股权互换

本文建立了互惠掉换的一般模型，并以债权/股权互换、订货批量定价两个经济管理中的典型问题为例，说明互惠掉换在实际中的应用。

The general model of swap is formulated in this paper and two typical examples of management are provided , one on debt / equity swap and the other on merchandise ordering pricing , to illustrate the applications of the idea of swap .

这一点最明显的表现是2010年10月，路威酩轩集团通过之前没有公布的股权互换悄悄获得了爱马仕国际公司（HermèsInternational）14%的股票，然后在接下来的几个月里把股权增长到23%。

This was nowhere more true than when LVMH quietly acquired 14 percent of the stock of Herm è s International in October 2010 via previously undisclosed equity swaps , then increased its stake to 23 percent in the next few months .

2010年，LVMH披露其通过股权互换而非直接购买股票的方式积累了爱马仕17%的股份（股权互换可以使LVMH以隐蔽的方式积累股权），此消息一出，爱马仕及其控股家族非常震惊。

In 2010 , LVMH shocked Herm è s , and its controlling family , when it disclosed it had built up a 17 % in its smaller rival by means of equity swaps rather than buying shares outright , allowing LVMH to do so in stealth mode .

当然最重要的问题是债权股权互换后国有企业股权结构的改进，产权主体的清晰，从而能够带动治理效率的提高。

Of course the most important problem is the property structure of state-owned enterprise after the swap and the clear of proper subject and the improvement of the govern efficiency .

此外，随着国际投行纷纷涌向该地区，他们开始提供综合性场外交易产品，基金经理可以利用这些产品，通过股权互换或其它衍生品来模仿股票做空操作。

Moreover , as global investment banks have flocked to the region , they have started to provide synthetic , over-the-counter products that fund managers can use to mimic shorting stocks , through transactions such as equity swaps and other derivatives .

上市公司产业创新有企业剥离、企业购并、风险投资和股权转让或股权互换四种主要策略。

There are four main strategies for listed firms to go on industrial innovation as follows : corporate stripping , mergers & acquisitions , venture capital and equity transformation or interchange .