债转股再启幕

A new round of debt-to-equity swaps

10月10日,国务院印发《关于积极稳妥降低企业杠杆率的意见》及其附件《关于市场化银行债权转股权的指导意见》（下称《指导意见》）,这被视为我国防范和化解企业债务风险的重要文件,也是推进供给侧结构性改革的重要举措。一直“只闻楼梯响,不见人下来”的债转股方案这次真正揭开了面纱。今年全国两会期间,国务院总理李克强在回答中外记者提问时就曾表示,要坚定不移地发展多层次的资本市场,也可以通过市场化债转股的方式来逐步降低企业的杠杆率。

On October 10,Chinas State Council released a guideline on the long-discussed debt-for-equity swaps,pledging the scheme will be conducted in an 'orderly' fashion as the country steps up efforts to tackle high corporate debt.Companies with 'temporary difficulties' but 'long-term potential' will be able to exchange their debt for stocks.However,poorly performing 'zombie enterprises' and those with bad credit records will be forbidden from participating.