【摘要】：在債務(wù)困境企業(yè)的挽救中,債轉(zhuǎn)股是一種傳統(tǒng)的市場化、常態(tài)化的法律手段。國務(wù)院在《關(guān)于積極穩(wěn)妥降低企業(yè)杠桿率的意見》和《關(guān)于市場化銀行債權(quán)轉(zhuǎn)股權(quán)的指導(dǎo)意見》中強(qiáng)調(diào)要遵循法治化原則、按照市場化方式有序開展債轉(zhuǎn)股。企業(yè)重整中的債轉(zhuǎn)股具有債權(quán)出資與債務(wù)清償雙重法律性質(zhì)。債轉(zhuǎn)股是不受重整集體清償程序限制的權(quán)利,是否轉(zhuǎn)股應(yīng)當(dāng)由每一個(gè)銀行債權(quán)人個(gè)別同意決定,它不屬于債權(quán)人會議的職權(quán)范圍,不受債權(quán)人會議少數(shù)服從多數(shù)表決機(jī)制的約束,在未經(jīng)其同意的情況下也不受重整計(jì)劃以及法院批準(zhǔn)包括強(qiáng)制批準(zhǔn)重整計(jì)劃裁定的限制。在債轉(zhuǎn)股方案中,必須制訂合理的債務(wù)清償方案供不接受債轉(zhuǎn)股的債權(quán)人自愿選擇。能夠在重整程序中破壞市場化、法治化債轉(zhuǎn)股的,唯有地方政府的行政權(quán)力,地方政府在企業(yè)重整中所要達(dá)到目標(biāo)與破產(chǎn)法的立法目標(biāo)可能存在差異,約束地方政府行政權(quán)力的濫用是保障破產(chǎn)法以及債轉(zhuǎn)股正確實(shí)施的關(guān)鍵。
[Abstract]:In the rescue of enterprises in debt distress, debt-to-equity swap is a traditional market-oriented and regular legal means. In the opinions on actively and steadily reducing the leverage ratio of Enterprises and the guiding opinions on the conversion of creditor's Rights to Equity of Market-oriented Banks, the State Council emphasizes that debt-to-equity swap should be carried out in an orderly manner in accordance with the principle of rule of law. Debt-to-equity swap in enterprise restructuring has the dual legal nature of creditor's rights contribution and debt repayment. Debt-to-equity swap is a right that is not restricted by the reorganization collective liquidation procedure. Whether or not the conversion should be decided by the individual consent of each bank creditor should be decided by the individual consent of each bank creditor. It does not belong to the terms of reference of the creditors' meeting, is not bound by the minority obeying the majority voting mechanism of the creditors' meeting, and is not subject to the restriction of the reorganization plan and the court approval, including the compulsory approval of the reorganization plan, without its consent. In the debt-to-equity swap scheme, a reasonable debt settlement scheme must be formulated for the voluntary choice of creditors who do not accept debt-to-equity swap. Only the administrative power of the local government can destroy the marketization and legalize the debt-to-equity swap in the reorganization process. There may be differences between the objectives of the local government in the reorganization of enterprises and the legislative objectives of the bankruptcy law. Restricting the abuse of the administrative power of the local government is the key to ensure the bankruptcy law and the correct implementation of the debt-to-equity swap.
【作者單位】： 中國人民大學(xué)法學(xué)院;中國人民大學(xué)破產(chǎn)法研究中心;
【基金】：司法部2015年度國家法治與法學(xué)理論研究一般項(xiàng)目“破產(chǎn)重整制度研究”(15SFB2025)
【分類號】：D922.291.92

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