去产能企业债转股的市场化机制研究

Analysis on Debt-to-Equity Swap Marketization Mechanism of Capacity-Reducing Enterprises

按市场化原则实施"债转股"是巩固2015年至今去产能的阶段性成果、建立化解过剩产能的长效机制、妥善处置去产能企业债务问题的有效途径之一。实现去产能企业的市场化运作,需要客观分析去产能企业债务状况的变化,准确把握去产能企业债务结构的特殊性,明确对去产能企业实施债转股的前提条件,从按市场化原则选择债转股实施对象、确定债转股价格、筹集债转股资金、确定持股人地位、确定股权退出方式、明确非金融债务债转股准则六个方面入手,有效推进去产能企业债转股市场化机制的建立。

Market-oriented debt-to-equity swap is one of the most effective ways for consolidating the staged achievements of cutting overcapacity,establishing the long-term mechanism of resolving excess capacity and disposing capacity-reducing enterprises'debt.In order to realize the overcapacity-cutting firms'marketization,it is important to objectively analyze the change in debt situation caused by resolving overcapacity.And then it is vital to accurately grasp the particularity of the debt structure,and to understand the precondition of debt-to-equity implementation.In order to effectively establish the debt-to-equity marketization mechanism for capacity-reducing enterprises,efforts should be done within the following six aspects,including implement object selection following marketization principle,debt-to-equity price decision,debt-to-equity fund procurement,shareholders status confirmation,and non-financial debt-to-equity criterion confirmation.