上市公司“重整融资”模式的检讨与改进路径

非公开发行股票成为当前上市公司重整的一种主流模式,这种模式具备重整融资的表象,却不具有其实质,且容易引发许多问题。本文对这些上市公司重整所适用的融资模式进行考察,在比较国际通行的重整融资模式的基础上,分析其产生的原因及对破产法和资本市场等调整上市公司运行的制度体系产生的影响,进而提出改进我国公司重整融资制度的路径。

A Review of the Post-Petition Financing of Listed Corporations and its Improvement

Non-public offerings of stock of listed companies have become a dominant mode restructuring. This method looks like the post-petition financing but it is actually not in the nature. Moreover, it may trigger many problems. In this paper, we studied the re-financing models applied for these listed companies. Based on the comparison of the internationally accepted models for restructuring, we analyzed the causes and their impact on the institutional systems which adjust the operation of the listed companies, s...