本文選題：債權(quán)轉(zhuǎn)股權(quán) + 政策性債轉(zhuǎn)股��； 參考：《華東政法大學(xué)》2011年碩士論文

【摘要】：2009年6月1日,美國最大工業(yè)企業(yè)通用汽車在與債券持有人就債權(quán)轉(zhuǎn)股權(quán)方案經(jīng)過多次談判最終達(dá)成一致后,向紐約當(dāng)?shù)仄飘a(chǎn)法庭正式遞交破產(chǎn)保護(hù)申請,正式進(jìn)入破產(chǎn)保護(hù)程序(2009年7月10日宣布脫離破產(chǎn)保護(hù),新通用公司正式成立)。自2007年經(jīng)濟危機以來,為了走出債務(wù)危機、重整旗鼓,已經(jīng)有多家全球知名公司提請了破產(chǎn)重組保護(hù)的要求,如雷曼兄弟、克萊斯勒、全美航空、加拿大航空、意大利航空、西北航空、論壇報業(yè)集團、讀者文摘有限公司等多家公司申請了破產(chǎn)保護(hù),而他們在債務(wù)重組中大都實施了債權(quán)轉(zhuǎn)股權(quán)的方案。債權(quán)作為一種非貨幣財產(chǎn),是目前經(jīng)濟生活中最普遍的財產(chǎn)性權(quán)利之一。債權(quán)轉(zhuǎn)股權(quán)是指債權(quán)人通過以其債權(quán)出資與債務(wù)人新設(shè)公司或增加債務(wù)人注冊資本,將其對債務(wù)人所享有的合法債權(quán)依法轉(zhuǎn)變?yōu)閷鶆?wù)人的投資,并且取得股權(quán)的投資行為。債權(quán)轉(zhuǎn)股權(quán)包括股權(quán)的產(chǎn)生和債權(quán)的消滅兩個法律關(guān)系及過程。債權(quán)在我國《公司法修訂草案》中曾被列為可出資的非貨幣財產(chǎn),此后雖未在修訂后的《公司法》中載明,但《公司法》對非貨幣財產(chǎn)采取概括式的表述,《公司登記管理條例》要求國家工商總局會同有關(guān)部門制定非貨幣財產(chǎn)出資的登記辦法等條款實際上給債權(quán)等非貨幣財產(chǎn)出資預(yù)留了較大的空間。從理論上來看,相當(dāng)部分的債權(quán)符合可評估可轉(zhuǎn)讓的條件,具有出資的法理基礎(chǔ)。從實踐上來看,九十年代初的政策性債轉(zhuǎn)股為債權(quán)出資積累了一定的基礎(chǔ)。從立法例上來看,英國《公司法》、美國《示范公司法》、澳門特別行政區(qū)《商法》等英美法系國家和地區(qū)的法律明確允許以債權(quán)出資,給我們提供了很好的參考經(jīng)驗。因此,近年來學(xué)界對于債權(quán)出資持比較肯定的態(tài)度。當(dāng)前,我國正處于企業(yè)發(fā)展回升向好的關(guān)鍵時期,不少行業(yè)和企業(yè)面臨著優(yōu)化重組,轉(zhuǎn)型升級依然是今年經(jīng)濟工作的主線。債權(quán)作為一種新的非貨幣出資方式,能夠降低投資者的投資成本,進(jìn)一步開拓投融資環(huán)境,改善企業(yè)的資產(chǎn)負(fù)債結(jié)構(gòu),使得一切創(chuàng)造社會財富的源泉充分涌流,對在轉(zhuǎn)型升級這一特殊時期的企業(yè)有著重要的意義。
[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.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：D922.291.91

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