企业破产重整中债转股制度的反思与完善  

Reflections and improvements on the debt-to-equity swap system in corporate bankruptcy reorganization

作　　者：张凯 丁保国 ZHANG Kai;DING Baoguo(School of Law,Foshan University,Foshan 528000,China;Chancheng Primary People's Court of Foshan,Foshan 528000,China)

机构地区：[1]佛山大学法学院,广东佛山528000 [2]佛山市禅城区人民法院,广东佛山528000

出　　处：《佛山科学技术学院学报(社会科学版)》2025年第1期9-17,共9页Journal of Foshan University(Social Science Edition)

摘　　要：债转股是企业破产重整工具箱的重要部分,良善的债转股制度设计能够有效地提升破产重整的成功率,极大地优化市场资源配置的效率。妥善运用债转股制度是挽救危困企业的有效路径。当前破产重整债转股制度在理论层面还有较多待理清之处,制度设计也存在适用范围小、实施机制及实施效果不明确等问题。完善债转股制度可以从以下两方面入手:一方面应当考虑扩大债转股的参与主体范围及具体的适用方式;另一方面需要进一步明确债转股的实施机制、实施效果,以使该制度起到拯救重整企业的重要作用。Debt-for-equity swap is an important part of the toolbox for corporate bankruptcy and reorganization.An ideal debt-for-equity swap system design can effectively improve the success rate of bankruptcy and reorganization and greatly optimize the efficiency of market resource allocation.Properly using the debt-for-equity swap system is an effective way to save distressed enterprises.However,there are still many theoretical issues to be clarified in the current bankruptcy and reorganization debt-for-equity swap system,and the system design also has problems such as limited application,unclear implementation mechanism and implementation effect.Improving the debt-to-equity swap system can be approached from two aspects:on the one hand,consideration should be given to expanding the participating entities and specific application methods of debt-to-equity swap in restructuring;on the other hand,it is necessary to further clarify the implementation mechanism and effectiveness of debt-to-equity swap,so that the system can play an important role in rescuing restructuring enterprises.

关 键 词：破产重整 债转股 重整计划 强制批准 

分 类 号：D922.291.92[政治法律—经济法学]