论新一轮商业银行债转股的实施难点与策略

A New Round of Debt-to-Equity Swap Facing Commercial Banks:Difficulties and Solutions

去杠杆作为供给侧改革的"三去"之一,影响着整个金融体系的系统性风险,而债转股则是去杠杆的重要举措之一,已成为近期的经济热点,万亿债转股成为众人热议的对象。万亿债转股的动因是:降低企业杠杆率;增加银行不良资产处理途径。债转股可缓解商业银行资产恶化压力,改善企业财务状况及社会融资结构。债转股的实施面临现有市场规则的挑战,成功的核心是企业经营能力得到改善。商业银行债转股应按照市场原则进行,加强债转股后管理,完善银行债转股后的退出机制。

Reducing overcapacity, destocking, and deleveraging are the three major tasks surrounding the supply-side reform. Among them, deleveraging influences the systemic risks that would ultimately impact the financial system. Recently the debt-to-equi- ty swap as an important measure to deleverage has become an economic hotspot and the trillion-yuan debt-to-equity swap a heated de- bate. Reason behind this is that the debt-to-equity swap can lower the corporate leverage ratios and provide the banks with more op- tions when tackling the non-performing loans. Positive effects of the debt-to-equity swap include alleviating the pressure commercial banks suffer from asset quality deterioration, and improving financial conditions of the companies and the financing structures of the society. The implementation of debt-to-equity is challenged by the current market rules, and the key to its success is to improve the companies＇ operating capability. Therefore, commercial banks should follow the market rules to carry out the debt-to-equity swap plans, strengthen their management and improve their exit mechanism after the debt-to-equity swap is completed.