摘要
市场化、法制化债转股在我国尚处于初探阶段,面临诸多新挑战,缺少经验可循,有必要进行深入研究。通过比较此轮债转股与20世纪90年代末债转股,本文研究发现,宏观经济由盛转衰、企业负债高企、金融脆弱性增加,是推动债转股的共同基本逻辑。但本次债转股的根本目的、实施原则、转股对象、实施主体、资金来源及转股定价等都发生了重大改变,导致银行开展债转股时面临项目筛选难、机构设立难、资金募集难、投后管理难、稳定收益难、股权退出难等新挑战。为推进银行更好地服务债转股,建议完善制度与政策保障,扫清银行推进债转股中的障碍;同时,各主体应加强协调配合,政府应发挥积极的示范引导作用,银行要主动承担实施主体的责任,做好募、投、管、退各环节的工作。
The market-oriented debt-to-equity swap is still at a preliminary stage in China and we lack experiences to tackle many new challenges it brings about. From the comparison between today＇s debt-to-equity swap and the 1999＇s, we and that some common elements which propel the use of debt-to-equity swap ： the macro economy going from boom to bust, corporate sector debt overhang and increasing ？nancial fragility. However, the essential purpose, implementing principles, target enterprises, implementing agencies, source of funding and pricing of current debt-to-equity swap have changed fundamentally compared to the 1999＇s, which has brought new challenges to banks, such as the difficulties in projects screening, institutions establishing, fund raising, post-investment managing, stable income obtaining and equity withdrawing. With these new features and new challenges in mind, we propose that policies should be improved to facilitate banks in implementing debt-to-equity swap. All participants should coordinate and cooperate with each other. The government should play a positive role in demonstration and guidance. Commercial banks should undertake the main responsibility and play an active part in implementing current debt-to-equity swap.
出处
《金融监管研究》
北大核心
2018年第5期87-96,共10页
Financial Regulation Research
关键词
债转股
企业杠杆率
商业银行
Debt-to-equity Swap
Leverage Ratio
Commercial Banks
