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论文编号：	11462
作者编号：	2120172925
上传时间：	2019/12/17 14:24:44
中文题目：	市场化债转股在上市公司中的应用模式研究
英文题目：	Research on the Application Model of Market-oriented Debt-to-Equity Swap in Listed Companies
指导老师：	李亚
中文关键字：	结构性去杠杆；市场化债转股；债转股上市公司应用模式；市场化债转股退出
英文关键字：	Structural De-leverage；Market-oriented Debt-to-equity swap；Application mode of Debt-to-equity swap in listed companies；Debt-to-equity swap exit
中文摘要：	自2018年以来，我国经济形势发生了一些变化，总经济下行压力有所加大，尤其是企业杠杆率偏高，上市公司集中经历大股东爆仓和债券违约，企业债务风险进入多发期，在这样的形势下如何统筹协调好去杠杆和稳增长的关系是摆在我们面前的重要课题。高杠杆是风险的总源头，必须要持之以恒、下大力气扭转，去杠杆不能简单依靠紧缩信用来实现，特别在当前政策下，要更加重视股权融资、市场化债转股等手段，特别是要重视市场化债转股的积极和综合作用。市场化债转股在降低企业负债的同时促进企业发展，同时也是推动企业所有制改革的重要突破口。从历史上看，我国有两轮债转股：第一轮是在1999年末，为剥离处理银行体系巨额不良资产，以四大国有资产管理公司接盘银行债权为代表的政策性债转股：第二轮是2016年10月国务院发布《关于市场化银行债权转股权的指导意见》，我国市场化债转股开始启动，到目前正不断完善。 通过两年多的发展，市场化债转股已经具备一定规模，成效较为显著。当前也是推进市场化债转股难得的好时机。本文在研究国内外债转股发展历程，相关案例基础之上，通过对文献、政策的梳理、解读，系统的总结了本轮市场化债转的特征、实施条件、转股范围、转股定价、退出机制、实施难点等问题。同时重点给出上市公司应用市场化债转股的实施模式。又通过两例上市公司市场化债转股具体案例设计，定向可转债转股设计，债权转股权方案设计，股票减持条款设计，基金模式运用等实证方式分析解决了债转股在上市公司退出、资金安全保障等问题。最终得出结论：通过债转股，实施机构可以通过积极参与企业治理，推动现代企业制度、产品升级换代等手段帮助企业摆脱困境，盘活有效资产，对国企高杠杆及上市公司大股东高质押风险进行有效化解。当然，本轮市场化债转股在实操层面还存在诸多问题，提出以下政策建议：降低债转股股权风险权重，丰富资金渠道，退出、定价机制市场化等。
英文摘要：	Since 2018, there have been some changes in China's economic situation, and the downward pressure on the overall economy has increased. Especially the high leverage ratio of listed companies. The listed companies have concentrated on large shareholders' burst positions and bond defaults, and the risk of corporate debt has entered a multiple period. Under such circumstances, how to coordinate and coordinate the relationship between deleveraging and steady growth is an important issue before us. High leverage is the main source of risk. We must persevere and make great efforts to reverse. Deleveraging can not be achieved simply by tightening credit. Especially under the current policy, we should pay more attention to equity financing and market-oriented debt to equity swap. We should pay special attention to the positive and comprehensive role of market-oriented debt to equity swap. Market-oriented debt-to-equity swap not only reduces the debt of enterprises, but also promotes the development of enterprises. It is also an important breakthrough in promoting the reform of enterprise ownership. Historically, China has two rounds of debt to equity swap: the first round was the policy debt conversion to the disposal of the huge non-performing assets of the banking system at the end of 1999, represented by the four major State-owned Assets Management Corporation's bank loans. The second round was issued by the State Council in October 2016 on the guiding opinions on the marketization of banks' debt to equity swap. The former is constantly improving. Through more than two years of development, market-oriented debt-to-equity swap has achieved a certain scale and achieved remarkable results. At present, it is also a rare opportunity to promote market-oriented debt-to-equity swap. On the basis of studying the development process of debt-to-equity swap at home and abroad and relevant cases, this paper systematically summarizes the characteristics, implementation conditions, scope, pricing, exit mechanism and implementation difficulties of this round of market-oriented debt-to-equity swap. At the same time, it focuses on the implementation mode of market-oriented debt-to-equity swap for listed companies. Through two specific case designs of market-oriented debt-to-equity swap of listed companies, the design of directional convertible debt-to-equity swap, the design of debt-to-equity swap scheme, the design of stock reduction clauses, and the application of fund model, the problems of withdrawal of debt-to-equity swap in listed companies and capital security are solved. Finally, it comes to the conclusion that through debt-to-equity swap, implementing institutions can help enterprises get out of the predicament by actively participating in corporate governance, promoting modern enterprise system, upgrading and replacing products, activate effective assets, and effectively resolve the risk of high-leverage state-owned enterprises and high-pledge of large shareholders of listed companies. Of course, there are still many problems in this round of market-oriented debt-to-equity swap. The following policy suggestions are put forward: reducing the risk weight of debt-to-equity swap, enriching capital channels, withdrawing from the market, and pricing mechanism marketization.
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