Research On The Legal Nature Of "Real Debt Of Nominal Stocks"

"Real debt of nominal stocks" is a mixed investment and financing mode of "equity investment" and "debt investment"."Real debt of nominal stocks" has absorbed the advantages of creditor’s rights investment and equity investment,realized the positive situation of win-win of investors and financing parties,target enterprises and their shareholders,and is widely used in commercial practice.The core issue in the disputes about "real debt of nominal stocks" is the real dispute,that is,whether the legal nature of "real debt of nominal stocks" is the relationship of equity investment or the relationship of debt and debt called "investment,real loan".At present,there is no clear standard to distinguish the "real debt of nominal stocks" in judicial practice.But legal relations are not necessarily simple "either or".The nature of equity financing or debt financing may not be able to cover the true meaning of both parties.If it is necessary to distinguish the equity claims,then the true meaning of the parties and whether the investors participate in the operation and management are the two key judgment factors.Whether the investors publicize the identity of shareholders and whether the investment income is fixed or floating has no substantive impact."Real debt of nominal stocks" is a typical form of stock debt integration.It is not consistent with the flexibility and complexity of "real debt of nominal stocks" to deliberately identify "real debt of nominal stocks" as debt investment or equity investment.On the one hand,we should fully respect the autonomy of both sides of investment and financing and respond to the needs of commercial practice;on the other hand,we should re understand the "real debt of nominal stocks" in the general trend of the integration of equity and debt,break through the limitations of equity and debt,and shape the innovation road of "real debt of nominal stocks" with a more flexible attitude and thinking.