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2008/08/16

資本政策の重要性

IPO準備のために、資本政策は非常に重要な部分を占めます。

注意しなければいけないのは、元に戻れない、ということです。

未上場の場合、流動性がないため、株価をはじく場合、なんらかの計算式にのっとって

株価を試算します。

が、未上場時には、例えば株式移動において、両者間の合意があると恣意的に株価が

決められるケースがあり(株価の試算根拠も実質後付)、その後、期間をおいて行った増資なり、あ

らたな株式移動の際の株価に、ある程度の合理的根拠を伴った、連続性がなければ、上場時の審

査に触れる可能性があります。

 

つまり、前回はDCFで計算した(ことになっている、後付)株価を、今回は純資産で計算して株価をは

じいた場合、当然、計算方式の変更の経緯など合理的な説明を求められます。

この株価の経緯がすでに過去のものであるものの、IPO準備で、開示期部分(直前々期、直前期)で

であれば、審査的には問題として捉えられます。

 

かといって、今更戻るわけにはいきません。レコードとして、すでに残っているのです。

ですから、資本政策を実行するときは、連続した株価形成において、合理的な根拠に乏しい場合は

審査がパスしないことがあるので、十分注意したいものです。

 

 

 

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