⊙见习记者 黄世瑾 ○编辑 邱江

Reporter HuangShiJin ○ ⊙ trainee QiuJiang editor

　　新股业绩“变脸”有愈演愈烈之势。

New performance“set”Have of Tennessee。

　　与百隆东方(601339,股吧)上市不足两月即预减55%-75%的恶劣表现相比，A股“今年最贵新股”南大光电(300346,股吧)可谓“有过之而无不及”。就在上市首日，发行价高达66元的南大光电发布风险提示公告，公司上半年净利润仅5000余万，同比下滑27.71%，并预测今年前三季度净利润同比下滑约40%。受此影响，南大光电上市次日股价惨遭跌停，昨日又一度大跌6%，收盘仍下跌3.75%。

And BaiLong east(601339,Shares it)Two months is insufficient listed gets down to 55%-75% of the bad than performance，A shares“The most expensive new shares this year”Ntu photoelectric(300346,Shares it)is“More so”。In the first listed，As high as 66 yuan price of photoelectric released its risk warning notice，In the first half of the net profit of only 5000 to more than，Decline 27.71% year-on-year，And the previous three quarters of this year net profit forecast fell about 40% year-on-year。Affected by this，The ntu listed shares were photoelectric drop stop，Yesterday was once again plunged 6%，Still closed down 3.75%。

　　新股上市后业绩即“变脸”，一直是困扰我国证券市场的痼疾之一。就发行制度而言，由于按规定公司招股说明书引用的财务报表自其最近一期截止日起6个月内均有效，客观上使新股财务审计完成和上市之间的“空窗期”为业绩“变脸”提供了便利，从而导致上市公司与投资者之间的信息不对称，投资者对此深恶痛绝。

After the ipo performance namely“set”，It is always one of the illness of the Chinese securities market。For our system to release，Because the company prospectus quoted by the regulation of the financial statements from the recent issue of deadline within six months are valid，Objectively make new shares the financial audit and listing of the complete between“Window period of”As the achievement“set”Provides a convenient，Leading to the listed company and the information asymmetry between the investors，Investors to hate to hear。

　　有鉴于此，深交所已要求最近上市的公司在其上市公告书内发布最近一期业绩情况或者财务报表，并在最新的投资者教育中进一步表示，为了实现公司上市前后财务信息的有效衔接，近期要求拟上市公司在上市公告书中进一步以季度为单位披露未来一期业绩预告，进一步把信披关口提前。而上交所对新上市的公司尚无此“规定动作”的要求，有待紧随跟进。

In view of the，Shenzhen has asked recently in the listed company listed GongGaoShu released in a recent issue of performance situation or financial statements，And in the latest investors education in further said，In order to realize the listed company before and after the financial information effective connection，Recent requirements listed company listed in GongGaoShu to further to quarter as the unit of performance forecast future disclosure，The letter in advance further with the pass。And ShangJiaoSuo to new public companies is this“Prescribed moves”requirements，Remains to be followed to follow up。

　　尽管交易所方面已在信息透明度方面有所作为，但我们认为，若要进一步遏制新股业绩“变脸”现象，更有效的手段之一就是加大对相关保荐人和中介机构的惩戒力度。以南大光电为例，其半年度业绩下滑近三成，三季度业绩预计下滑约四成，虽然按照这个趋势，投资者完全有理由担心公司上市当年业绩便可能下滑五成，但其保荐机构和保荐人仍将逃过惩罚。因为，根据《证券发行上市保荐业务管理办法》，当年业绩下滑50%的惩罚只适用于主板公司的保荐人，而创业板公司并不在此列。

Although exchange has different in the information transparency as，But we think，If want to further curb new performance“set”phenomenon，More effective means to increase the related is one of the sponsors and intermediary agencies disciplinary strength。Big south of photoelectric for example，Its half-yearly performance fell nearly thirty percent，Performance in the third quarter is expected to decline about forty percent，Although according to the trend，Investors have every reason to worry about the company listed in performance may be dropped fifty percent，But the sponsor and the recommender will still escaped punishment。because，According to《Securities issuance listed sponsor business management approach》，That year performance fell 50% punishment is only applicable to the motherboard company sponsors，And the gem companies don't in effect。

　　南大光电在上市之前的2010年、2011年，业绩分别同比暴增7倍多和2倍多，但上市当年即可能净利腰斩。南大光电对此业绩波动提出的解释是，产品市场价格回归理性，虽销售量大幅增长，但弥补不了单价的下滑。诚然，创业板公司因为规模偏小，其业绩具有较大的波动性，但保荐人绝不能以此为由为己开脱。换句话说，保荐人对于公司产品下游市场以及所带来的业绩不稳定性应该有充分的认识，公司是否真正符合上市条件，保荐人不能视而不见，更不能为其遮盖。

Ntu photoelectric listed in the 2010 years before、2011 years，Performance compared to seven times respectively soared more and more than twice as many，But that may be cut net is listed。Ntu this performance fluctuations of photoelectric explanation is put forward，The product market price return to reason，Although a sharp increase sales，But do not offset the slowdown in the unit price。admittedly，Gem companies because as small scale，Its performance with larger volatility，But this can never on the sponsors for himself vindication。In other words，Guarantor for the company products market and brought about by the downstream performance instability should be full understanding，The company is not really conditions for listing，Guarantor can't turn a blind eye，More can't for its cover。

　　而从另一个角度来说，由于今年经济形势趋弱，企业大都感到经营困难，其中不少公司便把上市作为最后的救命稻草。但是，如果因此放低标准，放任业绩出现下滑的公司上市，显然不符合市场经济优胜劣汰的原则。

And, from another point of view，This year because of the economic situation is weak，Enterprise management difficult mostly feel，Many of the companies and listed as the last resort。but，If so low standards，Indulge performance dropped company public，Obviously not with market economy principle of the survival of the fittest。

　　只有让业绩“变脸”、包装上市远离我们，才能打造一个既服务于实体经济、又有利于投资者的资本市场。

Only let performance“set”、Packing listed far from us，To make a both in the service economy、And for investors capital market。