理性认识债转股

A Further discussion on the Debt-to-Equity Swap Program

本文讨论了由于债转股假定前提中的不合理性而可能引发的问题 ,重点分析了债转股所要求的市场环境及我国在各个环节上的现状和所存在的差距。在分析债转股设计思路的基础上 ,提出债转股成功的关键应该是在谨慎操作的原则下 ,将重点放在对债转股的目标企业进行全方位的重组上 ,这样 ,才能使银行的不良资产通过市场化运作得以消化 ,同时杜绝新的不良债权之源。

It is considered in this paper the unreasonableness of the hypothesis of the Debt to Equity swap program.The stress is on the discussion of the market environment it requires and the problems exist in China.Through the analysis of its design,we consider the key factors of success are conservative operating and a total re organization of the target enterprises.The bad assets of commercial bank will be eliminated through market operating of AMC and the resources of new bad asset will be cut off.