债转股的经济学思考

Debt-to-equity swap viewed from econnomics

根据 2 0 0 3年 3月 2日《上海证券报资本周刊》报道 ,我国国有银行的不良资产又积累到1.8万亿元 ,大大超过了四大商业银行的自有资金。在财政部将为四大银行进行不良资产二次剥离的传言闹得沸沸扬扬之时 ,如何进行不良资产剥离 ,是政策性的还是商业性的 ;具体怎样剥离 ,是否债转股等一系列问题再次引起了经济学家和许多学者的关注。本文以MM理论为切入点 ,阐述债转股的意义 ,结合瑞丰公司案例 ,分别从企业、银行、政府的角度分析债转股的可行性 ,以此揭示债转股的一些核心问题。

According to the reports in Capital Weekly of Shanghai Security (02.03.2003), state-owned banks' non-performing loans have reached 1.8 thousand trillion, extremely surpassing the Big-4's own funds, when the rumor that China's Treasure Ministry will strip the Big-4 of their non-performing loans is bubbling with noise. A series of problems such as how to strip the non-performing loan, whether it's political or commercial, will debt-to-equity swap be the way, have attracted great attention of economists and scholars. This paper considers MM Theory is the breaking through point, and set forth the significance of debt-to-equity swap, and it analyzes the feasibility of debt-to-equity swap from banks, enterprises and govemment's view combined with the case of Ruifeng Co. to show some key point of debt-to-equity swap.