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7月27日,证监会与国资委原则同意上市公司进行“以股抵债”的试点,即上市公司可以以其控股股东“侵占”的资金为对价,冲减控股股东持有的上市公司的股份,被冲减的股份则被注销。这一举措引起了业界的极大关注。有人称之为系统性长期利好,有人将此看作解决股权分置问题的突破口,但也有人认为这一方式是“牛栏关鸡,漏洞太多”,治标不治本。对这一问题应怎样认识呢?除侵占上市公司资金外,大股东还在很多方面存在侵害上市公司利益的行为,其中的原因何在?又如何加以解决呢?本期我刊邀请了两位专家对这些问题进行探讨。
On July 27, the CSRC and the SASAC agreed in principle that the listed company should carry out the trial of “debt-for-equity payment”, that is, the listed company may offset the shares of the listed company held by the controlling shareholder with the fund of “encroachment” by its controlling shareholder , The share being offset is canceled. This move has aroused great concern in the industry. Some people call it systematic and long-term good. Some regard this as a breakthrough point for resolving the split-share structure. However, some people think this approach is “the bullpen closes the chicken and there are too many loopholes.” What should we do about this issue? In addition to encroaching on the funds of listed companies, the major shareholders still have acts that infringe on the interests of listed companies in many respects. What are the reasons and how to solve them? In this issue, we invited two experts Discuss these issues.