【作者】 张丽青；

【导师】 陈莹；

【作者基本信息】 深圳大学 ， 金融硕士（专业学位）， 2020， 硕士

【摘要】 债转股即债权转股权的简称。债转股是债权人以其对债务人之债权为标的,而抵作出资之股本的具有商业性的行为。我国债转股主要是指国有商业银行将企业拖欠的债务以折价的方式转卖给国有金融资产管理公司,金融资产管理公司再将所获得的债务转换成对企业的控股。在去“高产能、高库存、高杠杆”的背景下,2016年我国开始实施新一轮债转股,此次债转股采用市场化操作模式,扩大了可参与企业的范围,充分发挥市场的决定性作用,鼓励公司进行治理改革,推广证券化、改善债务结构、债转股等。政策上利好企业积极通过市场化债转股的方式降杠杆。本文的案例企业东北特殊钢铁集团有限公司是辽宁省大型特殊钢企业集团,是中国北方规模最大、最具市场影响力的特钢企业,同时也是新一轮市场化债转股的代表企业。由于东北特钢所处行业的持续低迷以及扩张战略上的失误,使企业陷入了严重的财务危机,引发了连环债券违约,被动进入破产重整。东北特钢在破产重整引入了市场化债转股,使债转股充分结合破产重整的司法程序的优势,为其实施提供了有效路径。本文从实践方面深入分析东北特钢在破产重整采用市场化债转股的动因以及具体操作流程,分析东北特钢债转股中对利益相关者的影响,分析债转股方案设计。并从运用角度分析未来破产程序采用市场化债转股的展望,得出相应的启示和建议。这次东北特钢通过市场化债转股破产重整后让企业重回正轨,也给与东北特钢有着类似境遇的企业提供了一条债券违约后处理的方式参考,为我们研究如何在复杂的集团公司破产重整程序中运用市场化债转股提供了良好样本,丰富债券违约后的处理模式,也为进入破产程序的债券违约处置提供了市场化债转股的新思路。更多还原

【Abstract】 Debt to equity is the abbreviation of debt to equity.Debt to equity swap is a commercial act in which the creditor takes the creditor’s right to the debtor as the object and offsets it as the capital contribution.The conversion of national debt into shares mainly refers to that the state-owned commercial banks sell the debts owed by the state-owned enterprises to the state-owned financial Asset Management Co in the form of discount,and the financial Asset Management Co then converts the acquired debts into the holding of the enterprises.Under the background of "high production capacity,high inventory and high leverage",China began to implement a new round of debt to equity swap in 2016.This time,the debt to equity swap adopts a market-oriented operation mode,which expands the scope of participating enterprises,gives full play to the decisive role of the market,encourages corporate governance reform,promotes securitization,improves debt structure,debt to equity swap,etc.In terms of policy,it is beneficial for enterprises to reduce leverage through market-oriented debt to equity swap.In 2016,China began to implement a new round of market-oriented debt-to-equity swap under the background of "high production capacity,high inventory and high leverage".The new round of debt-to-equity swap has expanded the range of participating enterprises,given full play to the decisive role of the market,encouraged corporate governance reform,promoted securitization,improved debt structure,debt-to-equity swap and so on.On the policy,favorable enterprises actively explore through the market-oriented debt-to-equity leverage reduction.Northeast Special Steel Group Co.,Ltd.is a large-scale special steel enterprise group in Liao Ning Province.It is also the largest and most influential special steel enterprise in north China,is also a new round of debt-to-equity market-oriented choice on behalf of enterprises.Due to the industry’s continued downturn and expansion of the error,the enterprise into a serious financial crisis,triggering a series of bond defaults,passive into bankruptcy reorganization.This round of debt-to-equity market for the northeast special steel bankruptcy reorganization provides a flexible idea.It provides an effective way for the implementation of market-oriented debt-to-equity swap with the advantages of the judicial procedure of bankruptcy reorganization.This paper deeply analyzes the motivation and operation process of debt-to-equity swap in bankruptcy reorganization of northeast special steel,analyzes the influence of stakeholders in debt-to-equity swap,and analyzes the debt-to-equity swap plan.And from the point of view of the future bankruptcy proceedings using market-oriented debt-to-equity perspective,the corresponding enlightenment and recommendations.The restructuring of northeast special steel through market-oriented debt-to-equity bankruptcy has put the enterprise back on the right track.It also provides a reference for the post-default treatment of bonds for enterprises in similar situations with northeast special steel,it provides a good sample for us to study how to use the market-oriented debt-to-equity swap in the complicated group company bankruptcy reorganization procedure,and enriches the post-default treatment model of the bonds,it also provides a new idea of market-oriented debt-to-equity swap for the treatment of bond default in bankruptcy procedure.更多还原