⊙记者 郭成林 ○编辑 孙放

Reporter GuoChengLin ○ ⊙ SunFang editor

　　上市公司业绩变脸历来为A股痼疾。但随着中小板、创业板的高速扩容，IPO刚不久的次新股业绩“变脸”的情况日甚——案例增多、幅度增大。

Performance of listed companies has been set for A shares chronic illness。But with small and medium plate、The expansion of the gem，The second new IPO just soon performance“set”What day of the case-increase、sable。

　　造成这一现象，表因是国内宏观经济形势与企业经营环境的持续恶化；但深刻拷问的，乃是新股发行过程中，企业、保荐机构、询价机构、研究机构等各利益主体信披责任的缺失。最终，考验的是制度设计者的公心与智慧。

Cause this phenomenon，Table is for domestic macroscopical economic situation and enterprise management environment of continued to worsen；But deep torture，But the ipo process，enterprise、sponsor、Inquiry agencies、Research institutes believe the interest subjects with the lack of responsibility。finally，The test is the designer's GongXin system and wisdom。

　　据上证报资讯统计，年初至今，共有53家公司登陆创业板，目前均已发布半年度业绩预告。其中13家预减，占四分之一。这13家业绩下滑公司中，有8家是5月份之后上市的，即业绩变脸公司中逾六成上市才短短两个月。

According to the information statistics report，Since early，There are 53 companies on gem，Now all have issued half-yearly forecast performance。With 13 home the subtraction，One-quarter of。The decline in the company's 13 performance，Eight home is listed in May after，That is more than sixty percent in the face of the performance company listed to just two months。

　　这些公司中，最为恶劣的案例是珈伟股份(300317,股吧)，公司7月14日预告上半年净利润为240万至340万元，同比降94.12至95.85%。今年一季度，公司还盈利1800万元，因此其二季度净亏损约1500万元。这样的业绩已不单单能用“滑坡”二字来形容。

These companies，Most of the bad case is gamma wei shares(300317,Shares it)，On July 14, the first half net profit forecast for 2.4 million to 3.4 million yuan，Year-on-year drop 94.12 to 95.85%。In the first quarter of this year，The company also profit of 18 million yuan，So the second quarter net losses of about 15 million yuan。This performance has not only can use“landslide”Two words to describe。

　　由此上溯，珈伟股份实际是1月11日通过发审会，5月11日登陆创业板。据招股书披露，珈伟股份2011年上半年净利润为5780万元，而全年净利润却为5731.55万元，下半年业绩几乎为零，已属“带伤”上市。

Thus began，Gamma wei is the actual shares on January 11 through the hair，On May 11, the gem。According to the prospectus in disclosure，Gamma wei shares in the first half of 2011 net profit of 57.8 million yuan，The net profit but for $57.3155 million，Second half performance is almost zero，Already is“shrugged”listed。

　　更恶劣的是，今年5月，不少券商捧场珈伟股份上市，预测其今年业绩将在8000万以上，如今均成一地鸡毛。

More bad is，In may this year，Many brokers pay tribute gamma wei shares listed，Predict the performance this year will be at 80 million or more，Now all into a land feather。

　　A股IPO利益链上，从询价、定价到挂牌，呈现于投资者面前的上市公司可能判若天壤——对业绩风险搪塞失语的招股书、天花乱坠的保荐机构询价报告、盲从乐观的券商研报、以及挂牌后上市公司快速变脸的财务报表。

A shares IPO in the chain of interests，From inquiry、Pricing to listing，In the present before investors listed companies may PanRe TianRang-of performance with the prospectus in risk aphasia、Spinning the sponsor inquiry report、To follow the brokers research report optimistic、And after listing listed companies face rapid financial statements。

　　对此，一方面，仍需加强对IPO市场的监管与惩罚力度。

this，On the one hand，Still needs to strengthen the supervision of the IPO market with sanctions。

　　另一方面，更要正视经济周期、行业变化对企业业绩的影响，继续通过首发审核制度的改革，趋近IPO市场化的改革目标。

On the other hand，More must face up to the economic cycle、Industry change on enterprise performance impact，To continue through the start the reform of the system of review，Approaching the IPO market as the goal of reform。

　　未来，面对行业萧索、业绩下滑的企业，若如实披露风险和业绩，能否由市场“批准”上市？

future，Face the industry.、The enterprise performance decline，If truthfully disclosure risk and performance，By market can“approval”listed？

　　在最近的保代培训上，监管层已表态：IPO审核核心是业绩无明显操纵迹象，只要符合发行条件即可。审核中，基本没有因为盈利低而提请发审委关注的案例，关键是提高财务信息透明度；风险披露越深刻全面充分具体，通过可能性越高；不担心业绩波动的公司，反而非常担心报告期内高成长的公司。

In the latest generation of training，Regulatory already comment：IPO is performance review core has no obvious signs of manipulation，Should accord with a condition can be issued。audit，Basic no profit to low and because FaShenWei cases of attention，The key is to improve the financial information transparency；The overall risk disclosure deep fully concrete，Through the higher the possibility；Don't worry about the volatility of the performance of the company，It was very worried about GaoCheng long company during the reporting period。