針對上(shang)市(shi)公(gong)(gong)司并購交易中(zhong)(zhong)(zhong)置入(ru)(ru)標(biao)的(de)(de)(de)(de)公(gong)(gong)司后是(shi)(shi)否(fou)需(xu)要(yao)上(shang)市(shi)公(gong)(gong)司提(ti)供(gong)支持(chi)、上(shang)市(shi)公(gong)(gong)司是(shi)(shi)否(fou)有能力(li)提(ti)供(gong)支持(chi)的(de)(de)(de)(de)行(xing)權案例(li)，中(zhong)(zhong)(zhong)證中(zhong)(zhong)(zhong)小(xiao)投(tou)資(zi)(zi)(zi)者服務(wu)中(zhong)(zhong)(zhong)心(xin)主要(yao)從標(biao)的(de)(de)(de)(de)公(gong)(gong)司的(de)(de)(de)(de)盈利模式(shi)、維(wei)持(chi)增長(chang)是(shi)(shi)否(fou)需(xu)要(yao)持(chi)續大(da)量的(de)(de)(de)(de)資(zi)(zi)(zi)金投(tou)入(ru)(ru)、自(zi)身(shen)的(de)(de)(de)(de)融資(zi)(zi)(zi)能力(li)、是(shi)(shi)否(fou)需(xu)要(yao)上(shang)市(shi)公(gong)(gong)司提(ti)供(gong)支持(chi)、上(shang)市(shi)公(gong)(gong)司是(shi)(shi)否(fou)具備提(ti)供(gong)資(zi)(zi)(zi)金支持(chi)的(de)(de)(de)(de)能力(li)以及提(ti)供(gong)資(zi)(zi)(zi)金支持(chi)后能否(fou)通過標(biao)的(de)(de)(de)(de)公(gong)(gong)司獲得應有的(de)(de)(de)(de)收益等維(wei)度進行(xing)分析，提(ti)醒(xing)上(shang)市(shi)公(gong)(gong)司充(chong)分考(kao)量自(zi)身(shen)資(zi)(zi)(zi)金狀況、標(biao)的(de)(de)(de)(de)公(gong)(gong)司的(de)(de)(de)(de)資(zi)(zi)(zi)金需(xu)求(qiu)和(he)投(tou)資(zi)(zi)(zi)回(hui)報預(yu)期，維(wei)護好自(zi)身(shen)和(he)股東利益。

　　2021年2月，上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)A擬以16.02億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)現金(jin)購買電子(zi)元(yuan)(yuan)(yuan)器件分銷行業公(gong)(gong)司(si)(si)(si)(si)X（簡稱“公(gong)(gong)司(si)(si)(si)(si)X”）。公(gong)(gong)司(si)(si)(si)(si)X曾于2019年7月被上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)B收購20%的股權，并(bing)承諾2019年凈利(li)潤不低于1.7億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)，但公(gong)(gong)司(si)(si)(si)(si)X實際僅實現凈利(li)潤1.2億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)，上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)B公(gong)(gong)告(gao)稱原因是：“2019年公(gong)(gong)司(si)(si)(si)(si)X內外部融資(zi)平均余額(e)9.73億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)，營(ying)運(yun)資(zi)金(jin)缺口為4.66億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)，而上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)未(wei)能通過借款或提(ti)(ti)供擔保的方式提(ti)(ti)供進一(yi)步的支(zhi)持(chi)，在一(yi)定(ding)程度上(shang)(shang)影響(xiang)了公(gong)(gong)司(si)(si)(si)(si)X業務發展，業績未(wei)能達到預期目(mu)標(biao)”。可見公(gong)(gong)司(si)(si)(si)(si)X營(ying)運(yun)資(zi)金(jin)需(xu)(xu)求量較(jiao)大且自主解(jie)決困難(nan)。根(gen)據上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)A收購公(gong)(gong)司(si)(si)(si)(si)X的交(jiao)易(yi)草(cao)案中對(dui)標(biao)的公(gong)(gong)司(si)(si)(si)(si)營(ying)運(yun)資(zi)金(jin)需(xu)(xu)求量的預測，2021年至2023年，標(biao)的公(gong)(gong)司(si)(si)(si)(si)分別需(xu)(xu)要營(ying)運(yun)資(zi)金(jin)15.51億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)、21.4億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)和26.64億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)，如果標(biao)的公(gong)(gong)司(si)(si)(si)(si)預測期內的融資(zi)能力(li)較(jiao)2019年并(bing)未(wei)有(you)較(jiao)大提(ti)(ti)高，那么營(ying)運(yun)資(zi)金(jin)缺口將(jiang)繼續(xu)存在且持(chi)續(xu)擴大，可能需(xu)(xu)要上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)A提(ti)(ti)供資(zi)金(jin)支(zhi)持(chi)。