从可转换债券融资看上市公司两类股东的利益冲突

Conflict of Interests between Two Types of Shareholders in Listed Companies:The Perspective of Convertible Bond Financing

上市公司利用可转换债券融资,体现了控股的非流通股股东的利益,却造成了非流通股股东与流通股股东在股权价值、股本扩容、股东收益和发行条款的设计等四个方面存在利益冲突。解决这一问题的关键是完善股权结构和妥善解决非流通股的流通问题。

When listed companies raise finance through convertible bonds, this embodies the interests of holders of non - circulating shares with a controlling stake. However, it also brings about conflicts of interests between holders of non - circulating shares and circulating shares in the four aspects ： share value, stock expansion, shareholder earnings and design of issuing provisions. The key to solving the problem is to improve equity structure and make appropriate arrangements for the circulation of non - circulating shares.