⊙见习记者 黄世瑾 ○编辑 孙放

Reporter HuangShiJin ○ ⊙ trainee SunFang editor

　　上交所7日就退市制度改革等问题发布答记者问，其中明确提出了风险警示板将计划于2013年1月1日正式实施。这意味着正在上交所挂牌交易的*ST与ST类上市公司如果在今年年底前没能成功“摘帽”，就将面对进入风险警示板的命运。而据记者了解，去年及今年上半年经营正常且盈利、成功重组和以新《上海证券交易所股票上市规则》认定符合条件的股票，或在今年下半年“摘帽”。

ShangJiaoSuo 7 left problems such as the system reform issued a reporter asked，It brought forward the risk of warning board will plan on 1 January 2013 officially implemented。This means that are ShangJiaoSuo listing for trading of the * st and st kind of listed company before the end of this year if unable to succeed“Pick cap”，Will face into the risk the fate of the threat board。And according to reporter understanding，Last year in the first half of this year and business normal and profit、Successful restructuring and new《Shanghai stock exchange listed on the stock exchange rules》That meet the conditions of the stock，Or in the second half of this year“Pick cap”。

　　大部分上市公司被实施退市风险警示（*ST）都和财务指标不达标有关。而上交所原版本《上市规则》与2012年修订版本对于摘帽条件有较大的区别，前者需要连续两年亏损公司连续两年盈利才能完全“脱星摘帽”，而后者仅需要一个会计年度即可。

Most of the listed company has been implementing retreat city risk warnings（* st）All and financial indicators substandard relevant。And ShangJiaoSuo the original version《Listing rules》And the 2012 revision of the conditions for picking cap has great difference，The former need for two consecutive years of loss-making companies for two consecutive years can be fully earnings“Takes off a star to pick the cap”，While the latter need only a fiscal year can。

　　排除2011年依然出现亏损或者净资产为负等情况。对于2011年已扭亏为盈，经营正常的上市公司来说，上交所是利用老版本，还是2012年修订版本《上市规则》，在年内完成对上述公司是否“脱星摘帽”的判定，是个至关重要的问题。

Rule out in 2011 with a net worth of impaired or still negative, etc。For the 2011 already out of the red，Management of the listed company is normal，ShangJiaoSuo is using old version，Or amended in 2012 version《Listing rules》，In the years to complete the company to whether“Takes off a star to pick the cap”judgement，Is a very important problem。

　　市场人士认为，由于新《上市规则》与原版本在今年需要完成衔接，因此在财务观察期与观察标准方面，会有一个相向妥协的过程。由于到2013年1月1日风险警示板推出时，各上市公司2012年年报尚未出炉，无法就原《上市规则》所要求的“至少连续两年净利润为正”的“摘帽”条件进行观察。因此，2012年上半年的各项经营指标，是观察2011年已取得盈利公司是否符合“摘帽”条件的关键，这个“一年半”的观察期也正是新老《上市规则》衔接中的一种平衡。因此，2012年半年报数据至关重要。

Market experts think，Because new《Listing rules》And the original version of this year in need to complete cohesion，So in financial observation period and observation standards，There will be a mutually to compromise process。Because by January 1, 2013 risk warnings board when launched，The 2012 report listed company has not yet come，Couldn't the original《Listing rules》required“At least two years for a net profit of is”of“Pick cap”Conditions to observe the。so，In the first half of 2012 the management and operation，Observation is in 2011 the company has profit to qualify“Pick cap”Conditions of the key，the“A year and a half”It is also the observation period of old and new《Listing rules》The link is a kind of balance。so，2012 half annals data is very important。

　　此外，另一重要判断标准也可能“微调”，那就是对于净利润的判定不再需要以扣除非经常性损益后为准。前述市场人士告诉记者，从上交所今年7月7日发布实施的新《上市规则》看，对于其他风险警示股票（ST）的“摘帽”标准变得明确。而目前有一部分ST股是因为其主营业务状况未恢复正常或者扣除非经常性损益后的净利润为负数，依据原《上市规则》被ST的，这不符合新《上市规则》对于ST股票的认定原则。因此，这些公司待其2012年半年报发布后，如未出现新《上市规则》规定的被ST情形，其股票被“摘帽”概率较大。

In addition，Another important judgment standard may also“fine-tuning”，That is no longer needed for the judgement of the net profit after deduction in the profits and losses of the irregular shall prevail。The market experts told reporters，From ShangJiaoSuo July 7 of the implementation of the new release《Listing rules》see，For other risk warnings in stock（st）of“Pick cap”Standards become clear。And there are part of the st shares because its main business situation not back to normal or deduct the profits and losses of the regular net is negative，According to original《Listing rules》Be of st，It does not accord with new《Listing rules》For st stock of the determination principle。so，The company to its 2012 half annals after release，If did not appear new《Listing rules》The provisions by st case，Its stock is“Pick cap”Probability larger。

　　目前4家已公布半年报的沪市*ST与ST公司中，净利润全部为正。此外，有一些已发布半年度业绩预告的也表示累计净利润将扭亏为盈，这些公司都有可能在下半年成为“摘帽”对象。此外，由于前述判断ST的标准发生一定变化，于是一些2011年就已“摘星”，同时主营业务开始逐步恢复，但根据原《上市规则》无法“摘帽”的上市公司，同样可能在下半年“摘帽”。当然，对部分其他公司而言，如果能尽快完成重组，也不失为一种迅速解脱的办法。

At present already announced four and a half of the annual report with the Shanghai * st st company，Net profit is all。In addition，Some have issued half-yearly forecast performance of accumulative total also said net profit will be out of the red，These companies are likely to be in the second half“Pick cap”object。In addition，Because the judgment standard has certain changes of st，So some 2011 years already“Gold star”，At the same time's main business began to recover gradually，But according to the original《Listing rules》Can't“Pick cap”Of the listed company，The same may be in the second half“Pick cap”。Of course，To some of the other companies，If can complete reorganization as soon as possible，Also can yet be regarded as a kind of rapid relief measures。

　　与前三类公司相对的是，有一类公司或难逃进入风险警示板的命运。上交所在发布新《上市规则》时表示，公司股票因净资产和审计意见类型指标，触及原《上市规则》规定的标准，而“戴帽”的，在公司2012年年报发布前，其股票交易仍按原《上市规则》予以其他特别处理。

And the first three company is relative，There is a certain type of company or not escape into the risk the fate of the threat board。Hand in place issued new《Listing rules》said，The company stock for net assets and the audit opinion type index，Touch the original《Listing rules》standards，and“cap”of，In the company annual report 2012 before release，Its stock trading is still press former《Listing rules》Be other special treatment。

　　还有一点需要引起注意的是，“摘帽”的最终判断标准掌握在监管部门手中。除了去年或今年上半年依旧亏损的上市公司，其他公司扭亏多通过投资收益实现，经营情况均未发生显著变化。单纯财务数据在判断“摘帽”与否中占到的权重最终还是取决于监管层态度。因此投资者仍需对*ST与ST股票保持足够的谨慎。

And a little need to notice the is，“Pick cap”The final judgment standard controls in the supervision department hands。But last year or in the first half of this year is still the loss of the listed company，Other companies more than putting through investment gains come true，Business all did not have a significant change。Pure financial data in judgment“Pick cap”Whether or not the share of the weight of the final still depend on regulatory attitude。So investors still need to * st and st stock keep enough caution。