“债转股”不搞“拉郎配”

• 作 者: 张博
• 出 处: 中国有色金属
• 发表日期: 2016年11期
• 关键词: 债转股 债务压力 顶层设计 结构性改革 产能 现金流问题 销售净利率 经营性现金流 销售毛利率 到期债务

今年3月以来,政府、银行、企业开始研究或实施“债转股”的方案,国家层面的“债转股”顶层设计方案呼之欲出。作为供给侧结构性改革的五大任务之一的“去产能”、“去杠杆”是目前改革过程中最重要的问题之一。而市场化主导的“债转股”相较其他处理债务的方式,不仅能减轻企业债务压力,为企业的转型升级争取时间;

Since March this year, the government, banks and enterprises started to study or implement the “debt-to-equity swap plan”, and the state-level “debt-to-equity swap” top-level design plan was ready. As one of the five major tasks of supply-side structural reform, “going to capacity” and “deleveraging” are one of the most important issues in the current reform process. The market-oriented “Debt to Equity ” compared to other ways to deal with debt, not only can reduce corporate debt pressures for the transformation and upgrading of enterprises to gain time;