市场化债转股中的明股实债研究  

Market-oriented Debt-to-Equity Swap(DES)and the Investment in Fake Equity

作　　者：徐金球 Xu Jinqiu(School of Accounting,Hebei Finance University)

机构地区：[1]河北金融学院会计学院

出　　处：《金融发展评论》2024年第10期70-80,共11页Financial Development Review

基　　金：中国博士后科学基金项目(项目编号:2015M570983)的资助

摘　　要：2016年以来,我国市场化债转股中明股实债操作模式盛行。该现象集中反映了目前银行债转股的决策困境、转股资金期限与风险匹配失衡、投资与治理经验缺失、退出机制不足等现实。明股实债尽管一定程度上满足了银行有关固定收益及安全退出等需求,但总体上与市场化债转股原则相悖,并且蕴藏了诸多不确定性风险,如信贷配置效率风险、资金期限错配风险以及实体风险向金融系统性风险蔓延的隐忧。因此,当务之急是要提高债转股多重政策目标与任务实施之间的协同性,将“化债”与债务结构优化及宏观“去杠杆”等结合起来,实现降杠杆思路与方式的协调性,多渠道解决转股资金来源问题,全面参与转股企业治理等,从而高效推进本轮市场债转股工作。Since 2016,the investment in fake equity in the process of market-oriented debt-to-equity swap has been prevalent in China.In this round of market-oriented debt to equity swap,the operating mode of the Investment in Fake Equity is prevalent.This phenomenon reflects the current decision-making dilemma of bank debt to equity conversion,the imbalance between the term and risk of equity conversion funds,the lack of investment and governance experience,and the insufficient exit mechanism.Although the“investment in fake equity”to some extent meets the needs of banks for fixed income and safe exit,it generally contradicts the principle of market-oriented debt to equity conversion and contains many uncertain risks,such as credit allocation efficiency risk,fund term mismatch risk,and hidden concerns about the spread of physical risks to financial systemic risks.Therefore,the urgent task is to improve the synergy between the multiple policy goals and tasks of debt to equity conversion,combine“debt restructuring”with debt structure optimization and macro“deleveraging”,achieve coordination in the“leverage reduction”approach and methods,solve the problem of source of funds for equity conversion through multiple channels,fully participate in the governance of equity conversion enterprises,and efficiently promote the current round of market debt to equity conversion work.

关 键 词：市场化债转股 明股实债 金融风险 

分 类 号：F832.51[经济管理—金融学]