市场化债转股的股权价值评估研究  

Research on the Equity Valuation in Market-Oriented Debt-to-Equity Swap

作　　者：朱曼 Zhu Man(China Chengtong Holdings Group Ltd.,Beijing 100031)

机构地区：[1]中国诚通控股集团有限公司,北京100031

出　　处：《中国资产评估》2022年第11期39-43,共5页Appraisal Journal of China

摘　　要：我国市场化债转股自2016年启动以来发展迅速,企业股权价值评估为股权的定价提供合理的价值参照,对我国市场化债转股的稳步实施起到关键的作用。本文分析了市场化债转股的股权估值方法,以及债转股股权价值评估实践中存在的问题,对市场化债转股股权估值管理进行探讨,以期从资产评估角度为推动我国市场化债转股顺利实施提供参考。The market-oriented debt-to-equity swap has developed rapidly since its launch in 2016 in China.Enterprise equity valuation provides a reasonable value reference for equity pricing,which is crucial to ensure the development of market-oriented debt-to-equity swap in China.This paper analyzes the equity valuation methods of the market-oriented debt-to-equity swap,and its the problems in day to day practice,and also discusses the management of the market-oriented debt-to-equity valuation,expecting to provide reference for promoting the implementation of market-oriented debt-to-equity swap in China,from the perspective of asset valuation.

关 键 词：市场化债转股 股权价值评估 估值方法 明股实债 

分 类 号：F123.7[经济管理—世界经济]