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债转股融资条款是国际私募股权投资范本中的一类特殊条款,具有灵活性。将它引入到中国的私募投资实践中,面临一些法律障碍与问题。本文分析了中国的企业借贷禁止对债权投资的影响;借贷关系无效对转股行为效力的影响;风险资本家选择债权转股权时与老股东的优先购买权如何协调;当债权人同时是公司股东时,债权人的转股行为是否构成公司对股东债权的提前清偿从而触发破产法上的责任;作为争夺公司控制权的手段之一,债权人能否将设质的股权直接流质等债转股融资条款在中国法语境中触发的法律问题。
Debt-to-equity financing provisions are a special category of provisions in international private equity investment models that provide flexibility. Introducing it into China’s private equity investment practices faces some legal obstacles and problems. This paper analyzes the impact of banning of corporate lending on the debt investment in China, the effect of ineffective borrowing and lending on the effectiveness of the conversion, the coordination between the venture capitalist and the old shareholder when the venture capitalist chooses to convert the debt into the equity, and when the creditor is the shareholder of the company, As one of the means to compete for control of the company, whether the creditor’s conversion behavior constitutes the company’s early liquidation of the shareholder’s creditor’s rights triggers the liability of the bankruptcy law. Legal issues triggered in French.