论文部分内容阅读
电广传媒的“以股抵债”方案从推出到实施,备受市场关注,引发了诸多争议。笔者认为,“以股抵债”为缺乏现金清偿能力的控股股东解决侵占上市公司资金问题,提供了现实选择的途径,但它有可能诱发的弊端,诸如控股股东侵占中小投资者的利益、控股股东恶意逃避债务等更不能忽视。要运用“以股抵债”这一创新金融产品化解控股股东侵占上市公司资金的顽疾,实现多方共赢,还要尽快完善其规则,改进抵债股份的定价机制,进一步完善股东大会的表决机制,使其去弊存利。
Electric Broadcasting’s “” shares to Debt “program from launch to implementation, much market attention, sparked a lot of controversy. The author believes that the ”debt-for-equity“ provides a realistic choice for the controlling shareholders who lack the ability to pay cash to solve the problem of encroaching on the capital of listed companies. However, there are some possible drawbacks such as controlling shareholders’ mistrust of small and medium-sized investors, Controlling shareholders malicious avoidance of debt and more can not be ignored. It is necessary to use the innovative financial products such as ”debt-for-equity" to resolve the ill-treatment that controlling shareholders encroach on the funds of listed companies and achieve win-win situations. We must also improve our rules as soon as possible to improve the pricing mechanism for debt-settled shares and further improve the voting mechanism for shareholders’ meetings , To make it to the pros and cons.