论债转股后股权的市场化流动

Talking about the stock—right marketing flow after debt-swap

本文认为债转股最终成功的关键在于转股后股权的顺利流动 ,通过股权流动完成企业重组、再融资并提升企业价值 ,同时促进资产管理公司的成功退出和国有经济的战略调整。并指出以回购为主要方式的股权流动有诸多缺陷 ,市场化的股权转让兼顾了债转股的多个目标 ,是最可行的方式。

The article believes that the key points of the success of debt-swap is stock right's smoothly flowing and to accomplish reorganization of enterprises, the capital recollecting and increasing of enterprises value as well as to promote the process of capital management corporation's successful withdraw from market and strategic reconstruction of state owned-economy through stock right's flow. There are many shortcomings in the process of withdrawing stock right's flow. The artical believes that the marketing stock right transfer ring is the most prevalent approach because it takes account of multiple goals of debt-swap. Some policy advices are referred to carry out.