主要国家推进债转股的做法及对我国的启示

Major Countries' Practice to Promote Debt for Equity Swap and the Enlightenment on China

债转股是指将银行与企业间的债权关系转换成股权关系,以化解企业债务。本文对我国1999年我国第一次债转股的历程和效果进行了回顾,虽然短期内成效显著,但后期企业又重新返困,且由于资产管理公司退出机制有限,出现了由政府部门承担最终风险的情况。国际上波兰和日本实施债转股较为成功,文章对两国债转股的主要做法进行了分析研究,并对我国有效推进债转股提出了政策建议。

Debt for equity swap refers to changing the debt relationship between banks and enterprises to the equity relationship in order to resolve the enterprises’ debt. The paper reviews the development course and effect of the first debt for equity swap of China in 1999. Though the effect was significant in the short-time, enterprises returned back to the plight later. Due to the limited exit mechanism of asset management corporations, the government has to bear the final risk. Poland and Japan have successfully implemented debt for equity swap, so the paper analyzes the main practices of debt for equity swap of these two countries, and then puts forward suggestions on effectively promoting debt for equity swap in China.