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论文从三个方面探讨了“以股抵债”的本质、财务影响和规范要求。笔者认为,大股东采取“以股抵债”这一财务行为,对上市公司来说是一种“被动”的财务交易,从财务交易本身的性质看,它与股票定向回购非常类似,但也存在重大差异。“以股抵债”对上市公司的资本结构、股权结构等都产生了一定影响。管理层应尽快出台办法,规范“以股抵债”的定价等行为,使各方利益得以平衡。
The paper explores the essence, financial impact and standardization requirements of “debt-for-equity payment” from three aspects. The author believes that the major shareholder to take “debt with shares to pay” the financial act, for listed companies is a kind of “passive” financial transactions, from the nature of the financial transaction itself, it is very similar with the stock-oriented repurchase, but also There are major differences. “Debt-to-equity” has a certain impact on the capital structure and ownership structure of listed companies. Management should introduce measures as soon as possible to standardize the pricing of “debt-for-equity” and to balance the interests of all parties.