债换股可行性及立法设计探析

The Research and Analysis of the Exchange of Creditor’s Rights for Stockholder’s Rights and Relevant Legislative Design

债换股是债权出资的一种形式。我国新《公司法》修订了公司出资的种类,放宽了出资形式,但是有关债权出资特别是债换股的法条不够清晰、明确。虽然债换股在目前实践中存在障碍,但是通过修订和完善相关法条以保证换股债权的安全性是完全可行的。其修订的主要内容应该包括出资债权的适格性,换股债权的审查和担保及相关利益人的保护。

Exchange of creditor’s rights for stockholder’s rights is one form of credit subscribed capital.New company law has revised the category of contributed capital and broadened contribution forms,but it is still ambiguous about credit subscribed capital,especially for exchange of creditor’s rights for stockholder’s rights.Though there are some obstacles in practice for exchange of creditor’s rights for stockholder’s rights,it is feasible to guarantee the realization of obligee’s rights by perfecting the relevant regulations.The main amendments should include the suitable standard question,related review and the protection for interests-man.