债转股的理论分析

The Theoretical Analysis on Debt-to-Equity Swap

从三个层面对我国目前实施的债转股进行分析:讨论债转股的基本性质;从产权的角度说明其机理;从政策面剖析债转股实施的可行性。债转股作为国有企业改革的一项重大举措,不太可能达到其预设的效果。从理论上讲,债转股应该是企业重组的一项主要措施,但目前所设计的债转股,赋予它太多的功能。

The analysis on debttoeuity swap in China is on three levels presently. First, the essence of bonds conversion; second, the explanation on its mechanism from the angle of property title; last, the analysis on feasibility from the angle of policy. The basic conclusion is that conversion of bonds cannot be expected to achieve the desired results, even as one of the important deision makings in stateowned enterprise reforms. In theory, debttoequity swap is an important measure in enterprise reorganization. But too many functions have been endowed to it presently, which might be one of the reasons that it does not work perfectly.