對我國上市公司“以股抵債”行為的認識—基于華北制藥“股抵債”方式的分析.doc
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對我國上市公司“以股抵債”行為的認識—基于華北制藥“股抵債”方式的分析,頁數(shù) 14 字數(shù) 7934摘要：目前我國證券市場上存在不少上市公司大股東或?qū)嶋H控制人侵占上市公司資金的行為，嚴重影響了上市公司的正常經(jīng)營。文章以上市公司華北制藥集團有限責任公司為案例研究以股抵債這種新的償債方式。筆者認為，“以股抵債”為缺乏現(xiàn)金清償能...
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此文檔由會員 張陽陽 發(fā)布
對我國上市公司“以股抵債”行為的認識—基于華北制藥“股抵債”方式的分析
頁數(shù) 14 字數(shù) 7934
摘 要：目前我國證券市場上存在不少上市公司大股東或?qū)嶋H控制人侵占上市公司資金的行為，嚴重影響了上市公司的正常經(jīng)營。文章以上市公司華北制藥集團有限責任公司為案例研究以股抵債這種新的償債方式。筆者認為，“以股抵債”為缺乏現(xiàn)金清償能力的控股股東解決侵占上市公司資金問題，提供了現(xiàn)實選擇的途徑，文章分析了華北制藥“以股抵債”的成功之處以及實施過程中出現(xiàn)的問題，為使這一方案得到充分運用筆者認為，還要盡快完善相關(guān)規(guī)則，改善定價機制以及進一步完善股東大會的表決機制。
關(guān)鍵詞：華北制藥,以股抵債,上市公司,控股股東,中小投資者
Abstract: Many major shareholders of listed companies or actual controller by listed companies’ funds in China's stock market at present. Listed companies had been affected. This text takes the North China Pharmaceutical Group Limited Liability Company for example; analyzes the new way of debt-equity swaps. In my view, that it provides a practical way to deal with the problem that the controlling shareholders who have no ability to pay off debts with cash may embezzle the funds of listed companies, the paper from- successes arising from the implementation of the issue. But it may also cause some drawbacks, I think, such as the infringement of controlling shareholders to minority shareholders' benefits and the inappropriate debt eves.
Keywords: North China Pharmaceutical; Debt-equity swaps; Listed Companies; Controlling shareholders; Medium and small investors
參考文獻
[1]張苗.“以股抵債”的由來及思考[J].經(jīng)濟師,2003(11).
[2]李華振,尚鵬飛.我國上市公司治理：路在何方[J].管理與財富,2003(11).
[3]蔡云偉,袁克成,王璐.中國上市公司大股東占用資金調(diào)查：占款猛于虎[N].上海證券報，2004-08-11.
[4]張小玲,尹建海.“以股抵債”定價新思路[N].上海證券報，2004-8-30.
[5]“以股抵債”存隱憂.五方面待完善[N].21世紀經(jīng)濟報道，2004-8-30.
頁數(shù) 14 字數(shù) 7934
摘 要：目前我國證券市場上存在不少上市公司大股東或?qū)嶋H控制人侵占上市公司資金的行為，嚴重影響了上市公司的正常經(jīng)營。文章以上市公司華北制藥集團有限責任公司為案例研究以股抵債這種新的償債方式。筆者認為，“以股抵債”為缺乏現(xiàn)金清償能力的控股股東解決侵占上市公司資金問題，提供了現(xiàn)實選擇的途徑，文章分析了華北制藥“以股抵債”的成功之處以及實施過程中出現(xiàn)的問題，為使這一方案得到充分運用筆者認為，還要盡快完善相關(guān)規(guī)則，改善定價機制以及進一步完善股東大會的表決機制。
關(guān)鍵詞：華北制藥,以股抵債,上市公司,控股股東,中小投資者
Abstract: Many major shareholders of listed companies or actual controller by listed companies’ funds in China's stock market at present. Listed companies had been affected. This text takes the North China Pharmaceutical Group Limited Liability Company for example; analyzes the new way of debt-equity swaps. In my view, that it provides a practical way to deal with the problem that the controlling shareholders who have no ability to pay off debts with cash may embezzle the funds of listed companies, the paper from- successes arising from the implementation of the issue. But it may also cause some drawbacks, I think, such as the infringement of controlling shareholders to minority shareholders' benefits and the inappropriate debt eves.
Keywords: North China Pharmaceutical; Debt-equity swaps; Listed Companies; Controlling shareholders; Medium and small investors
參考文獻
[1]張苗.“以股抵債”的由來及思考[J].經(jīng)濟師,2003(11).
[2]李華振,尚鵬飛.我國上市公司治理：路在何方[J].管理與財富,2003(11).
[3]蔡云偉,袁克成,王璐.中國上市公司大股東占用資金調(diào)查：占款猛于虎[N].上海證券報，2004-08-11.
[4]張小玲,尹建海.“以股抵債”定價新思路[N].上海證券報，2004-8-30.
[5]“以股抵債”存隱憂.五方面待完善[N].21世紀經(jīng)濟報道，2004-8-30.
