Research On The Reasons And Solutions Of "Nominal Shares And Actual Debts"

With the continuous development of Chinese enterprises,the financing demand of enterprises is also growing.Under the current regulatory and compliance requirements,the traditional financing methods can no longer meet the financing needs of some enterprises.It is noteworthy that since 2010,a financing model called "Nominal Shares and Actual Debts" has quietly emerged in the market,which has been concentrated in capital intensive industries,such as real estate,and reached its peak after 2015.The so-called "Nominal Shares and Actual Debts" refers to the financing mode in which the enterprise nominally raises funds in the form of equity,but essentially trades in the form of bonds.This form is inconsistent with the traditional financing mode.The financial transaction mode similar to yin-yang contract is very confusing.Everything has its reason for existence.An urgent problem to be studied about "Nominal Shares and Actual Debts" is:why is there such a type of transaction as "Nominal Shares and Actual Debts" ? What is the essential reason for its emergence?Since the emergence of "Nominal Shares and Actual Debts",a considerable amount of trading volume has been accumulated in the market.But "Nominal Shares and Actual Debts" is not a traditional financing tool.It hides huge legal risks and leads to more and more civil disputes.Therefore,since 2013,the state has successively issued relevant cleanup and rectification measures,but the measures has not solved the fundamental problem.So where is the future way out of this informal financing method?There is also an urgent need for research.Therefore,the main research goal of this paper is to explore the root causes of "Nominal Shares and Actual Debts",analyze the risks brought by this financing method,and explore solutions for its development after the introduction of normative measures.Firstly,it makes a basic analysis of the domestic and foreign literature of "Nominal Shares and Actual Debts",and finds its origin and characteristics different from other financing modes;Secondly,it combs the relevant theoretical basis,defines the concept of "Nominal Shares and Actual Debts",and analyzes transaction structure mode of "Nominal Shares and Actual Debts",so as to pave the way for the later analysis;Then,based on the theoretical basis and the benefits of transaction related parties,this paper analyzes the economic and practical reasons for the emergence of "Nominal Shares and Actual Debts".Finally,it puts forward the potential risks through case discussion,and then puts forward the development way of "Nominal Shares and Actual Debts" under the background of national regulatory norms.The significance of this paper lies in the expectation that through the analysis of the essential reasons for the emergence of the financing mode of "Nominal Shares and Actual Debts",the national management will understand the current situation of investment and financing transactions between enterprises and investors,as well as the complex economic reasons for the phenomenon of "Nominal Shares and Actual Debts",so as to provide reference for the subsequent standardization of financial transactions and the deepening of financial reform.