论文部分内容阅读
在经济下行期,实施债转股,一方面有助于降低银行不良贷款率,维护金融稳定;另一方面可以帮助企业降低负债率和杠杆率水平,减轻经营压力。7月18日正式公布的《中共中央、国务院关于深化投融资体制改革的意见》中提出要“开展金融机构以适当方式依法持有企业股权的试点”。目前,尽管债转股的具体实施方案尚未出台,但从实际情况来看,已有部分银行和企业进入了实质操作阶段。本文在回顾了上世纪90年代以来我国商业银行债转股的历程,分析了当前债转股的操作模式与90年代的差异,指出了我国商业银行“债转股”过程中存在的问题,最后,在总结国内实践和国外债转股的先进经验的基础上对我国现阶段实施债转股提出对策建议。
In the economic downturn, the implementation of debt-equity swap helps reduce the bank’s NPL ratio and maintain financial stability. On the other hand, it can help reduce the debt-to-leverage ratio and reduce the operating pressure. The “Opinions of the CPC Central Committee and the State Council on Deepening the Reform of Investment and Financing System” formally promulgated on July 18 proposed that “we should conduct a pilot program for financial institutions to hold enterprise equity according to law in an appropriate manner.” At present, although the specific implementation plan for debt-to-equity swap has not yet been promulgated, in reality, some banks and enterprises have already entered a substantive operational phase. This article reviews the course of debt-equity conversion of commercial banks in our country since the 1990s, analyzes the current operating pattern of debt-to-equity swap and the differences between the 1990s and the 1990s, and points out the problems existing in the process of commercial bank debt-equity swap Finally, on the basis of summing up the domestic experience and the advanced experience of foreign debt-to-equity swap, this paper puts forward countermeasures and suggestions on the implementation of debt-equity swap in our country.