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企业资产负债率过高,资金缺乏是我国国有企业面临的一个主要问题。作为国企解困的一项重要措施,国务院于1999年3月决定对部分国有重点企业实行债转股。对实施债转股所产生的效果,国内外学术界的讨论很多,并且对于其效果也有很大争议。文献用产权理论分析了我国国有企业的债转股,认为如果按照美国处理不良资产的标准来衡量,是不成功的,但是由于中国企业的债转股在目的、环境上都是不同的,中国的国有企业的债转股还是有一定的积极作用。文献对债转股进行了案例研究,分析了政府和市场对债转股的效果作用,认为债转股是失败的。文献分析了国有资产管理公司退出方式对公司治理的影响。本文将结合企业债转股最近的进展,结合企业的案例,从公司治理角度对债转股政策的效果进行分析。
Enterprise asset-liability ratio is too high, lack of funds is a major problem facing our state-owned enterprises. As an important measure for resolving the state-owned enterprises, the State Council decided in March 1999 to implement the debt-to-equity swap for some state-owned key enterprises. The effect of the implementation of the debt-to-equity swap has a lot of discussions in academia both at home and abroad, and there is much controversy about its effectiveness. The literature analyzes the debt-to-equity conversion of state-owned enterprises in our country with the theory of property right. If the debt to equity of the state-owned enterprises in the United States is not successful in measuring the non-performing assets of the United States, the debt-to-equity swap of Chinese enterprises is different in purpose and environment. Of state-owned enterprises debt-to-equity still have a certain positive effect. Literature on the debt to equity case studies, analysis of the government and the market effect of debt to equity, that debt to equity is a failure. The literature analyzes the impact of the withdrawal of state-owned asset management companies on corporate governance. This article will combine the recent progress of corporate debt-to-equity swap, combined with the case of enterprises, from the perspective of corporate governance to the effectiveness of debt-for-equity policy analysis.