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

在当前新的经济背景之下,债转股的运行机制及面临的问题与上一轮有很大的不同。通过对以往经验的检视可以发现,债转股可以降低企业发展高杠杆率以及银行的高不良率。但是,与上一轮债转股相比,在我国新的经济形势与现实环境下,本轮债转股的实施依然存在众多需要解决的问题:法律制度问题,实施、管理及退出问题,道德风险问题等。对以上问题的破解提出相关建议。

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.