Establish Sound Debt-equity Swap Analysis Of The Legal System

In　China,　debt-to-equity　swap　is　a　brand-new　economic　activity　with　great　significance　to　our　country,　it　is　produced　under　specific　economic　background　to　improve　state-owned　enterprise　asset-liability　ratio　and　to　dissolve　financial　risks.　But　because　the　issue　of　this　great　measure　has　not　got　the　abundant　participation　of　the　law　circle,　legal　idea　disappearance　in　system　design　make　each　participatory　side　difference　in　understanding　of　this　policy,　and　the　relevant　documents　and　practice　of　the　policy　still　have　a　lot　of　conflicts　with　the　current　law.　Considering　this,　I　try　to　carry　on　a　comparatively　deep　analysis　on　the　legal　question　involving　this　policy　with　legal　eyes　from　policy-make　to　practice,　and　then　put　forward　the　concrete　imagination　on　establishing　and　improving　law　system　of　debt-to-equity　swap.　　This　text　is　formed　by　three　parts　of　foreword,　text　and　conclusion,　the　text　amounts　to　three　chapters.　　Chapter　one　a　debt-to-equity　swap　summary,　has　probed　into　the　meaning,　function　and　risk　of　the　debt-to-equity　swap.　The　debt-to-equity　swap　of　our　country　is　a　kind　of　policy　debt-to-equity　swap,　that　is,　to　sale　bad　asset　of　state-owned　commercial　bank　to　Assets　Management　Corporation　(AMC)　which　set　up　by　the　country,　relatively,　AMC　as　a　shareholder　participate　or　control　these　enterprise,　when　management　condition　become　better,　then　through　the　way　of　shares　transfer　or　security　market,　AMC　back　cash　which　they　formerly　input.　It　emerges　under　the　background　of　the　serious　debt　problem　of　the　state-owned　enterprise　and　of　the　potential　financial　risks　of　state-run　bank.　The　debt-to-equity　swap　is　concerned　by　all　circles　extremely,　because　it　has　great　function　in　the　following　aspects:　help　the　state-owned　enterprise　to　get　rid　of　poverty,　strip　the　non-performing　assets　of　state-run　bank,　dissolve　financial　risks,　pushing　into　the　commercialized　reform　of　the　bank　etc.　Meanwhile,　we　should　notice　too,　the　enormous　risk　exists　in　the　debt-to-equity　swap,　mainly　showing　in　the　following　aspects:　Morals　risk,　state-run　commercial　bank,　financial　system　risk,　the　risk　of　AMC　handling　assets,　system　risks,　the　risk　of　local　government　and　the　risk　of　examination　and　approval　procedures.　　Chapter　two　is　about　the　legal　system　analysis　of　the　debt-to-equity　swap.　In　this　chapter,　I　mainly　expound　the　legal　principle　foundation　of　the　debt-to-equity　swap　and　conflicts　with　current　law,　which　do　foreshadowing　for　chapter　three　establishing　and　improving　law　system　of　debt-to-equity　swap.　The　legal　principle　foundation　of　the　debt-to-equity　swap　refers　to　the　law　theory　correlated　with　the　debt-to-equity　swap　mainly,　including　theory　of　selling　creditors　right,　legal　mechanism　and　theory　for　the　elimination　of　debt　and　emergence　of　shareholder's　right　etc.　Only　clear　up　the　legal　principle　foundation　of　the　debt-to-equity　swap,　could　we　find　the　legal　basis　for　this　great　action,　could　realize　it　in　accordance　with　the　law　in　reality.　With　the　conflict　of　the　current　law,　I　have　analyzed　mainly　those　conflicts　with　"company　law",　"law　for　commercial　bank",　"assurance　law"and　with　equal　principle　of　private　law.　Only　dissolve　these　contradictions　and　conflicts　constantly,　perfect　relevant　laws　and　regulations,　creating　a　good　legal　environment,　could　debt-to-equity　swap　be　implemented　smoothly　and　achieve　the　anticipated　goal.　　In　chapter　three,　I　mainly　put　forward　the　plot　of　establishing　and　improve　law　system　of　debt-to-equity　swap.　In　this　chapter,　firstly,　I　have　introduced　the　overview　of　the　foreign　debt-to-equity　swap　and　have　analyzed　the　debt-to-equity　swap　systems　in　U.S.A.　and　Eastern　Europe,　then,　using　these　country　successful　experiences　in　the　course　of　debt-to-equity　swap　for　reference,　I　put　forward　a　concrete　imagination　for　establishing　and　improving　law　system　of　debt-to-equity　swap.　That　is,　firstly,　confirm　the　operation　principle　of　the　debt-to-equity　swap;Secondly　,define　the　standard　of　entering　debt-to-equity　swap;Thirdly,　develop　the　capital　market　and　widen　the　withdrawal　path　of　the　stock　right　of　debt-to-equity　swap　actively ; Fourthly,　perfect　the　effective　operation　rule　of　the　debt-to-equity　swap;Fifthly,　perfect　the　external　condition　of　the　debt-to-equity　swap.