论股债结合型融资的性质及其法律适用  

On the Nature of Combined Equity and Debt Financing and Its Legal Application

作　　者：陈冠华 尹振涛[1] CHEN Guan-hua;YIN Zhen-tao(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing 100710,China)

机构地区：[1]中国社会科学院金融研究所,北京100710

出　　处：《山西大学学报（哲学社会科学版）》2021年第6期146-156,共11页Journal of Shanxi University(Philosophy and Social Science Edition)

基　　金：国家社会科学基金重点项目“我国金融体系的系统性风险与金融监管改革研究”(13AJY018)。

摘　　要：根据股债结合型融资实践中的不同需求,其性质判定有《公司法》与《会计法》项下两种不同的判定方法。《公司法》项下的判定方法应跳出传统股债划分的框架,从合同本身的条款出发,将股债结合型融资合同定义为类别股合约。在合同效力判定方面,应注重融资参与各方权利义务划分,遵循法无禁止即可为的一般原理解决其效力问题。《会计法》项下,股债结合型融资应当依据会计准则中的要求认定其属性,将股债结合型融资归类为权益工具或金融负债,并以此为依据进行会计计量;税收规则应以会计计量为基础,严格按照相应的税法规范对股债结合型融资不同阶段融资行为的参与者进行征税。According to the different needs in the practice of combined equity and debt financing,there are two different methods for determining its nature under the Company Law and Accounting Law.Under the Company Law,the determination should go out of the framework of the traditional division of equity and debt.Starting from the terms of the contract,the financing contract of combined equity and debt should be defined as class stock contract.In terms of contract validity,it should put emphasis on the distribution of rights and obligations,and follow the general principle that absence of legal prohibition means freedom to solve the problem of its effectiveness.Under the Accounting Law,the attributes of combined equity and debt financing should be identified in accordance with the requirements of the accounting standards,and it should be classified as equity instruments or financial liabilities,and accounting measures should be based on the financing nature;tax rules should refer to accounting measurement.Taxation should imposed on participants in financing activities at different stages of combined equity and delet financing according to tax laws and regulations.

关 键 词：股债结合型融资 法律性质 会计计量 

分 类 号：D912.29[政治法律—民商法学]