摘要
债转股潜在着较大的风险。宏观经济环境尚未完全向好 ,资本市场仍不成熟 ,金融资产管理公司对债转股企业的产权约束不力以及自身性质的不确定性 ,其职能、组织机构、资产处理方式的欠缺等是债转股的外部风险。债转股的两个层次目标在实践中面临矛盾 ,债转股以AMC作为金融风险“隔火墙”的做法在理论和实践上都存在较多局限性 ,AMC退出通道未必通畅 ,及其内部人能力及道德风险等是债转股的内部风险。参与者各方均以债转股为契机 ,彻底改革现行的制度 ,促进结构调整或职能转换 ,方能化解债转股的风险 。
The debt to equity Swap and program faces big potential risks in its practice. They are mainly, the outside risks: unfavorable macro economic environment, the immature capital market, the loose control of swap enterprise's property rights by Asset Management Companies(AMCs), the inconsistent of AMCs' quality, and some shortcoming of AMCs' functions, as organization structure, methods of dealing with assets; and some inside risks: as the two level aims of debt to equity swap program are facing some contradication during their fulfillment. Treating debt to equity swap as a fianancial “anti fire wall” has some limitations in both its theory and practice, the staff quality problem of AMCs etc. All the participators should take this swap chance, to reform their current system, step up the structure adjustment and function promoting reach the final target of debt to equity swap program.
出处
《陕西经贸学院学报》
2000年第6期49-55,共7页
Journal of Shaanxi Economics and Trade Institute
关键词
债转股
制度创新
风险分析
中国
国有企业
debt to equity swap
State owned economy
risk
system innovati(
