中钢集团实施债转股策略分析

发布时间：2018-03-25 15:52

本文选题：中钢集团　切入点：债转股　出处：《河北金融学院》2017年硕士论文

【摘要】：2016年10月国家公布允许符合要求的企业实施债转股,在当前信贷风险加大、违约事件屡发的情况下,债转股对一些企业和金融机构无疑是重大利好,本次债转股在法制化、市场化的前提下进行,这对激发市场活力和债转股主体的积极性具有重要意义。经历过1999年债转股,汲取上次的债转股优点,对其存在的道德风险等进行有效规避,这都有益于本轮债转股的实施。本文以中钢集团为例,分析其在实施债转股策略、各阶段中可能存在的问题,并对存在的问题提出解决措施以及借鉴意义。通过分析得出的结论:以市场为主的债转股凸显市场作用,在债转股实施前、实施后都要运用市场的智慧去化解他面临的问题与困难,这样为后来企业做好标杆,为我国处理不良资产打开一个优质通道。本文主要把中钢集团实施债转股的各阶段详细剖析,在债转股方式确定、转股比例、股权管理以及股权退出阶段分别进行策略分析,并针对各阶段可能存在的问题进行研究,这是本文的出发点,最后针对其中存在的问题进行市场化解决,以达到本文的目的。
[Abstract]:In October 2016, the state announced that it would allow eligible enterprises to implement debt-for-equity swaps. Under the current situation of increased credit risk and repeated issuance of default incidents, the debt-for-equity swap is undoubtedly a major positive for some enterprises and financial institutions, and the debt-for-equity swap is being legalized. Under the premise of marketization, it is of great significance to stimulate the market vitality and the enthusiasm of the main body of debt-to-equity conversion. After going through the debt-to-equity swap in 1999, we have learned the advantages of the last debt-for-equity swap, and effectively circumvented its moral hazard, etc. This paper takes Sinosteel Group as an example to analyze the possible problems in the implementation of debt-to-equity swap strategy. Through the analysis of the conclusion: the market-oriented debt to equity highlights the role of the market before the implementation of debt-to-stock conversion. After the implementation, we should use the wisdom of the market to resolve the problems and difficulties faced by them, so as to set a good example for the enterprises later on. In this paper, we analyze in detail the various stages of debt to equity conversion in Sinosteel Group, and analyze the strategies in the mode of debt to equity conversion, the proportion of equity conversion, the equity management and the exit phase of equity, respectively, in order to open a good channel for dealing with non-performing assets in our country. It is the starting point of this paper to study the possible problems in each stage, and finally to solve the existing problems in order to achieve the purpose of this paper.
【学位授予单位】：河北金融学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.31

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