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2004年证监会与国资委原则同意上市公司进行“以股抵债”的试点,同年电广传媒正式宣布实施这一方案。“以股抵债”的推出可以看作是管理层对大市的长期利好,也有人说“以股抵债”漏洞太多,治标不治本。本文就“以股抵债”对上市公司财务影响,从盈利能力、资产管理比率、变现能力以及股权结构四方面进行分析,并提出相关建议。
In 2004, the CSRC and the SASAC agreed in principle that the listed companies should carry out the trial of “paying off debts by shares.” In the same year, Guangguang Media formally announced the implementation of this plan. The introduction of “debt-for-equity financing” can be seen as a long-term positive result of management’s long-term market. Some people also said that there are too many loopholes in “debt-for-equity financing” and that a temporary solution is not a temporary solution. This paper analyzes the financial impact of “debt-for-equity” on listed companies from four aspects: profitability, asset management ratio, liquidity and ownership structure, and puts forward relevant suggestions.