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资本市场上企业重组过程中的债转股作为资本运作方式的债转股。债转股作为一种资本运作方式通常是在企业重组过程中被当作债务重组或融资的方式加以运用的。作为债务重组的方式,较典型的情况是债务人到期无法偿还债务,则与债权人协商后将债务换成股份。债权人变成股东,通常会派人进入董事会,但一般不涉及控股权。如果债权人无意成为股东,则可能会寻找第三者出面收购债权人的债转股权,那么对第三者而言,等于在该企业进行了一笔股权投资.对债务人而言,结果则是一样的,那就是以控股的方式使自己的债务得到了重组。如果债转股后对原股权结构影响不大,那么对企业而言,董事会和经理都会保留,一切将维持不变。
Debt-to-equity swaps in the process of reorganization of enterprises in the capital market as debt-to-equity swaps of capital operation. Debt-to-equity swaps, as a way of capital operation, are often used as a means of debt restructuring or financing during corporate restructuring. As a way of debt restructuring, the more typical case is that the debtor fails to repay the debt due to expiration, then the debtor will be replaced with the debt after negotiating with the creditor. Creditors into shareholders, usually sent to the board of directors, but in general does not involve the controlling stake. If a creditor does not intend to become a shareholder, it may look for a third party to come forward to acquire the debt-equity of the creditor, and for a third party, it is equivalent to an equity investment in the enterprise. For the debtor, the result is the same , That is to make its own debt restructuring in a controlled manner. If the debt-equity swap has little effect on the original equity structure, then for the enterprise, the board of directors and the manager will retain and everything will remain unchanged.