市场化债转股:理论基础与中国实践  

Market-Oriented Debt to Equity Swap:Theory and China’s Practice

作　　者：李广子[1,2] 

机构地区：[1]中国社会科学院金融研究所 [2]中国社会科学院金融研究所国家金融与发展实验室

出　　处：《国际金融研究》2018年第12期31-39,共9页Studies of International Finance

基　　金：中国社会科学院金融研究所重点课题“市场化债转股的实施及其影响研究”;国家社会科学基金项目“大数据时代科技与金融融合及风险管控研究”(18BJY250)的阶段性成果;国家留学基金委的资助

摘　　要：市场化债转股是我国近期推出的旨在降低企业杠杆率、防范金融风险的一项重要政策。本文从金融学理论入手,对市场化债转股的主要功能及潜在风险进行分析。理论分析表明,市场化债转股对于转股双方都具有一定的积极意义,能够丰富多层次融资体系,同时有助于熨平经济周期产生的风险并降低宏观经济杠杆率。与此同时,市场化债转股也给转股双方带来风险并产生一定社会成本。在此基础上.本文对我国市场化债转股的实施进展及相关特征进行了分析和总结。研究结果显示.短期内投资者对市场化债转股的反应是负向的.但随着时间的推移这种反应会逐渐转向正面。此外,投资者在很大程度上仍把市场化债转股作为降低企业特别是国有企业债务负担的一项政策。本文最后就如何优化我国市场化债转股提出了若干建议。本文的研究对于更好地理解和推动市场化债转股具有一定参考价值。The market-oriented debt to equity swap is an important policy to reduce firm leverage and to prevent financial risk. Firstly, this paper analyzes its main functions and potential risks based on financial theory. Theoretical analysis shows that,the market-oriented debt to equity swap has a positive impact on both financial institutions and firms; it can also enrich the multi-level financing system, helping smooth the risk of economic cycle and reduce macroeconomic leverage. However, it will bring a certain type of risks to both financial institutions and firms and will generate a social cost at the same time. Secondly, this paper analyzes its implementation progress and related characteristics in China. Thirdly, event study shows that investors’ reaction to the market-oriented debt to equity swap is negative in the short term, and it will become positive in the long term. In addition, investors still take the market-oriented debt to equity swap as a policy to reduce firm’s debt burden, especially for SOEs. Some suggestions on how to optimize its implementation in China are put forward in the last section. This research has a certain reference value for better understanding and promoting the market-oriented debt to equity swap in China.

关 键 词：债转股 风险 财务危机成本 杠杆 

分 类 号：F832[经济管理—金融学]