| As a new thing, Paying a debt in kind with the stock (hereafter referred to as PDS) only comes forth recently in securities market of China, as a result of the dominant shareholders take up a large amount of fund of listed company and at present no other actual paying-off measures. PDS comes into being in our securities market which is just rising and under-developed, and has many problems of its own. This inevitably destines the concept of PDS , its object ,its traits , and its limitations, and this also destines that the relevant problems all have peculiarity of their own and have distinct Chinese characteristics, such as how to deal with the core problem and other relevant problems , what about its influence on each interested body , its economic results , and its final development trend, etc. This problem is practically significant for the development of our securities market, so it is worth our deep studying.On PDS, much discussion and probe have been done in the practical and theoretical cycles, and there have been some experiment units in our securities market. At the beginning of year 2004, in "Pieces of Advice of the State Council about advancing the reform and opening-up and steady development of capital market", State council requested definitely: "each area and each department must earnestly perform the functions regulated in Company Law and other statutes, takevalid measures to prevent from and correct in time the behaviors of promoters providing funds falsely and dominant shareholders and factual controllers usurping on the assets of listed company". In order to further improve the quality of listed company, advance the standard operation of listed company, and solve the problem of dominant shareholders take up the fund of listed company, on July 27,2004, Securities Regulatory Commission of China and the State-run Assets Committee earnestly researched the projects put forward by some aspects concerned , agreed in principle to do the experiment units of PDS and brought forward four systems about that. The job of experiment units of PDS is sponsored by the State Council and performed by the Securities Regulatory Commission of China and the State-run Assets Committee. This shows that as a way of settling the problem of big shareholders take up the fund of listed company, PDS has been the hot spot of the current securities market and it urgently needs the direction of theoretical cycle. Just based on this background, this thesis chooses the problem of PDS to study, closely rounding with the relevant problems and development trend of PDS during the course of its developing in the securities market.This thesis first analyzes from the system questions of securities market of China and the immediate causes of producing the way of PDS. Secondly, it gives out definitely the concept of PDS and analyzes its applicable objects and its traits. Then it makes a core the pricing of PDS, mainly analyzing the influences of PDS on every interested body, esp. the listed company from the angle of financial accounting. And it also probes into several relevant problems, such as the vote-mechanism, the intermediary, disclosure of information, the law and policy of PDS; the relationships of PDS and transfer of state-owned stocks, reduction of state-owned stocks, stock-right-dividing; and the problem of PDS of listed companies whose net asset value is negative numbers. Lastly, based on the analysis above, the author boldly analyzes the development trend of PDS and puts forward some suggestions. This study only hopes to play an introductory function in the research field concerned, and meantime hopes the experts, the teachers and theclassmates could give me some pieces of advice and comments. |
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