而根(gen)據上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)A對(dui)交(jiao)易(yi)所問詢函的回復，本次(ci)交(jiao)易(yi)的收購款16.02億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)中，6.22億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)為公(gong)(gong)司(si)(si)(si)(si)自有(you)資(zi)金(jin)，其余約10億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)需(xu)(xu)要申請商業銀行并(bing)購貸(dai)款，且未(wei)來公(gong)(gong)司(si)(si)(si)(si)還需(xu)(xu)出售(shou)部分對(dui)外投資(zi)以籌措對(dui)標(biao)的公(gong)(gong)司(si)(si)(si)(si)的2億(yi)(yi)(yi)(yi)(yi)元(yuan)(yuan)(yuan)增(zeng)資(zi)款。僅為完成本次(ci)交(jiao)易(yi)，上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)(si)(si)(si)A公(gong)(gong)司(si)(si)(si)(si)就要承擔較(jiao)大的資(zi)金(jin)壓力(li)。

　　對(dui)此，為(wei)(wei)保(bao)護公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)股(gu)東(dong)，特別是(shi)中小股(gu)東(dong)的(de)(de)(de)(de)合(he)法權益，提(ti)醒上(shang)市公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)充分考慮到收(shou)購后(hou)需(xu)要(yao)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)投(tou)入(ru)與自身資(zi)(zi)(zi)(zi)金(jin)狀況的(de)(de)(de)(de)匹配程度，投(tou)服(fu)中心(xin)通過發送股(gu)東(dong)質詢函(han)的(de)(de)(de)(de)方(fang)式對(dui)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)行使質詢權，問(wen)詢公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)未(wei)來(lai)是(shi)否需(xu)要(yao)對(dui)標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)提(ti)供資(zi)(zi)(zi)(zi)金(jin)支(zhi)持(chi)(chi)，如(ru)需(xu)要(yao)，那么(me)上(shang)市公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)來(lai)源是(shi)什么(me)，是(shi)否有(you)能力持(chi)(chi)續(xu)提(ti)供支(zhi)持(chi)(chi)。公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)以(yi)公(gong)(gong)(gong)(gong)告形(xing)式進(jin)行了回復。公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)X的(de)(de)(de)(de)融(rong)(rong)資(zi)(zi)(zi)(zi)方(fang)式主要(yao)為(wei)(wei)保(bao)理(li)(li)業(ye)務(wu)(wu)融(rong)(rong)資(zi)(zi)(zi)(zi)和供應鏈融(rong)(rong)資(zi)(zi)(zi)(zi)，2020年保(bao)理(li)(li)業(ye)務(wu)(wu)融(rong)(rong)資(zi)(zi)(zi)(zi)覆(fu)(fu)蓋(gai)業(ye)務(wu)(wu)規模(mo)的(de)(de)(de)(de)比(bi)重為(wei)(wei)73%，銀行授信主要(yao)針對(dui)標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)保(bao)理(li)(li)融(rong)(rong)資(zi)(zi)(zi)(zi)業(ye)務(wu)(wu)，預測期(qi)適當考慮了保(bao)理(li)(li)業(ye)務(wu)(wu)融(rong)(rong)資(zi)(zi)(zi)(zi)覆(fu)(fu)蓋(gai)規模(mo)占(zhan)比(bi)的(de)(de)(de)(de)提(ti)升(sheng)以(yi)及標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)未(wei)來(lai)資(zi)(zi)(zi)(zi)產規模(mo)的(de)(de)(de)(de)擴大，因(yin)此預計取得的(de)(de)(de)(de)銀行授信額度將(jiang)有(you)所(suo)上(shang)升(sheng)。綜上(shang)，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)預期(qi)未(wei)來(lai)標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)可(ke)以(yi)通過保(bao)理(li)(li)融(rong)(rong)資(zi)(zi)(zi)(zi)、第三方(fang)借款等(deng)形(xing)式籌集所(suo)需(xu)的(de)(de)(de)(de)運營資(zi)(zi)(zi)(zi)金(jin)，上(shang)市公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)除(chu)按(an)照協議約定(ding)對(dui)標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)或標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)控股(gu)子公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)增資(zi)(zi)(zi)(zi)外(wai)，無需(xu)為(wei)(wei)標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)提(ti)供另(ling)外(wai)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)支(zhi)持(chi)(chi)。目前公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)已(yi)經(jing)完成對(dui)標(biao)(biao)(biao)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)收(shou)購及增資(zi)(zi)(zi)(zi)。