信托资金参与定向增发的法律风险防范研究

Research on Legal Risk Prevention of Private Placement with Trust Funds

信托资金参与上市公司定向增发是分业监管、混业经营态势下的一种融资方式。它扩大了信托资金的投资范围,增加了上市公司的融资渠道。但在实际操作过程中,多层嵌套使得该融资方式在融资结构、资金管理、以及投资人利益保护等方面存在许多风险。随着监管口径的趋严,这些潜在风险使得从法律层面防范信托资金参与定向增发的风险尤为重要。

Trust funds participating in private placement of listed companies is a financing method under the situation of separate supervision and mixed operation.It has expanded the investment scope of trust funds and increased the financing channels of listed companies.However,in the actual operation process,multi-layer nesting makes this financing method have many risks in financing structure,fund management and investors’interests protection.With the tightening of supervision,these latent risks make it particularly important to prevent the risk of trust funds participating in private placement from the legal level.