Research On Legal Problems Of Equity Financing With Repurchase Article

The deep development of market economy promotes the continuous evolution of financing structure.In the process of the development of market economy,market participants are always actively exploring financing methods that can meet their own interests and needs to the greatest extent.Because of the advantages of the equity financing with repurchase article that it both has the interests of equity financing and the stability of debt financing so it has been widely used in practice.It can meet the different needs of multiple subjects at the same time.However,due to the complex structure,professional terms and vague legal nature,this financing model is easily cause all kinds of legal problems and risks.In judicial practice,courts at all levels have not yet reached an unified recognition of the legal nature of equity financing with repurchase article,and there are still considerable disputes over the application of it.Starting from the basic concepts of equity financing with repurchase article,combining with the research results of the theoretical circles,this paper makes a systematic and in-depth analysis of the core legal issues of equity financing with repurchase article through the summary and analysis of typical cases,and finally puts forward the legal conception of equity financing with repurchase article.Structurally,there are five parts in this paper:The first part is the introduction.In this part,the author introduced the domestic and foreign research status of equity financing with repurchase article in detail,so as to complete the discussion of legal problems related to equity financing with repurchase article based on the previous research results.The second part is an overview of equity financing with repurchase article,which mainly elaborates the background,connotation,characteristics,operation mode,legal risks and other basic issues of it.By sorting out the above problems,this paper clarifies the basic mode and main characteristics of equity financing with repurchase article,and lays a foundation for the subsequent discussion of relevant legal issues.The third part is about the legal problems existing in the application of equity financing with repurchase article.Through sorting out three typical cases,this paper thoroughly analyses the thinking and concept of the judgment of the judicial organs.At the same time,focuses on the core controversial issues in practice: the validity determination of the equity financing with repurchase article,the nature determination of it,the withdrawal repurchase problem and the legal issues under special circumstances(i.e.the bankruptcy situation of the target company).The fourth part is the dilemma faced by the solution of legal problems of equity financing with repurchase article.At present,our country lacks the legal norms directly related to equity financing with repurchase article.The relevant provisions concerning it only appear in the normative documents of the equity financing with repurchase article,the Development and Reform Commission and other departments.At the same time,due to the trade-off between commercial externalism and autonomy of will,it is difficult to reach an unified judicial judgment on the equity financing with repurchase article.In addition,although the transaction of equity financing with repurchase article reflects the autonomy of commercial subjects,it does have the drawbacks of avoiding supervision to a certain extent.It is not an easy task to finally solve the legal problems of the equity financing with repurchase article by balancing the interests of all parties.The fifth part is the legal conception of equity financing with repurchase article and put forward some suggestions to solve the legal problems of equity financing with repurchase article combined with the analysis of the previous part.First of all,we must clearly define the legal status of equity financing with repurchase article.It is the result of autonomy of both sides of investment and financing.It should have legal effect on the premise that the relevant provisions do not violate the prohibitive provisions of laws and administrative regulations.As for the legal nature of the equity financing with repurchase article,this paper argues that it is neither transferring guarantee nor debt financing,but a special way of equity financing.In addition,it is necessary to improve the financing mode of equity financing with repurchase article by unifying the judicial organs' opinions,promoting the establishment of relevant implementation guidelines,and improving the equity repurchases mechanism.