供给侧结构性改革、股权融资与债转股研究

Study on the Supply-side Structural Reform,Equity Financing and Debt-for-equity Swap

"去杠杆"是供给侧结构性改革五大任务之一,关键是运用政府与市场手段在推动经济增长同时改善债务结构。我国债务结构核心问题是企业债务总量偏高、增长迅速。通过股权融资降低非金融企业增量杠杆率,债转股方式降低非金融企业存量债务比例。构建多层次资本市场,运用股权融资,提高企业直接融资比例,解决企业债务增量过快问题。根据企业IPO估值情况、宏观经济环境以及产业结构等因素,运用目标层次定价法确定债转股企业债务对应的股权份额,降低企业债务成本,同时满足债权方利益要求,运用市场机制对符合标准的企业实行债转股来解决非金融企业债务存量过高问题。

＂Deleveraging＂ is one of the five main tasks of supply-side structural reform. The key is to use government and market means to promote economic growth while improving the debt structure. The core problem of China＇s debt structure is the high total enterprises debt and rapid growth. Reduce the incremental leverage ratio of non-financial enterprises through equity financing, reduce the existing obligation ratio of non-financial enterprises by the debt-for-equity approach. Build a multi-level capital market,improve the proportion of direct financing of enterprises by using of equity financing to solve the problem of incremental enterprises debt too fast. According to the enterprise IPO valuations,macro economic environment and industrial structure factors, using the target pricing method to determine the debt-for-equity swap enterprise debt level corresponding to the equity share, reduce the cost of the enterprise debts at the same time meet the requirements of the interests of the creditors. Debt-for-equity swap is carried out for enterprises that meet the standards using the market mechanism to solve the problem of high existing obligation ratio of non-financial enterprises.