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新三板逾1000家企业可发行私募可转债 200人股东上限降低适用性

2017-09-25 07:16:53   中国经济网

在新三板市场缺乏流动性、鲜有制度供给的周期,沪深交易所与全国股转系统合力为创新层部分企业送出融资大红包,近日上述三方以及中国结算联合制定《创新创业公司非公开发行可转换公司债券业务实施细则(试行)》(以下简称《细则》),新三板创新层股东人数未超过200人的创新创业公司,将被允许在沪深交易所非公开发行可转债(俗称私募可转债)。

菁财资本创始合伙人葛贤通在接受《证券日报》记者采访时表示,私募可转债的推出将进一步丰富新三板市场的融资渠道。以创新层作为试点,既有合理性也有对创新层这一制度设计本身的政策延续性。

“因为挂牌公司基本都是中小创业企业,经营稳定性差,创业者和投资者通常存在巨大的预期差,难以估值或者双方估值难以谈拢。私募基金、创投机构等投资机构在投资时,一般都要签订带有对赌性质的回购协议。此类对赌协议一方面没有监管层政策支持,容易引起纠纷。另一方面,在IPO过程中,此类对赌协议属于需要清理规范的范畴。”葛贤通表示,对投资机构直接发行私募可转债,可以降低投资机构的投资风险。

“双创公司的可转债,是对创新层创新创业企业融资方式的拓展和补充。在一定程度上,可转债是新三板创新层企业的一种替代性融资方式。”东北证券新三板研究中心总监付立春在接受《证券日报》记者采访时称,但可转债采取非公开发行的方式进行,同时也明确提出股东人数不超过200人的限制。该规定对于未挂牌新三板的企业较易满足,但对于新三板挂牌企业则略显苛刻。

根据《细则》,可转换债券发行前,发行人股东人数不超过200人,同时可转换债券转股后股东人数不得超过200人。截至9月22日,新三板创新层共计有1377家公司,据《证券日报》记者不完全统计,约有1162家公司股东人数在200人以内。

“企业挂牌新三板后,大多会通过定增方式融资,定增融资使得股东人数增多;选择协议转让方式的创新层公司通过指定或非指定的方式进行股权转让,有进一步分散股东的可能;部分进入创新层的企业,因为采取做市转让的股权转让方式,股权分散程度普遍较高,股东人数很可能超过200人。”付立春表示,因此,双创企业可转债细则对新三板的创新层企业适用性受到限制。

除了200人股东人数限制,业界对于私募可转债预期乐观。从技术环节来看,葛贤通分析称,由于此次私募可转债是在双创债下推出,关于双创债的创新增信机制都可以引入,一方面可以设置多样化的偿债保障条款,包括控制权变更限制条款、核心资产划转限制条款、交叉违约条款、新增债务限制条款、支出限制条款等;另一方面,可以拓宽抵押、质押品范围,用合法拥有的依法可以转让的股权,或者注册商标专用权、专利权、著作权等知识产权,为创新创业公司债券增信。

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