市场化债转股两种模式的适用及完善  

Application and improvement of two models of market-oriented debt-to-equity swap

作　　者：曹佳妮 Cao Jiani(Beijing Normal University Law School,Beijing,100875)

机构地区：[1]北京师范大学法学院,北京100875

出　　处：《市场周刊》2023年第2期175-178,183,共5页Market Weekly

摘　　要：我国市场化债转股以市场化和法治化为原则,以营利为驱动促进债务企业、债权人和社会投资者积极参与。债转股可分为债转优先股和债转普通股两种模式,前者适合保守型债权人,而后者更适合营利型债权人,两种模式都有其独特优势和市场需求。实践中,债转优先股受限于我国严格的发行限制和股息限制而难以推广落实。债转普通股中常见的“两步走”模式违反《公司法》非货币出资规定,且应适用分类表决制度以保护转股股东权益。Market-oriented debt-to-equity swap in China is based on marketization and legalization,in which debt enterprises,creditors and social investors join for profit.It can be divided to debt-to-common equity swap and debt-to-preferred equity swap with unique advantages and market demand.The former is suitable for conservative creditors while the latter is suitable for profit-making creditors.In practice,it is difficult to promote the preferred equity-model due to the strict issuance and dividend restrictions in China.And many“two step”debt-to-common equity swap violate the non-monetary contribution rule in Company Law.Besides,classified voting system should be applied to protect the interest of shareholders in these swap.

关 键 词：债转股 优先股 债权出资 分类表决制度 

分 类 号：D912.29[政治法律—民商法学]