所在案例库：中国管理案例共享中心
案例链接：http://www.cmcc-dlut.cn/Cases/Detail/1967
案例名称：名股实债：景春集团信托融资的困局
译 名：Jingchun Group：A Dilemma Caused by Trust Financing through the Pledge of Share Right
案例作者：潘立新、邹艳、白金平、孟茂然
作者单位：北京航空航天大学
中文摘要：本案例讨论了“名股实债”信托融资方式对于金融资产核算及财务决策的影响。景春集团在多元化和旅游地产开发的战略转型中深陷资金困境，最终通过其子公司获得信托融资。融资合同约定景春集团转让90%子公司的股份作为质押，并成为债权企业的劣后合伙人。顺利度过资金难关之后，困挠着景春集团管理层的是：“名股实债”的融资安排对长期股权投资的核算有何影响？劣后合伙人投资是否应确认？在获得更低资金成本的融资之后，如何赎回子公司股权，并顺利退出信托融资？
英文摘要：This case discussed the influence on the financial asset accounting and financial decision-making, which attributed to trust financing of “Equity nominally but debt actually”. Jingchun Group Corporation got trust loans by its subsidiary to solve the deep financial distress caused by the strategic transformation of the diversification and the development of travelling landed property. The loan contract made an agreement that Jingchun transferred 90% shares of its subsidiary as a pledge, and become an inferior partner in the creditor enterprise. However, after surviving the funding difficulties, new troubles disturbed the managers in Jingchun. One was what’s the influence of the financing arrangement of “Equity nominally but debt actually” on the accounting of the long-term equity investment. Another one was whether the investment on the creditor enterprise as an inferior partner should be confirmed or not. The third one was how to redeem subsidiary equity and terminate the trust financing after getting the new capital financing of lower cost.
中文关键词：信托融资；股权质押；长期股权投资；财务决策；2015百优案例
英文关键词：Trust Financing, the Pledge of Stock Rights, the Long-term Equity Investment, Financial Decision-making
案例入库时间：2015-08
