市场化债转股的特征、难点与破解

发布时间：2018-01-15 13:33

本文关键词：市场化债转股的特征、难点与破解　出处：《南方金融》2017年11期 　论文类型：期刊论文

【摘要】：新一轮债转股具有市场化运作程度更高的特征,对各方债务风险能够起到一定的缓释作用。但是,债转股在实践中仍然面临一系列难点,不能从根本上破解强周期、产能过剩行业的债务困境,对提升公司治理水平的作用有限。对商业银行而言,债转股只是一种被动接受的不良资产处置方式。因此,债转股不宜成为影响市场参与者预期的临时性政策措施,未来也不会成为不良资产处置的市场主流方式。要以市场化债转股为契机,构建涵盖公司治理、商业银行治理、政银企关系、市场信息披露等方面的更为完善的制度体系。要防止债转股融资过程中过度杠杆化、黑箱操作、关联交易和内幕交易,避免由于企业债转股而衍生出更多的风险,有效发挥债转股在化解企业债务风险、降低企业杠杆率、促进企业转型升级中的积极作用。
[Abstract]:The new round of debt-equity swap has the characteristics of higher degree of market-oriented operation, and can play a role in relieving the debt risk. However, the debt-to-equity swap still faces a series of difficulties in practice. Can not fundamentally crack the strong cycle, overcapacity industry debt distress, to improve corporate governance level is limited. For commercial banks. Debt-equity swap is only a passive acceptance of the disposal of non-performing assets. Therefore, debt-to-equity swap should not be a temporary policy measure that affects market participants' expectations. In the future, it will not become the mainstream market mode of non-performing assets disposal. We should take the turning point of market-oriented debt-for-equity conversion to construct the relationship between corporate governance, commercial bank governance, and government, banking and enterprise. To prevent excessive leverage, black box operation, related party trading and insider trading in the process of debt-to-equity financing. Avoiding more risks arising from the conversion of debt to equity, effectively exerting the positive role of debt-to-equity swap in defusing the debt risk, reducing the leverage ratio of enterprises, and promoting the transformation and upgrading of enterprises.
【作者单位】：云南大学经济学院;中央民族大学经济学院;
【分类号】：F832.51
【正文快照】： 近年来,债转股作为一种不良资产处理方式引起了学界和业界的关注。随着国务院及有关部门陆续出台相关政策文件,逐渐拉开了国内第二轮大规模债转股的序幕。从中国银监会发布的数据来看,截至2017年2月末,中国市场化债转股的签约金额为4300多亿元;到了同年5月末,市场化债转股的签

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