對(duì)我國上市公司“以股抵債”行為的認(rèn)識(shí)—基于華北制藥“股抵債”方式的分析

頁數(shù) 14 字?jǐn)?shù) 7934

摘 要：目前我國證券市場(chǎng)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(yán)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(tuán)有限責(zé)任公司為案例研究以股抵債這種新的償債方式。筆者認(rèn)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(shí)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(shí)施過程中出現(xiàn)的問題，為使這一方案得到充分運(yùn)用筆者認(rèn)為，還要盡快完善相關(guān)規(guī)則，改善定價(jià)機(jī)制以及進(jìn)一步完善股東大會(huì)的表決機(jī)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

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