市场化债转股股权退出法律问题研究——以陕煤化工集团债转股为例

Research on the Legal Issues of Market-Oriented Debt-to-Equity Swap Exit—Taking Shaanxi Coal Chemical Group Debt-to-Equity Swap as an Example

摘要: 自2016《关于积极稳妥降低企业杠杆率的意见》出台后，市场化债转股作为企业去杠杆、银行化解不良资产的重要手段得到积极推广，已取得一系列显著成果，在几年的落地过程中，也暴露出了债转股股权退出面临着的难点和问题。虽然目前市场化债转股实施模式呈现出多元化的样态，但是构成股权退出难的问题依旧存在，主要原因有股权回购制度不健全、上市公司股权转让约束多、新三板和区域股权交易市场发展尚不成熟等。为了使市场化债转股股权退出更加顺畅，需要进一步优化债转股股权交易场所配置、完善股权回购的配套措施、优化债转股模式设计等。

Abstract: Since the issuance of the 2016 “Opinions on Actively and Steadily Reducing the Leverage Ratio of Enterprises”, market-oriented debt-to-equity swaps have been actively promoted as an important means for enterprises to deleverage and banks to resolve non-performing assets, and a series of remarkable results have been achieved. Although the current market-oriented implementation mode of debt-to-equity swap presents a diversified pattern, the problems that constitute the difficulty of equity exit still exist, mainly due to the imperfect equity repurchase system, the many restrictions on equity transfer of listed companies, and the immature development of the New Third Board and regional equity trading markets. In order to make the market-oriented debt-to-equity swap exit smoother, it is necessary to further optimize the allocation of debt-to-equity swap trading venues, improve the supporting measures for equity repurchase, and optimize the design of debt-to-equity swap models.