摘 要

重庆广电数字传媒股份有限公司(以下简称重庆广电)坐落于山城重庆市九龙坡区，是一家依托互联网和移动互联网的新媒体公司。2017年重庆广电数字传媒申请首次公开发行股票并在创业板上市，拟发行新股1500万股，发行后总股本为6000万股。遗憾的是，11月底，该公司IPO被否，一时之间在广电圈引起轩然大波。以IPTV为主体业务的，排着队准备上市的广电圈内的公司还有不少，重庆广电的被否无论是单个企业的原因还是行业整体的原因，都值得去推敲。本文基于中国证监会下发的有关重庆广电被否的相关文件，从历年以来国内企业IPO被否原因概括分析和该企业所可能存在的被否原因具体分析两个维度进行研究，具体涉及IPO预先信息披露企业统计情况；IPO被否统计情况；重庆广电现状及申请IPO过程介绍；重庆广电被否原因分析；创业板IPO简述等等，最终总结重庆广电的创业板IPO被否原因，指出广电传媒行业内企业存在的值得关注和重视的问题，并且进一步对广电传媒行业内的拟上市公司提出相关上市建议，以此希望能对相关方面的研究做些弥补。

关键词：重庆广电；IPO；创业板；被否原因

Case Study on Not Passing IPO of Chongqing Broadcasting Media Co., Ltd.

Abstract

Chongqing Radio and Television Digital Media Co., Ltd. (hereinafter referred to as Chongqing Radio and TV) is located in Jiulongpo District of Chongqing City. It is a new media company relying on Internet and mobile Internet. It specializes in providing consumers with cross-platform and multi-terminal audiovisual programs and app services. In 2017, this company applied for Initial Public Offering and Listed on the Growth Enterprise Market and would issued 15 million new shares. Total share capital after issuance would be 60 million. Regrettably, at the end of November, 2017, the unfortunate company was not pass the examination of Securities Regulatory Commission that led to an uproar among its circle. There remain numbers of media companies which put IPTV as their main business arranging for listing. It is meaningful for us to study the failure of Chongqing Radio and TV regardless of the responsibility of its own or the whole industry. According to the files issued by the China Securities Regulatory Commission, this article made some analysis on the reasons for not passing IPO, including the reason of the whole industry and that of Chongqing Radio and TV’s own. Especially it covers IPO advance information disclosure company statistics, IPO statistics, Chongqing radio and TV status and application of IPO process introduction, analysis of the reasons for the Chongqing Radio and TV and GEM IPO overview and so on. In the final, this article will give Chongqing Radio and TV reasons and some advice, pointing out that there are issues worthy of attention and attention in companies in the broadcasting media industry and supply some useful suggestions for author companies in the industry of broadcast and media that plan to apply for IPO. With this hope, we can make some corrections to related research.

Key words: Chongqing Radio and TV, IPO, The Growth Enterprise Market, Not pass

目录

1 前言 - 1 -

1.1研究背景 - 1 -

1.2 研究意义 - 1 -

1.3 国内外研究现状 - 2 -

1.3.1国外研究 - 2 -

1.3.2国内研究 - 2 -

1.4 研究内容 - 4 -

2 我国IPO上会通过总体情况分析 - 6 -

2.1 IPO上会政策与条件介绍及近年来的变动情况 - 6 -

2.2 我国各行业企业申请上会通过率情况分析 - 7 -

2.3 被否原因的列举与分析 - 10 -

3 重庆广电基本情况分析 - 12 -

3.1 重庆广电的现状分析 - 12 -

3.1.1行业现状与企业概况 - 12 -

3.1.2企业的实际控制人与企业关联方介绍 - 12 -

3.1.3重要财务指标分析 - 13 -

3.2 重庆广电IPO上会历程 - 15 -

4 主要被否原因分析 - 17 -

4.1资产和业务与市场运营能力的独立性问题分析 - 17 -

4.2关联方问题分析 - 18 -

4.3广告运营业务分析 - 19 -

4.4同业竞争问题的分析 - 19 -

4.5盈利能力分析 - 21 -

4.6其他原因分析 - 24 -

4.7案例分析小结和建议 - 24 -

5 由案例得出的创业板IPO建议 - 25 -

结 论 - 27 -

致 谢 - 28 -

参考文献 - 29 -

附表 - 31 -

1 前言

1.1研究背景

伴随着我国经济的高速发展，资本市场日益繁荣，企业生存与竞争与资本市场紧密相连，越来越多的企业争相通过上市取得融资，以实现长足发展。回顾2017年，全年共有四百多只新股上市，同比增长超过百分之九十，首发募集资金高于两千亿元，同比增长百分之五十左右，新股发行速度逐渐加快，发行数量创历史新高，企业上市的热情只涨不减。为了避免公司虚假上市、包装上市等危害社会的现象，我国股票发行制度经历了从行政审批制到核准制的转变。现行的IPO申报流程包括三大步骤：首发申报——意见反馈——上会之前，而证监会审核越来越严格，IPO被否率越来越高，低过会率成为常态，乃至于造成今日的多家公司申请全部被否的惨痛局面。

创业板市场，又叫“二板市场”，是一个国家资本市场发展到一定程度和达到相当规模之后才出现的专门为具有高成长性特点的中小型公司提供发行市场所和融资服务，主要以促进异国高新技术产业发展为目的的股票市场。美国于1962年全国证券交易所成立，成为全球第一家创业板市场；1998年，我国首次尝试创业板市场准备，直至2009年正式启动。