债转股研究

随着中国四大资产管理公司的成立,“债转股”日益成为人们关注的焦点。一方面是国有企业负担过重;另一方面是商业银行不良资产比例过高,债转股的出现打出了一条解决银企双方困难的新思路。然而在具体的操作过程中,债转股还存在许多问题有等人们研究解决。作为国企改革关键的一步,债转股效果的好坏将直接影响到国企改革的成败。因此,我们有必要对其作更深入的研究。本文的研究包括三个产.咿经一部分研究债转股的基本理论,重点阐述了债转股的基本含义;债转股的动作原理以及债转股的功能。第二部分研究债转股实施中的难题。重点研究了四个问题：一是利益驱动不的逆向选择问题,即由于各方面利益的冲突,资产管理公司在选择债转股企业时有可能作出与实际情况相反的选择;二是债转股企业转股额度与转股价格的问题;三是债转股的道德风险,即由于缺乏一个完善的监督机制,有可能形成一个企业赖债、地方政府乱推荐、商业银行为企业包装三方面的道德风险;四是资产管理公司的退出机制,即由于缺乏完善的资本市场,资产无法管理公司无法顺利退出。第三部分对债转股提出积极的政策性建议。这此建议包括：严格把关,精选实施对象;确定合理的债转股比 转股价格;正确行使权利,建立督导机制;完善资本市场,形成有效退出机制。

The Study of Debt Transferring to Shares

With the establishment of the four Assets Management Companies,the Debt Transferring to Shares (DTTS) has risen to the top of the national consciousness.Theoretically,the DTTS is a new way to resolve the problem between the SOEs(State-owned-enterprises) and the state-owned commercial banks:the former is overburdened by debts,while the later has a too high ratio of bad assets.However,in the real procedure of the DTTS,there are still a lot of problems to be studied and resolved.As a critical step,the DTTS will decide the success of the reform of the SOEs.So it is necessary to make a deeper study of the DTTS.This thesis is divided into three parts:Part one:the primary theoretical study of the DTTS.There are 3 sessions in it,including the definition,the operation and the functions of the DTTS.Part Two:the difficulties in the procedure of the DTTS.There are 4 sessions in it.1.the opposite choice under different interests.2.the ratio and price of the DTTS.3.the moral risk in the DTTS.4.the withdrawing mechanism of the DTTS.Part Three:the proposals about the DTTS.there are still 4 sessions in it.1.Choosing the right objectives.2.Making an appropriate ratio and price 3.Setting up an effective supervising system.4.Integrating the capital market,forming an effective withdrawing mechanism.