摘要
分析了当前我国市场化债转股的3大背景,认为由于本轮市场化债转股与政策性债转股有着不同的时代背景、制度背景和市场背景,因而市场化债转股的路径与政策性债转股大不相同。并在此基础上分析了煤炭企业市场化债转股涉及银行直接转股、卖给第三方和通过AMC等转股3大路径,并提出针对不同类型的煤炭企业应该采取合作共赢、转制发展、战略投资和有限合伙等债转股策略。
The paper had an analysis on three large backgrounds of the present marketized debt-to-equity swap. The paper held that there were different time backgrounds, system backgrounds and market background between this round marketized debt-to-equity swap and the policy debt-to-equity swap and therefore the path of the marketized debt-to-equity swap would be a big different to the policy debt-to-equity swap. Based on the circumstances, the paper analyzed three big paths of the marketized debt-to-equity swap by the coal enterprise related to the direct share transfer by the bank, selling to the third par- ty and share transfer with application of AMC. According to the different type, the coal enterprises should take the win-win cooperation, transformational development, strategic investment, limited partnership and other debt-to-equity swap strategy.
出处
《煤炭经济研究》
2017年第4期10-15,共6页
Coal Economic Research
关键词
供给侧改革
市场化债转股
路径与策略
煤炭企业
supply-side reform
debt-to-equity swap
path and tactics
coal enterprises
