Legal Issues on the Asset Restructuring of Listed Companies/QUESTIONS JURIDIQUES SUR LA RESTRUCTURATION DES ACTIFS DES SOCITÉTÉS COTÉES EN BOURSE
Bibliographic record
Abstract
Abstract: Based on the theoretical research on the asset restructuring of listed company, including the comparison of asset restructuring with other concepts, types and modes of asset restructuring of listed company, this paper examines the legal nature of asset replacement, legal issues on debt-equity swap, the protection of creditors, and cross-ownership. By evaluating the current legislation on asset restructuring of listed company in China, the author suggest relevant measures to promote current legal systems on main system, public information system, and Responsibility system. Key words: Asset restructuring; Asset replacement; Debt-to-equity swap Resume: Base sur des recherches theoriques sur la restructuration des actifs des societes cotees en Bourse, y compris la comparaison avec d'autres concepts, d'autres types et modes de la restructuration des actifs des societees cotees en Bourse, cet article examine la nature juridique du replacement des actifs, questions juridiques sur la conversion de la dette en actions, sur la protection de crediteurs et sur l'actionnariat croise. En faisant des evaluations sur la legislation de la restructuration des actifs des societees cotees en Bourse en Chine, l'auteur suggere des mesures pertinentes pour promouvoir les systemes legaux actuels de notre systeme principal, du systeme d'information publique et du systeme de responsabilite. Mots-Cles: Restructuration des actifs; Replacement des actifs; Transformation actions-creances Listed companies play a critical role in the whole financial market, with the fifth wave of corporate mergers in the world, asset restructuring of listed companies also set off a new round storm in China, but without systematic legislation on asset restructuring, there are a lot of problems in the process of restructuring asset, such as asset replacement, transferring debt to shares, staff participation, the protection of creditors, internal control and so on. We will discuss the asset restructuring of listed companies on several aspects, though which we try to found out an ideal way to improve the current legal system in China. 1. THEORIES ON ASSET RESTRUCTURING OF LISTED COMPANIES 1.1 Comparision of asset restructuring with other relevant concepts Asset restructuring is dependent concept that exists during the process of state-owned enterprise reform. After many years of development, there has been rich fruit of studies on asset restructuring, but different people have different point of views about the concept of asset restructuring, the question finally settled in 2008. The application scope of Management on Significant Asset Restructuring of Listed Company, which was formulated by Securities Regulatory Commission on March 24, 2008, came to effect on May 18, 2008. From this administrative legislation, we can definite the concept of asset restructuring, that is, asset restructuring means enterprise trade asset by the way of buying, selling and other ways outside daily business, which lead to the change of main business, asset and income.3 The definition of asset restructuring can help us separate asset restructuring from related concept. 1.1.1 Asset restructuring and capital operation The practice of capital operation originated in the west world, especially from the developed market economy countries such as USA, UK etc. Nevertheless, the just concept of asset restructuring was born formally in China. What is so-called operation is to achieve capital appreciation by arrangement asset artificially by the way of investment and financing, asset restructuring and property right trades and so on. Therefore, capital operation have larger scope than asset restructuring, asset restructuring is just one of means of capital operation. However, asset restructuring is the most important means of capital operation, so asset restructuring and capital operation often mix. 1.1.2 Asset restructuring and corporate restructuring Corporate restructuring is to change structure of enterprise, leading to asset restructuring and finally realizing optimal allocation of resources and efficiency growth by the way of merger, separation, bankruptcy, acquisition and joint through property right flows among corporations. …
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.009 | 0.013 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.001 |
| Science and technology studies | 0.004 | 0.009 |
| Scholarly communication | 0.005 | 0.004 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.006 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".