煤炭企业市场化债转股的实施与成果巩固研究

Study on implementation and achievement improved of marketized debt-to-equity swap of coal enterprises

从企业做大做强的冲动、企业办社会负责沉重、税费增加、股权融资难、被动投资等方面分析煤炭企业高负债的成因,通过总结3家煤炭企业集团债转股的案例,提出成功实施债转股,必须由地方政府协调、明确工作目标、坚持市场化导向、构建成熟模式。并在此基础上,分析债转股实施过程中存在银行积极性不高、平台选择严格、附加条件严苛、资金成本难掌控、回购存在违约风险、政策风险等问题,从企业做大做强、营造公平竞争环境、降低税费、助力股权融资、划定负债率红线等方面,提出债转股成果的巩固之策。

From the impulsion of the enterprise to be bigger and stronger, too heavy load of the enterprises to build a soci- ety, taxes and dues increased, difficult financing of the stock rights, passive investment and other aspects, the paper ana- lyzed the high debt causes of the coal enterprises and summarized the debt-to-equity swap cases of three coal enterprise groups. A successful implemented debt-to-equity swap should be coordinated by the local Government and with a clear work- ing target, marketized orientation kept and mature model established. The paper analyzed a low enthusiasm of the bank, seri- ous platform selection, rigor additional conditions, hard control of the financial cost, default risk of the repurchase, policy risk and other problems existed in the implementation process of the debt-to-equity swap. From the enterprise to be bigger and stronger, a fair competition market environment to be set up, tax and duty reduced, financing of the assistant equity, a red line of the debt ratio defined and other aspects, the consolidation of the debt-to-equity swap achievements was provided.