企业破产重整中债转股制度研究

Research on Debt for Equity Swap System in Enterprise Bankruptcy Restructuring

破产重组和债转股具有降低企业杠杆率、减轻企业债务负担、恢复企业经营能力的功能。国务院2016年10月发布《关于积极稳妥降低企业杠杆率的意见》,其附件《流通银行债转股指引》细化了当前中国市场化债转股的总体思路、适用主体和实施途径。意见的出台为破产重组程序中的债转股指明了新的方向,也正式确立了市场导向债转股的内涵和功能。在破产重组过程中有效进行债转股,充分发挥债转股的作用,对于化解微观层面的债务、帮助企业再生、确保宏观层面供给侧结构性改革、维护经济社会稳定具有重要意义。

Bankruptcy restructuring and debt for equity swap have the function of reducing the leverage ratio of enterprises,alleviating their debt burden and restoring their operating capacity. The State Council issued the "Opinions of the State Council on the Active and Prudent Reduction of Corporate Leverage Rate" in October 2016. "The Guiding Opinions on Market-oriented Debt-to-Equity Transformation in Banks",an annex to the Opinions,clarifies the general idea,applicable subjects and implementation channels of market-based debt for equity swap in China.The issuance of this opinion points to a new direction for debt for equity swap in bankruptcy restructuring procedures and leads to the formation of the connotation and function of the market-oriented debt for equity swap.Effective debt for equity swap in bankruptcy restructuring and giving full play to its role are significant in resolving micro-level debts,helping enterprises regenerate,ensuring macro-level supply-side structural reform and maintaining social economic stability.