【作者】 赵艳敏；

【导师】 韦忠语；

【作者基本信息】 西南政法大学 ， 民商法学， 2011， 硕士

【摘要】 随着公司实践的发展,公司信用基础逐步由资本信用向资产信用转变,而这一转变引起了资本制度的变革。在资产信用理念的指导下,公司可以接受的出资形式逐渐增多。在这一大背景下,债权是否可用于出资一度成为讨论的热点,最终,学界的主流观点赞同债权的可出资性。但是,由于各种错综复杂的因素存在,债权出资会产生各种各样的风险,如果控制不当会给投资者、公司及与公司交易的第三人等利害关系主体带来损害,甚至会导致资本市场的不稳定。因此,债权出资的风险防控问题就值得特别的关注,然而我国理论界对这个问题的研究并不细致透彻。笔者正是基于对这种现状的认识,在对前辈学者已有的成果作出梳理分析后,采用法解释学方法、比较法和经济分析法等多种方法,对债权出资的风险防控问题进行进一步的论证,以期有所收获。本文共分为五个部分,除引言和结语部分,约三万字。第一部分是债权出资的简述。主要从债权出资的概念、理论基础、现物出资要件的符合性和各国的立法实践这五个角度,对债权出资做一个简要的介绍。债权出资是以公司资产信用理念为指导的实践需求。本文的债权出资采广义概念,既包括以对目标公司享有的债权出资也包括以对第三人的债权向目标公司出资。我国目前关于债权出资的立法有待完善,有必要借鉴国外的立法实践。第二部分主要是以对目标公司的债权出资的风险及风险防控的分析。以对目标公司的债权出资的风险主要是债权真实性风险,及在公司重整期间将对公司的债权转换为股权可能存在的风险。同时,将这两种风险的防控措施也在此部分进行论证。第三部分是以对第三人的债权出资的风险分析。在对债权自身的性质和债权的不同类型进行学习和分析后,归纳出以对第三人的债权出资主要存在这三大风险类型:债权出资的真实性风险、债权出资的程序性风险和债权出资的实现性风险。对看似繁琐复杂的诸多风险进行类型化,将有助于了解和掌控风险以便提出具有针对性的风险防控对策。第四部分是以对第三人的债权出资的风险防控,是本文最重要的部分和创新之处。针对以对第三人的债权出资的三大类型风险分别提出了公示机制、表决机制、评估机制、验资机制、担保机制、保险机制、转让机制和退出机制。其中公示机制、表决机制、评估机制和验资机制应为法律的强制性规定,而担保机制、保险机制、转让机制和退出机制可由当事人根据具体情况选择其中一种或者几种采用。更多还原

【Abstract】 As the development of the company practice, company credit basis changes gradually from the capital credit to the assets credit, and this change causes the reform of the capital system. Under the guidance of assets credit concept, the funding forms which could be accepted by companies are increasing gradually. In this large backdrop, it became a hot discussion whether the creditor’s rights might be used or not. Finally, the mainstream viewpoint of academic holds the positive attitude. However, because of the complicated factors, the creditor`s rights investment would produce many kinds of risks. If it is not controlled appropriately, it would hurt the interests of investors, corporations, and the third party who would deal with the corporations, and even lead to the shock of capital markets. Therefore, the prevention and control of the risk of the creditor`s rights investment is worthy of particular concern. However, in our country, this question is not thorough studied meticulously by academic.Based on the present state, in the analysis of the fruits of predecessors, the author would argue further the prevention and control of the risk of creditor`s rights investment adopting comparison method and economic analysis of the comprehensive approaches, and wish to have some harvest.There are four parts in this paper, except introduction and epilogue, totally about 30000 words.The first part is the simple elaboration of the creditor`s rights investment. The author makes a brief introduction of the creditor`s rights investment from five angles, for example, the concept, theoretical basis, conditions of physical capital, legislations of different countries. The paper adopts general concept to the creditor`s rights investment, not only including the credit to the company, but also the credit to the tired. And the author believes that the creditor`s rights investment is a practical need under the guidance of assets credit concept. Foreign legislative practice has the model meaning to our country, and our current legislation is inadequate to be improved. The second part is the analysis of the risk of the credit to the target company investment. the risk is mainly the really existing of the creditor`s rights,and the risk exist during the restructuring of the company, when the creditor decides to transforming the creditor’s rights into stock. Also, the prevention and control of the risk will be explore in this part.The third part is the analysis of the risk of the credit to the tired investment. After the study and analysis on the nature and the different types of the creditor`s rights, the author reduces three major types of risk of the credit to the tired investment: really existing of the creditor`s rights, producing risk in the process of contribution, the credit to be reimbursed. Categorizing these many risks can help to understanding and controlling it, put forward a clear objective countermeasure of the risk.The fourth part is about the prevention and control of the risk of the credit to the tired investment. This part is most important and innovative. Against the risk of the credit to the tired investment, the author suggests different countermeasures, just such as notification mechanism, voting mechanism, assessing mechanism, validating mechanism, guaranteeing mechanism, insuring mechanism and transferring mechanism and exiting mechanism. In these countermeasures, the first four must be used as mandatory provisions of the law; the last four can be adopted by parties under details.更多还原