中国证监会近日新颁布了《上市公司新股发行管理办法》。新的上市公司再融资政策对配股和增发新股的标准及要求作了相应的调整。 《中国经济时报》发表文章对此次调整作了分析。文章认为,配股和增发新股是我国上市公司再融资的两条重要渠道。根据新规定,加权平均净资产收益率的计算以扣除非经常性损益后的净利润与扣除前的净利润孰低为准。此举有效防止上市公司通过一次性交易特别是关联交易拼凑利润的行为,有助于保护中小投 China Securities Regulatory Commission recently promulgated the “Listed Companies New Shares Issue Management Measures.” The new public company refinancing policy for the placement of new shares and the standards and requirements made the appropriate adjustments. An article published in China Economic Times analyzed the adjustment. The article holds that the placement of shares and the issuance of new shares are two important channels for the refinancing of listed companies in our country. According to the new rules, the calculation of the weighted average return on net assets is based on the lower of the net profit after deducting non-recurring gains and losses and the net profit before deduction. This measure effectively prevents listed companies from making any profits by one-off transactions, especially related party transactions, which helps to protect the small and medium-sized voting