Abstract:
Market-oriented debt-to-equity swap is an important move, which is introduced by Chinese government in 2017, targets to decreasing the enterprises' leverage ratio. Comparison to the debt-to-equity swap operates in the process of disposal of commercial banks' non-performing assets in 1999, the recently debt-to-equity swap has some new characteristics in following areas: its purposes of operations, internal mechanisms, market conditions, object enterprises, object assets, and operating flexibility. There are series of difficulties in market-oriented debt-to-equity swap, mainly performed in operation mechanisms, related-transaction, and operation risks.Current operations of debt-to-equity swap do not truly implement the market-oriented; them, at best, introduced some market-oriented measures within the commercial banking system. In order to truly carry out the debt-to-equity swap that is based on “market-oriented”, it must deepen the reform, courage to innovation, implement the open-to-inside policy orientation, permit various domestic operating agencies to operate debt-to-equity swaps; enhance the competition mechanism in the process of debt-to-equity swaps, upgrade the transparency and fairness in the transaction of loaning assets; make use of various financial channels to support the equities trading after the debt-to-equity swaps, then enhance the role of debt-to-equity swap in reducing the object enterprises' leverage ratio.
王国刚. 市场化债转股的特点、难点和操作选择[J]. 金融研究, 2018, 452(2): 1-14.
WANG Guogang. The Characteristics, Difficulties and Operate Selections in Market-oriented Debt-to-equity Swap. Journal of Financial Research, 2018, 452(2): 1-14.
