国有企业债转股问题研究

Studies on Debt-to-Equity Project of State-owned Enterprises

本文对国家 1 999年启动的债转股工程的实施进展情况进行了跟踪研究。研究结果显示 ,债转股的前期目标即国有企业三年财务扭亏解困基本实现。但由于该政策设计中隐含着诸如对国有产权制度改革的无力、功能目标多元化、不合理的前提假设、运作手段前后磨擦等内在矛盾 ,因此在实践中出现某些有悖于设计初衷的新问题 ,这些问题对促使国有企业出资人真正到位、变企业财务解困为资本解困等债转股本质目标的实现构成严重障碍 ,本文对此提出理论反思和相应的对策建议 ,并提出“股转债”这一股权退出新路径的设想。

The current article has made follow-up studies on the implementation of the Debt-to-Equity project launched in 1999. As indicated by the studies, the preliminary objective of the Debt-to-Equity project is to help the state-owned enterprises’ (SOE) recover from financial loss within three years. However, there hide in the policy planning process some internal conflicts, such as insufficiency of the reform of the state-owned property rights system, pluralisation of functional objectives, unreasonable assumptions and contradictory implementation measures for different periods. As a result, new problems arise in practice, which are contrary to the initial policy planning. These problems constitute serious obstacles to the realization of the essential objectives of the Debt-to-Equity project, such as the assignment of SOE investors and the adoption of shaking off capital plight instead of financial plight. In regard to the above, the current article has presented theoretical reflections and corresponding policy suggestions, and an assumption of new path for equity withdrawal——“Equity-to-Debt”.