当前市场化债转股股权退出面临的问题、原因及改进建议

债转股是去杠杆的有效工具。新一轮市场化债转股自启动以来,已取得一系列显著进展,但仍面临着一些现实障碍。由于退出机制不健全,项目落地进度不及预期。目前市场化债转股实施模式更为多元化,对通过股权转让实现退出的需求开始增加,但实践中仍存在诸如退出方式的可操作性较低、股权转让周期长、债转优先股退出难度较大等问题。债转股股权退出难的主要原因,与股权回购退出的制度基础不完善、上市公司股权转让监管约束较多、新三板和区域股权交易市场发展尚不成熟、股权转让受让主体活跃度不足等有关。为进一步完善市场化债转股股权退出机制,需要进一步优化债转股股权交易场所设置,完善股权回购的配套措施,适度调整股权转让相关监管政策规定,优化债转优先股机制设计,完善债转股定价机制并规范转让行为。

The Problems,Reasons and Suggestions for Improvement in the Withdrawal of Market-oriented Debt-for-equity Swap

Debt-for-equity swap is an effective tool for deleveraging. Since the launching of the new round of market-oriented debt-for-equity swap,a series of significant progress has been made,but there are still some practical obstacles. Due to the incomplete exit mechanism,the project implementation is falling behind schedule. At present, the implementation mode of market-oriented debt-for-equity swap is more diversified,and the demand for exit through equity transfer begins to increase. However, there are still some problems in practice, such as low operability of exit mode,long period of equity transfer,and difficulty of debt-for-equity swap,etc. The main reasons for the difficulty in the withdrawal of debt-for-equity are related to the imperfect institutional basis of equity repurchase and withdrawal,many regulatory constraints on equity transfer of listed companies,the immature development of the new third board and regional equity exchanges and the insufficient activity of the transferee of equity transfer. In order to further improve the market-oriented debt-for-equity withdrawal mechanism,it is necessary to further optimize the establishment of debt-for-equity trading venues,improve the supporting measures for equity repurchase,appropriately adjust the relevant regulatory policies and regulations on equity transfer, optimize the design of debt-for-preferred stock mechanism, improve the debt-for-equity pricing mechanism and standardize the transfer behavior.