长航凤凰债转股的实施效应及问题研究

发布时间：2018-05-23 16:26

本文选题：债转股 + 效应分析　；参考：《河南财经政法大学》2017年硕士论文

【摘要】：近一年多来,债转股作为债务重组的方式之一又出现在公众的视野。债转股在上世纪九十年代末减轻国有企业债务负担、化解四大国有银行债权人不良贷款中发挥了举足轻重的作用。现如今债转股甚嚣尘上,是因为高杠杆率已然成为当前我国多数企业经营的切肤之痛,中央经济工作会议也把去杠杆作为“三去一降一补”五大任务之一。2016年10月10日国务院颁布了要积极降低企业杠杆率的《意见》,给我国企业去杠杆指明了方向,其中涵盖了七种重要的去杠杆途径,市场化银行债转股作为其中之一也被提上日程。债转股运用得当的话不仅有利于去杠杆帮助部分企业度过财务危机重获新生,也有利于化解债权人不良贷款、间接促进落后产能出清、优化市场资源配置。债转股在我国的出现历时较短,虽然有诸多利好但在相关方面的经验不足。随着国家倡导债转股的实施,相信会有越来越多的企业追风逐潮,但若不仔细研究相关细节及有可能产生的问题,企业在具体实施操作时就不能有效规避这些风险,大范围推广后可能孕育新的风险。本文从长航凤凰实施债转股的案例出发,对其实施债转股的原因、债转股的整个流程详细分析,联系债转股的相关理论对其债转股后的效应进行了评价,总体来说其实施债转股是较为成功的,同时总结出长航凤凰债转股实施及后期管理运营中存在的问题和隐藏的风险,最后结合长航凤凰债转股的经验,给当前去杠杆大背景下其他企业实施债转股提供一些相关建议。本文研究主要分为六部分。第一部分为绪论,主要阐述了本文的研究背景和意义,债转股国内外研究文献综述,研究方法、创新点与不足,研究内容与框架。第二部分是相关概念界定与理论基础。第三部分为债转股的实施及效应分析,主要介绍了长航凤凰实施债转股的背景、结合相关理论对债转股实施后的效应进行了评价。第四部分长航凤凰债转股实施中的几个关键问题的分析和相应的建议。第五部分结论与启示,对长航凤凰实施债转股进行整体的评价,总结存在的问题及日后改进的方向,并为其他企业实施债转股提供相关启示。
[Abstract]:In recent years, as one of the ways of debt restructuring, debt-to-equity has appeared in the public view. The debt-equity swap plays an important role in reducing the debt burden of the state-owned enterprises and resolving the non-performing loans of the creditors of the four state-owned banks in the late 1990s. Nowadays, debt-to-equity swaps are rampant because the high leverage ratio has become a real pain in the operation of most enterprises in our country. The Central Economic work Conference also regarded deleveraging as one of the five major tasks of "three going, one reducing and one compensating." on October 10, 2016, the State Council promulgated the "opinions on actively reducing the leverage ratio of enterprises," which pointed out the direction for China's enterprises to deleverage. It covers seven important ways of deleveraging, and market-oriented bank debt-equity swap is also on the agenda. The proper use of debt to equity is not only conducive to deleveraging to help some enterprises through the financial crisis to regain a new life, but also conducive to the resolution of non-performing loans of creditors, indirectly promote the clearance of backward production capacity, and optimize the allocation of market resources. The emergence of debt-to-equity in our country is relatively short, although there are a lot of good, but in the relevant experience is insufficient. With the implementation of debt-for-equity swaps advocated by the state, it is believed that more and more enterprises will chase after the trend. But if they do not carefully study the relevant details and possible problems, enterprises will not be able to effectively avoid these risks when they implement specific operations. New risks may be created after a wide spread. Starting from the case of the implementation of debt-for-equity conversion by Phoenix, this paper analyzes the reasons for the debt-for-equity conversion, the whole process of debt-to-equity swap, and evaluates the effect of debt-for-equity conversion in connection with the relevant theory of debt-to-equity conversion. Generally speaking, its implementation of debt to equity conversion is relatively successful. At the same time, it summarizes the problems and hidden risks in the implementation of the implementation and later management of Phoenix debt to equity, and finally combines with the experience of the conversion of debt to equity from Phoenix to stock. Under the background of deleveraging other enterprises to implement debt-to-equity to provide some relevant advice. This paper is divided into six parts. The first part is the introduction, mainly expounds the research background and significance of this paper, the domestic and foreign literature review, research methods, innovation points and deficiencies, research content and framework. The second part is the definition of relevant concepts and theoretical basis. The third part is the implementation and effect analysis of debt-to-equity conversion, mainly introduces the background of the implementation of debt-for-equity conversion of Phoenix, and evaluates the effect of debt-for-equity conversion with relevant theories. The fourth part analyzes several key problems and corresponding suggestions in the implementation of Phoenix debt-equity conversion. The fifth part is the conclusion and enlightenment of the whole evaluation of the implementation of debt-for-equity conversion of Phoenix, summarizes the existing problems and the direction of improvement in the future, and provides relevant enlightenment for other enterprises to implement debt-for-equity conversion.
【学位授予单位】：河南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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