摘要
文章运用一环套一环的关系链写法 ,论述了债转股的必要性及所涉及的企业、银行、金融资产管理公司、国家财政之间的相互利益关系 ,认为债转股的风险在国家财政 ,但成功的关键还是在企业。作者强调不能过重看待债转股所减少的企业利息支出 ,因为这只是转移困境。付不出高于利息的红利的企业是不可能脱困的。债转股的生命力在于降低企业负债率 ,使企业重新具备贷款发展的基本条件。文中在探讨国债规模限度时 ,认为应用《马斯赫里特赫条约》还应考虑国家财政占GDP的比重 ,主张我国历年发债额占当年GDP的比重不能超过15 %。
The article makes use of the writing method of one ring linking to another,to discuss the necessity of turning debts into shares,and the concerned enterprises,banks,finance and capital management companies.considering the mutual benefits beteen state financial administrations,we would think that the risk of'Drebts turning into shares'lies on state finance,but the key of success still lies on the enterpries.The writer stresses that we should not over-estimate the reduction on the enterprises interest expenditure by changing debts into shares.The enterprises which can not give more bonus over the interest are not in a position to get rid of difficulty.The lively force of'debts turning into shares'is in reducing the liability of the enterprises,in bestowing the enterprises with the fundamental condition of being able to acquire loans for further developments.In the article,when state bond scale limit is being considered,it is thought proper to make use of market treaty',and to take into account the ratio between state finance and GDP,suggesting that the yearly state bond volume should not be more than 15% of the GPP of that year.
出处
《广西经济管理干部学院学报》
2000年第2期5-7,共3页
Journal of GuangXi Cadres College of Economic and Management
