债权转股权：当前中国实际运用之探究

发布时间：2018-05-08 05:01

本文选题：债权转股权 + 政策性债转股　；参考：《华东政法大学》2011年硕士论文

【摘要】：2009年6月1日,美国最大工业企业通用汽车在与债券持有人就债权转股权方案经过多次谈判最终达成一致后,向纽约当地破产法庭正式递交破产保护申请,正式进入破产保护程序(2009年7月10日宣布脱离破产保护,新通用公司正式成立)。自2007年经济危机以来,为了走出债务危机、重整旗鼓,已经有多家全球知名公司提请了破产重组保护的要求,如雷曼兄弟、克莱斯勒、全美航空、加拿大航空、意大利航空、西北航空、论坛报业集团、读者文摘有限公司等多家公司申请了破产保护,而他们在债务重组中大都实施了债权转股权的方案。债权作为一种非货币财产,是目前经济生活中最普遍的财产性权利之一。债权转股权是指债权人通过以其债权出资与债务人新设公司或增加债务人注册资本,将其对债务人所享有的合法债权依法转变为对债务人的投资,并且取得股权的投资行为。债权转股权包括股权的产生和债权的消灭两个法律关系及过程。债权在我国《公司法修订草案》中曾被列为可出资的非货币财产,此后虽未在修订后的《公司法》中载明,但《公司法》对非货币财产采取概括式的表述,《公司登记管理条例》要求国家工商总局会同有关部门制定非货币财产出资的登记办法等条款实际上给债权等非货币财产出资预留了较大的空间。从理论上来看,相当部分的债权符合可评估可转让的条件,具有出资的法理基础。从实践上来看,九十年代初的政策性债转股为债权出资积累了一定的基础。从立法例上来看,英国《公司法》、美国《示范公司法》、澳门特别行政区《商法》等英美法系国家和地区的法律明确允许以债权出资,给我们提供了很好的参考经验。因此,近年来学界对于债权出资持比较肯定的态度。当前,我国正处于企业发展回升向好的关键时期,不少行业和企业面临着优化重组,转型升级依然是今年经济工作的主线。债权作为一种新的非货币出资方式,能够降低投资者的投资成本,进一步开拓投融资环境,改善企业的资产负债结构,使得一切创造社会财富的源泉充分涌流,对在转型升级这一特殊时期的企业有着重要的意义。
[Abstract]:On June 1, 2009, General Motors, the largest industrial enterprise in the United States, formally filed an application for bankruptcy protection with the local bankruptcy court in New York after many negotiations with bondholders on the debt-to-equity conversion plan. Officially entered the bankruptcy protection procedure (announced on July 10, 2009 out of bankruptcy protection, the new general purpose company was formally established. Since the 2007 economic crisis, in order to recover from the debt crisis, a number of world-renowned companies have requested bankruptcy restructuring protection, such as Lehman Brothers, Chrysler, American Airlines, Air Canada, Air Italy, Many companies, such as Northwest Airlines, Tribune Group and Reader's Digest Company, have applied for bankruptcy protection, and most of them have implemented debt-to-equity schemes in debt restructuring. Creditor's rights, as a kind of non-monetary property, is one of the most common property rights in current economic life. The conversion of creditor's rights to equity refers to the creditor's investment in the debtor through the establishment of a new company with the debtor or the increase of the debtor's registered capital, and the legal creditor's right to the debtor is changed into an investment in the debtor according to law, and the creditor acquires the equity. Creditor's right to equity includes two legal relations and process: the emergence of equity and the elimination of creditor's rights. Creditor's rights have been listed as non-monetary property that can be contributed in the revised draft of Company Law of our country, but they have not been specified in the revised Company Law since then. However, the Company Law adopts a general expression of non-monetary property, and the regulations on the Administration of Company Registration require the State Administration of Industry and Commerce, together with relevant departments, to formulate provisions such as registration measures for the contribution of non-monetary property, and so on. Large space is reserved for the contribution of money property. Theoretically, a considerable portion of the claims meet the conditions of evaluability and transferability, and have the legal basis of capital contribution. From a practical point of view, the policy debt to equity in the early nineties has accumulated a certain basis for the contribution of creditor's rights. From the legislative example, the British Company Law, the United States Model Company Law, the Macao Special Administrative region Commercial Law and other Anglo-American legal system countries and regions explicitly allow the use of creditor's rights to contribute funds, which provides us with a good reference experience. Therefore, in recent years, the academic community for creditor's rights to contribute a more positive attitude. At present, our country is in the key period of the enterprise development rebound to the good, many industries and enterprises are facing the optimization and reorganization, the transformation and upgrading is still the main line of the economic work this year. Creditor's rights, as a new way of non-monetary investment, can reduce the investment cost of investors, further develop the investment and financing environment, improve the structure of assets and liabilities of enterprises, and make all the sources of creating social wealth flow fully. In the transformation and upgrading of this special period of business has an important significance.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

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