优化债务重组:创新债务金融工具化解债务困境企业风险  

Optimizing Debt Restructuring:Exploring a New Debt Financing Instrument in Debt Overhang Entity Risk Management

作　　者：荣希 范泽宇 RONG Xi;FAN Zeyu(Shenwan Hongyuan Securities Co.,Ltd.;China Merchants Securities Co.,Ltd.)

机构地区：[1]申万宏源证券有限公司 [2]招商证券股份有限公司

出　　处：《金融市场研究》2023年第9期126-139,共14页Financial Market Research

摘　　要：债务重组过程很难实现债务人和债权人利益最优化。为保护债权人利益,防止资产“贱卖”,维护区域金融环境,创新债务重整融资工具化解债务困境企业风险。债务重整融资工具在结构、条款及管理上借鉴了资产担保债券、可持续发展挂钩债券、TLAC债券等不同金融工具的部分优点,由对债务人资产有实际处置能力的实际控制人发起,通过特殊目的载体创设发行。债务重整融资工具的可行性,特别是债项评级、对地方政府债务的影响,以及与现有法律程序规范衔接等方面的问题需要重点关注和讨论。It is difficult to achieve optimal benefits for both debtors and creditors in the process of debt restructuring.In order to protect the interests of creditors,debt restructuring financing instruments can be used to manage the risk of debt overhang while preventing the"undervaluation"of assets and ensuring protection of the regional financial environment.The structure,terms and management of debt restructuring financing instruments draw on some of the advantages of various financial instruments such as covered bonds,sustainability-linked bonds,and TLAC(total loss absorption capacity)bonds.Debt restructuring financing instruments are initiated by the actual controller with disposal capacity over the debtor's assets.They are created and issued by special purpose vehicles.The feasibility of using debt restructuring financing instruments,requires careful attention and further discussion,particularly as to bond ratings,the impact on local government debt,and the alignment with existing legal procedures and regulations.

关 键 词：债务重整 特殊目的载体 资产估值及处置 金融工具 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]