经济新常态下债转股的困境及其破解机制研究

Research on the Difficulties and Problem-Solving Mechanism of Debt-Equity Swap under the Economic New Normal

在我国经济面临新常态的背景之下,债转股重回大众视野。但与上一轮债转股相比,本轮债转股的实施依然存在众多需要解决的新困境:制度困境、实施过程中的困境、银行实施动因困境以及道德风险等问题,本文对以上问题的破解机制进行研究。

As China＇s economy is facing the New Normal, public concerns about debt-equity swap raise again. To carry out debt-equity sway under the New Normal indeed is necessary and feasible, which may decrease the high leverage ratio of enterprise development as well as the bad debt rate of banks. To compare with the last round, this round of debt-equity swap, carried out under the new economic situation and realistic circumstances, is confronted with many new difficulties in institutional construction, implement, banks＇ motives, moral hazard, etc. Since institutional construction is prior to the implement of debt-equity swap, the said difficulties should be solved first. But, it can be found that to carry out debt-equity swap on enterprises is only a temporary solution.