每經特(te)約評論員 熊錦秋

近日，樂通股(gu)(gu)份（SZ002319，股(gu)(gu)價(jia)12.18元(yuan)，市值24.36億元(yuan)）公(gong)告(gao)稱，公(gong)司擬購浙江啟臣100%股(gu)(gu)權(quan)、湖南核三力45%股(gu)(gu)權(quan)的交易(yi)事項(xiang)未(wei)獲證(zheng)(zheng)監會審核通過。究其原因，證(zheng)(zheng)監會認為申(shen)請(qing)人未(wei)充分說明并披露本次交易(yi)標的資(zi)(zi)產(chan)評估(gu)增值率(lv)較高(gao)的合理(li)性和定價(jia)公(gong)允性，不符(fu)合《上(shang)市公(gong)司重大資(zi)(zi)產(chan)重組管理(li)辦法》（以下簡(jian)稱《辦法》）第十一條的規定。

樂通股(gu)份上述重組(zu)事項(xiang)在去(qu)年(nian)12月已(yi)被證(zheng)監會(hui)否(fou)決過一(yi)次(ci)(ci)(ci)，被否(fou)原因(yin)為“申請人未充(chong)分披露(lu)本(ben)次(ci)(ci)(ci)交(jiao)易標的資產(chan)定價的公允性，未充(chong)分說明本(ben)次(ci)(ci)(ci)交(jiao)易有(you)(you)利(li)于提高上市公司資產(chan)質(zhi)量、增強持(chi)續盈利(li)能(neng)力……”。但樂通股(gu)份繼續推進本(ben)次(ci)(ci)(ci)交(jiao)易，本(ben)次(ci)(ci)(ci)重組(zu)草案整(zheng)體交(jiao)易作價比上次(ci)(ci)(ci)調減(jian)了(le)2600萬元(yuan)，只是仍然沒有(you)(you)獲得證(zheng)監會(hui)通過。

一般高(gao)溢(yi)價(jia)并(bing)(bing)購(gou)都會(hui)搭配業績補(bu)償(chang)(chang)(chang)承(cheng)諾(nuo)(nuo)，本案也不例外，上市公司(si)與交(jiao)易對方(fang)簽署了(le)《業績承(cheng)諾(nuo)(nuo)及補(bu)償(chang)(chang)(chang)協議(yi)》。只(zhi)是，假(jia)若(ruo)并(bing)(bing)購(gou)標的(de)業績不如預期甚至虧(kui)損，交(jiao)易對手僅(jin)僅(jin)幾年的(de)業績補(bu)償(chang)(chang)(chang)，對于交(jiao)易對價(jia)而(er)言只(zhi)能(neng)說是杯水車薪，此(ci)前(qian)甚至有些交(jiao)易對手不兌現補(bu)償(chang)(chang)(chang)承(cheng)諾(nuo)(nuo)。高(gao)溢(yi)價(jia)并(bing)(bing)購(gou)可能(neng)給公司(si)帶來(lai)較(jiao)大損失，且可能(neng)讓(rang)上市公司(si)背上一個資產包(bao)袱。

因(yin)此，上(shang)市公(gong)司收購資(zi)產時(shi)，從源頭上(shang)就要把(ba)控好交易作(zuo)價公(gong)平這個問題，不能(neng)(neng)說上(shang)市公(gong)司先高(gao)價收購吃(chi)個大虧，將(jiang)來再(zai)去(qu)想辦法(fa)找補回來。若將(jiang)資(zi)產重(zhong)(zhong)組完全歸為上(shang)市公(gong)司自主(zhu)決策事項，只要股(gu)東大會表決同意就可實(shi)施，這是(shi)靠不住的。蹭熱(re)點重(zhong)(zhong)組、利益輸送式重(zhong)(zhong)組，都(dou)可能(neng)(neng)在股(gu)東大會上(shang)通過，原因(yin)是(shi)上(shang)市公(gong)司蹭熱(re)點大小(xiao)股(gu)東都(dou)樂見(jian)，關(guan)聯股(gu)東隱秘賬戶可能(neng)(neng)參與表決支持。

對(dui)上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)實(shi)施(shi)監(jian)管，是證(zheng)監(jian)部(bu)門的一項重(zhong)(zhong)(zhong)要工(gong)作，目(mu)前(qian)(qian)主板并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)實(shi)施(shi)核準制，交(jiao)易(yi)所對(dui)并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)信息披露(lu)進(jin)(jin)行(xing)監(jian)管，證(zheng)監(jian)會(hui)對(dui)上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)申(shen)請文件進(jin)(jin)行(xing)審核、下發核準批文。目(mu)前(qian)(qian)《辦法》有些(xie)條款意在從源(yuan)頭(tou)把(ba)控重(zhong)(zhong)(zhong)大重(zhong)(zhong)(zhong)組(zu)質(zhi)量(liang)，比如第11條規定(ding)，上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)實(shi)施(shi)重(zhong)(zhong)(zhong)大重(zhong)(zhong)(zhong)組(zu)，應當充(chong)分(fen)說(shuo)明本(ben)次交(jiao)易(yi)符(fu)合(he)(he)“重(zhong)(zhong)(zhong)大資產(chan)重(zhong)(zhong)(zhong)組(zu)所涉及的資產(chan)定(ding)價公(gong)(gong)允”等(deng)要求。第43條規定(ding)，上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)發行(xing)股份購(gou)買資產(chan)，應符(fu)合(he)(he)“充(chong)分(fen)說(shuo)明本(ben)次交(jiao)易(yi)有利(li)于提高上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)資產(chan)質(zhi)量(liang)、改善財務(wu)狀況和增強持續盈(ying)利(li)能力”等(deng)規定(ding)。證(zheng)監(jian)會(hui)在審核并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)申(shen)請時，對(dui)不符(fu)合(he)(he)《辦法》重(zhong)(zhong)(zhong)要規定(ding)的并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)不予核準，這有利(li)于確(que)保并(bing)購(gou)重(zhong)(zhong)(zhong)組(zu)質(zhi)量(liang)。

