专业领域/方向：财务管理

适用课程：《高级财务管理理论与实务》

选用课程：《高级财务管理理论与实务》

编写目的：本案例以泰达新材IPO被否为例，通过本案例的学习，学员可以进一步了解上市程序及具体流程。即：一方面，学员可以通过了解中小企业的审核要点和IPO被否原因，使学员站在拟上市公司的角度进行分析，对公司未来再次IPO提出具有针对性的改进建议；另一方面，学员可以学习如何加强公司的财务规范性，为公司增加IPO成功的几率。

知 识 点：企业融资方式、信息不对称与信号传递、上市制度

关 键 词：泰达新材、IPO、净利润

中文摘要：2021年9月3日，经国务院批准，中国第一家公司制证券交易所——北京证券交易所（简称“北交所”）正式注册成立，深化了新三板改革，成为了服务于创新型中小企业的主阵地。2021年11月15日，北交所正式开市，开市首日，北交所上市公司数量直达81家。2022年9月22日，泰达新材在经过了北交所的多轮问询及上市委会议后，成为了北交所开市以来首例IPO被否公司。泰达新材并不是首次IPO被否，早在2017年，泰达新材就闯关创业板失败。泰达新材二度闯关失败，这不禁引人注目，尤其是两次被否原因几乎如出一辙，皆是由于毛利率显著偏高，关联交易以及合作关系不透明等问题，这也说明了泰达新材公司内部存在很大问题。本文从北交所上市条件和审核流程入手，通过泰达新材在北交所IPO审核中披露出的财务信息和非财务信息以及泰达新材向公众披露出的数据等对其IPO被否的原因进行了深度挖掘，发现其问题主要存在在三个方面：毛利率以及净利润增长幅度异常，与供应商合作关系存疑，产品结构单一，同时本文又根据其问题给出了相应的对策：改变产品结构，设立应急方案，完善内部控制等，这些建议对泰达新材未来继续申请IPO有巨大的帮助，同时也对存在类似问题的拟IPO公司申请上市具有重大意义，提高自身IPO成功几率。

英文摘要：On September 3,2021, with the approval of The State Council, the —— Beijing Stock Exchange (the North Stock Exchange) was officially registered, deepening the reform of the New Third Board and becoming the main position of serving innovative small and medium-sized enterprises. On November 15,2021, the North Stock Exchange officially opened. On the first day, the number of listed companies on the North Stock Exchange directly reached 81. On September 22,2022, after several rounds of inquiries and meetings of the first IPO, the TAIDA New Material became the first company since the opening of the North Stock Exchange.TAIDA New Material is not the first time that the IPO has been rejected, as early as 2017,  TAIDA New Material failed to enter the GEM. TEDA New Material failed twice, which can not help but attract attention, especially the two times are almost the same reason, all due to the significantly high gross profit margin, related party transactions and opaque cooperation and other issues, which also shows that there are great internal problems in TAIDA New Material Company. This paper starts with the listing conditions and audit process of the North Stock Exchange, Through the financial information and non-financial information disclosed by  TAIDA New Material in the IPO audit of the North Stock Exchange, as well as the data disclosed by TAIDA New Material to the public, the reasons for its IPO rejection have been deeply mined, The problems are found to exist in three aspects: gross profit margin and net profit growth range is abnormal, Partnership with suppliers is questionable, Single product structure, At the same time, this paper also gives the corresponding countermeasures according to the problem: to change the product structure, Establish an emergency plan, Improve internal control, These suggestions will be of great help to TAIDA New Material to continue to apply for IPO in the future, At the same time, it is also of great significance for the application of the proposed IPO companies with similar problems, Improve your chances of IPO success.

        泰达新材：北交所IPO被否第一单 （众智队）(1).docx