公司融资语境下股与债的界分
许德风公司融资语境下股与债的界分
Distinction and Association Between Equity and Debt in the context of Corporate Finance
期刊名称：《法学研究》
期刊年份：
作者：许德风
单位：北京大学法学院
中文关键词：股权;债权;企业融资;明股实债;公司重整
英文关键词：equity;debt;corporate finance;Mezzanine financing;corporate reorganization
中文摘要：
虽然股与债具有不同的法律地位，且公司法与合同法确立了关于股与债的不同规则，但在企业融资的经济现实中，股与债常常被混合使用。就经济实质而言，普通债权人的权利不过是一种相对于担保债权人的买入期权，而股权是一种股东对普通债权人的买入期权。在此意义上，股与债不过是公司融资交易中的两个有名合同。在这两个有名合同之间，存在数量众多、类型丰富的无名合同。在不违反借贷管制、利息管制、公司资本管制的前提下，这些无名合同不应被认定为无效。在定性上，是否参与全部利润的按比例分配，是区别股与债的关键要素。而单纯拥有组织法上的投票权、董事委派权、利润分配权甚至有名义上的股东资格，都不宜作为将债权认定为股权的充分依据。现行法僵硬地区分股与债的做法，往往会导致对当事人真实意思的错误解释，并不恰当地破坏当事人之间原来自愿设定的风险分配。尊重当事人关于股债安排的自由约定，不仅适用于公司融资交易，也适用于非公司法下的各类合同，如担保交易和具有分担风险属性的借款交易。
英文摘要：
The legal status of equity is different from that of debt.Corporation law and contract law offer different default rules for debt-holders and equity-holders accordingly.However,in the economic reality,debt and equity are often combined to acquire necessary investment.In its economic essence,the claim of a junior creditor is the equivalent of a call option against a senior creditor,and the right of the equity holder a call option against the junior creditor.Equity and debt arrangements are thus merely two typical contracts in corporate finance transactions.Between these two types of contracts,there are a large number of "untypical" contracts,i.e.contracts that have been not "nominated" by laws.Under the precondition of not violating capital maintenance and interest control rules,these "unnamed" contracts should be considered valid and enforceable.In qualitative terms,a key element to distinguish between equity and creditor rights lies in the parties' ability to participate in the distribution of all profits according to the proportion of their capital contribution.Correspondingly,having the right to vote,to appoint a director,to distribute part of the profits,or even to nominate directors alone should not be sufficient for characterizing the claims as equity.Chinese law and courts tend to make rigid distinction between debt and equity,thus misinterpreting the intent of the parties and sometimes misallocating the commercial risk between the transecting parties.The principle of respecting the parties' freedom in the arrangement of mixing debt and equity applies not only to corporate financing transactions,but also to various types of contractual arrangements under non-corporate law,such as secured transactions and borrowing-lending transactions with risk-sharing attributes.
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