新一轮债转股对我国商业银行经营影响研究

A Study on the Influence of the New Round of Debt-to-Equity Swap on China's Commercial Banks

我国经济正面临着结构性调整,企业债务杠杆和商业银行不良贷款持续上升,债转股议题再次被提上日程。对资产管理公司债转股、商业银行直接和间接债转股等运作模式进行分析,并重点研究债转股对商业银行混业经营、资本构成、流动性风险和道德风险的影响,具有现实意义。商业银行在实施债转股过程中,要充分凸显市场化运作的特征,选择合理的持股主体和债转股对象,确立有效的股权定价和退出机制,建立完善的风险控制体系,从而保障新一轮债转股取得预期的成效。

China＇s economy is facing structural adjustment, corporate debt leverage and commercial bank non-performing loans continue to raise, debt-to-equity issues once again put on the agenda. It has realistic importance on focusing on the impact of debt-to-equity swap on the mixed operation, capital structure, liquidity risk and moral hazard of commercial banks by introducing the operation mode of assets management companies, commercial bank direct and indirect debt-to-equity swap. Finally, In the process of implementing the debt-to-equity swap, we should fully highlight the characteristics of market-oriented operation, choose the stock holders and the object of debt-equity swap, establish effective pricing and exit mechanism, establish a perfect risk control system, ensuring a new round of debt-to-equity swap to achieve the desired results.