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近年来,随着中国经济发展进入“三期叠加”时期,宏观经济的发展速度从高速增长逐渐趋于稳步发展,企业杠杆率不断升高,商业银行盈利水平出现断崖式下跌,不良贷款问题再一次凸显,这些问题的出现使得新一轮债转股应运而生。新一轮债转股的开展对商业银行未来发展既提供了机遇,也带来了银企信息博弈、流动性风险加大等挑战。这些挑战的存在要求债转股的运行要有完善的法律作为保障、商业银行加强对参与企业的甄别能力和股权投资能力作为支撑,多方机构的参与作为辅助。
In recent years, with the development of China’s economy entering the period of “three superpositions”, the macroeconomic development has gradually grown steadily from high-speed growth, the leverage of enterprises has been steadily rising, the profitability of commercial banks has been steeply declined, and non-performing loans The issue once again highlights the emergence of these problems makes a new round of debt-equity emerged. The new round of debt-to-equity swap offers both opportunities for the future development of commercial banks as well as challenges such as information game between banks and enterprises and increased liquidity risk. The existence of these challenges requires that the operation of debt-for-equity swap should be guaranteed by sound laws. Commercial banks should strengthen their ability of screening and equity investment in participating enterprises as a support, with the participation of multi-agency organizations as a supplement.