对我国上市公司“以股抵债”行为的认识—基于华北制药“股抵债”方式的分析.doc
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对我国上市公司“以股抵债”行为的认识—基于华北制药“股抵债”方式的分析,页数 14 字数 7934摘要：目前我国证券市场上存在不少上市公司大股东或实际控制人侵占上市公司资金的行为，严重影响了上市公司的正常经营。文章以上市公司华北制药集团有限责任公司为案例研究以股抵债这种新的偿债方式。笔者认为，“以股抵债”为缺乏现金清偿能...
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此文档由会员 张阳阳 发布
对我国上市公司“以股抵债”行为的认识—基于华北制药“股抵债”方式的分析
页数 14 字数 7934
摘 要：目前我国证券市场上存在不少上市公司大股东或实际控制人侵占上市公司资金的行为，严重影响了上市公司的正常经营。文章以上市公司华北制药集团有限责任公司为案例研究以股抵债这种新的偿债方式。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，文章分析了华北制药“以股抵债”的成功之处以及实施过程中出现的问题，为使这一方案得到充分运用笔者认为，还要尽快完善相关规则，改善定价机制以及进一步完善股东大会的表决机制。
关键词：华北制药,以股抵债,上市公司,控股股东,中小投资者
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
参考文献
[1]张苗.“以股抵债”的由来及思考[J].经济师,2003(11).
[2]李华振,尚鹏飞.我国上市公司治理：路在何方[J].管理与财富,2003(11).
[3]蔡云伟,袁克成,王璐.中国上市公司大股东占用资金调查：占款猛于虎[N].上海证券报，2004-08-11.
[4]张小玲,尹建海.“以股抵债”定价新思路[N].上海证券报，2004-8-30.
[5]“以股抵债”存隐忧.五方面待完善[N].21世纪经济报道，2004-8-30.
页数 14 字数 7934
摘 要：目前我国证券市场上存在不少上市公司大股东或实际控制人侵占上市公司资金的行为，严重影响了上市公司的正常经营。文章以上市公司华北制药集团有限责任公司为案例研究以股抵债这种新的偿债方式。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，文章分析了华北制药“以股抵债”的成功之处以及实施过程中出现的问题，为使这一方案得到充分运用笔者认为，还要尽快完善相关规则，改善定价机制以及进一步完善股东大会的表决机制。
关键词：华北制药,以股抵债,上市公司,控股股东,中小投资者
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
参考文献
[1]张苗.“以股抵债”的由来及思考[J].经济师,2003(11).
[2]李华振,尚鹏飞.我国上市公司治理：路在何方[J].管理与财富,2003(11).
[3]蔡云伟,袁克成,王璐.中国上市公司大股东占用资金调查：占款猛于虎[N].上海证券报，2004-08-11.
[4]张小玲,尹建海.“以股抵债”定价新思路[N].上海证券报，2004-8-30.
[5]“以股抵债”存隐忧.五方面待完善[N].21世纪经济报道，2004-8-30.
