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随着中国经济增长放缓,债务快速上升,企业面对更大的偿债压力,商业银行面对更高的不良资产率,使得融资成本上升,企业盈利能力下降,商业银行风险上升。在2016年全国“两会”以及博鳌亚洲论坛年会上,李克强总理两次提出要通过市场化债转股的方式,探索逐步降低企业的杠杆率。债转股时隔17年之后重新出现在人们眼前。而此次债转股与90年代末的债转股有着明显的背景差异,债转股的企业选取、市场化与之后的退出机制也成为大家关注债转股的几大焦点。本文分析了90年代末期债转股与今日债转股的差异,并对市场化以及企业选取提出了大胆看法。
With the slowdown of China’s economy, the rapid rise of debt and the pressure on companies to pay their debts, commercial banks face higher NPLs, raising the cost of financing, reducing the profitability of enterprises and raising the risks of commercial banks. At the 2016 National Conference on “Two Meetings” and the annual meeting of the BFA, Premier Li Keqiang twice proposed to explore ways to gradually reduce the leverage of enterprises by means of market-oriented debt-to-equity swap. Debt to equity after 17 years later reappeared in people’s eyes. However, there are obvious differences in background between the debt-to-equity swap and the debt-to-equity swap in the late 1990s. The selection of enterprises by debt-to-equity swap and the market-oriented exit mechanism afterwards have become the focus of attention to debt-for-equity swap. This article analyzes the difference between debt-for-equity and debt-for-equity trading in the late 1990s and offers a bold view of marketization and the selection of enterprises.