的一个值得尝试的方法。本文还试对如何完善上市公司财务预测信息披露制度,提高预测性财务信息质量提出了几条建议。

Making Predictive Financial Information Disclosure a Precondition of Refinancing

Listed corporations in China have evidently shown a strong zeal for refinancing since 1998. Unfortunately, refinancing has almost been known as the other name "wealth accumulation by unfair means" or "money trap". Refinancing regulation is much in the urgent need and becomes an alternative root key to the scientific allocation of market resources besides IPO. This paper studies the threshold of financing from the changes of financing hotspots for listed corporations. Through the comparative analysis on the specific conditions for the stock rations, new stock issuance and convertible bonds, this paper reckons that there is a shortcoming in the existing ordain, which requires the corporations to keep their historic performance or profit-making index higher and higher, originally in order to narrow gradually the "pocket" of refinancing and uplift the threshold of refinancing, however it overlooks their future profit-making potentials and the financing benefit. Therefore, it may be a nice and deserving attempt to make predictive financial information disclosure system brought into the refinancing policy as precondition of refinancing, which will promote the rationalization of financing and turn out to be a scientific allocation of market resources. In the end, the paper also tries to give some suggestions to the improvement of both disclosure system and quality of predictive financial information for the listed corporations.