目前科(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)、創(chuang)(chuang)(chuang)(chuang)(chuang)業(ye)板(ban)試點注(zhu)冊制，其(qi)并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)審(shen)核(he)模式與主板(ban)也有(you)所差(cha)別(bie)，是由交易所對(dui)(dui)上市公(gong)(gong)司并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)申請文件進(jin)行(xing)審(shen)核(he)，審(shen)核(he)通(tong)過(guo)后報送證監(jian)會履行(xing)注(zhu)冊程序，交易所審(shen)核(he)不通(tong)過(guo)的(de)(de)(de)，作出終(zhong)止審(shen)核(he)的(de)(de)(de)決(jue)定(ding)。其(qi)并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)遵循的(de)(de)(de)規(gui)(gui)(gui)則也有(you)所不同，比如(ru)科(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)出臺《上市公(gong)(gong)司重(zhong)大資產(chan)重(zhong)組(zu)(zu)(zu)(zu)特(te)別(bie)規(gui)(gui)(gui)定(ding)》，不過(guo)其(qi)中也明確(que)，科(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)公(gong)(gong)司實施(shi)重(zhong)大重(zhong)組(zu)(zu)(zu)(zu)或(huo)者發行(xing)股份購買資產(chan)應當遵守《辦(ban)法(fa)》等規(gui)(gui)(gui)定(ding)，《辦(ban)法(fa)》等與《特(te)別(bie)規(gui)(gui)(gui)定(ding)》不一(yi)致的(de)(de)(de)，適(shi)用《特(te)別(bie)規(gui)(gui)(gui)定(ding)》。而《特(te)別(bie)規(gui)(gui)(gui)定(ding)》的(de)(de)(de)實質性規(gui)(gui)(gui)定(ding)只有(you)幾條(tiao)，因此，《辦(ban)法(fa)》對(dui)(dui)確(que)保并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)質量的(de)(de)(de)相關(guan)(guan)規(gui)(gui)(gui)定(ding)，在科(ke)創(chuang)(chuang)(chuang)(chuang)(chuang)板(ban)等也是適(shi)用的(de)(de)(de)。只不過(guo)注(zhu)冊制下，在交易所對(dui)(dui)并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)審(shen)核(he)階段(duan)，或(huo)許就可(ke)依(yi)照《辦(ban)法(fa)》對(dui)(dui)不符合相關(guan)(guan)條(tiao)件的(de)(de)(de)，作出終(zhong)止審(shen)核(he)的(de)(de)(de)決(jue)定(ding)。當然，證監(jian)會也有(you)權依(yi)照《辦(ban)法(fa)》對(dui)(dui)并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)最后把關(guan)(guan)，對(dui)(dui)一(yi)些并(bing)(bing)購重(zhong)組(zu)(zu)(zu)(zu)申請可(ke)不予注(zhu)冊。

監管部門(men)一直在(zai)優化并購(gou)重組(zu)審(shen)核機(ji)制(zhi)，以(yi)發揮(hui)并購(gou)重組(zu)提升(sheng)上(shang)(shang)市(shi)(shi)公司質(zhi)量(liang)的功(gong)能(neng)(neng)作(zuo)用(yong)。但無論是核準制(zhi)下的主(zhu)板，還(huan)是注冊制(zhi)下的科創板及(ji)創業(ye)(ye)板，無論是交(jiao)易所審(shen)核還(huan)是證監會審(shen)核，不(bu)管怎(zen)樣(yang)提高并購(gou)重組(zu)審(shen)核效率，不(bu)管怎(zen)樣(yang)方便(bian)上(shang)(shang)市(shi)(shi)公司等(deng)市(shi)(shi)場主(zhu)體，對(dui)(dui)并購(gou)重組(zu)質(zhi)量(liang)的監管把控(kong)，一刻(ke)也不(bu)能(neng)(neng)松。對(dui)(dui)于為炒股而(er)進行(xing)(xing)的忽悠式重組(zu)、蹭熱點式重組(zu)等(deng)，要堅決拒絕和打擊(ji)。對(dui)(dui)有利于提高上(shang)(shang)市(shi)(shi)公司質(zhi)量(liang)、充(chong)分說明了作(zuo)價公允、圍繞(rao)上(shang)(shang)市(shi)(shi)公司產業(ye)(ye)鏈進行(xing)(xing)的縱向或(huo)橫向的重組(zu)，可予鼓勵并大開方便(bian)之門(men)。