40 A公司于2007年6月在上海证券交易所上市。2011年4月，A公司聘请B证券公司作为向不特定对象公开募集股份(以下简称“增发”)的保荐人。B证券公司就本次增发编制的发行文件有关要点如下：

　　(1)A公司近3年的有关财务数据如下：

　　A公司于2008年度以资本公积转增股本，每10股转增2股，转增资本公积7200万元;2009年度每10股分配利润0.5元(含税)，共分配利润1900万元;2010年度以利润送红股，每10股送1股，共分配利润5184万元(含税)。

　　(2)A公司于2009年10月为股东C公司违规提供担保而被有关监管部门责令改正;2010年1月，在经过A公司董事会全体董事同意并作出决定后，A公司为信誉良好和业务往来密切的D公司向银行一次借款1亿元提供了担保。

　　(3)A公司于2008年6月将所属5000万元委托E证券公司进行理财，直到2010年11月，E证券公司才将该委托理财资金全额返还A公司，A公司亏损财务费80万元。

　　(4)本次增发的发行价格拟按公告招股意向书前20个交易日公司股票均价的90%确定。

　　要求：根据上述内容，分别回答下列问题。

　　(1)A公司的盈利能力和已分配利润的情况是否符合增发的条件?并分别说明理由。

　　(2)A公司的净资产收益率是否符合增发的条件?并说明理由。

　　(3)A公司为C公司违规提供担保的事项是否构成本次增发的障碍?A公司为D公司提供担保的审批程序是否符合规定?并分别说明理由。

　　(4)A公司的委托理财事项是否构成本次增发的障碍?并说明理由。

　　(5)A公司本次增发的发行价格的确定方式是否符合有关规定?并说明理由。

　　参考解析:

　　(1) ①A公司的盈利能力符合增发的条件。根据规定，上市公司增发股票时，最近3个会计年度应连续盈利，扣除非经常性损益后的净利润与扣除前的净利润相比，以低者作为计算依据。在本题中，A公司最近3个会计年度连续盈利。

　　②A公司的已分配利润的情况符合增发的条件。根据规定，上市公司增发股票时，最近3年以现金累计分配的利润不少于最近3年实现的年均可分配利润的30%。在本题中，A公司最近3年累计分配的利润占最近3年实现的年均可分配利润的比例超过了30%。

　　(2)A公司的净资产收益率不符合增发的条件。根据规定，上市公司增发股票时，最近3个会计年度加权平均净资产收益率平均不低于6%，扣除非经常性损益后的净利润与扣除前的净利润相比，以低者作为加权平均净资产收益率的计算依据。在本题中，A公司最近3个会计年度的净资产收益率分别为5.46%、5.40%并和 6.15%，平均为5.67%，低于6%的法定要求。

　　(3)①A公司为C公司违规提供担保的事项不构成本次增发的障碍。根据规定，上市公司增发新股时，最近12个月内不存在违规对外提供担保的行为。在本题中，A公司为C公司违规提供担保的事项距本次申请增发的时间已经超过了12个月。

　　②A公司为D公司提供担保的审批程序不符合规定。根据规定，上市公司单笔担保额超过最近一期经审计净资产10%的担保，必须经股东大会作出决议。在本题中，A公司为D公司1亿元的银行贷款提供的担保，超过了其最近一期经审计净资产(83088万元)的10%，应当由股东大会作出决议，而A公司仅由董事会作出决议不符合规定。

　　(4)A公司的委托理财事项不构成本次增发的障碍。根据规定，上市公司增发新股时，除金融类企业外，最近一期期末不存在持有金额较大的交易性金融资产和可供出售的金融资产、借予他人款项、委托理财等财务性投资的情形。在本题中，由于E证券公司在2010年11月将委托理财资金全额返还A公司，A公司最近一期期末不存在委托理财等财务性投资的情形。

　　(5)A公司本次增发的发行价格的确定方式不符合有关规定。根据规定，发行价格应不低于公告招股意向书前20个交易日公司股票均价或前一个交易目的均价。在本题中，A公司本次增发的发行价格拟按公告招股意向书前20个交易日公司股票均价的90%确定不符合规定。

　　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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