Debt to equity swap is a reform initiated in China to solve the bad assets in commercial banks and the large debt of state owned enterprises. Its operation calls for sound legal environment, which the current legal system in China is yet to provide. Many legal limitations can be found there for the debt to equity swap. This paper has analyzed the clashes between debt to equity swap and related articles in the Law of Commercial Banking, Corporate Law, Law of Guaranty and Law of Securities, which is...