中国债转股之后的股权流动及企业重组

【作者】 牛国良；

【导师】 于立新；

【作者基本信息】 中国社会科学院研究生院 ， 金融学， 2002， 硕士

【摘要】 债权转股权，是改善中国金融环境、国有企业振兴和经济改革的重要手段。到2000年底，作为中国特定概念的债转股的第一步已经基本结束，但是，完整意义上的债转股并没有结束，需妥善解决债转股以后的股权流动、债转股企业的进一步重组和规范治理问题，这是债转股的第二步。从现实情况看，更关键的第二步还是举步维艰、困难重重。把债转股放到债务重组的大框架中去认识，通过债务重组推进企业重组，通过企业重组提升企业质量并促进整个国民经济的战略调整应成为一条主线。在这一改革主线中，转股后的股权流动至关重要，它不仅关系到资产管理公司能否顺利实现股权退出，而且影响到进一步的企业重组和企业的规范治理，甚至最终影响到能否为建立新的信用秩序打下良好的基础。因此，深入探讨债转股以后股权的流动方式、各种方式的特点、会遇到的障碍、解决障碍的出路以及股权流动与企业重组的关系，并借鉴国际上债务重组与股权流动方面的经验，不仅具有推进对该问题认识深化的理论意义，而且对于清醒地认识改革中的实际问题以及寻求解决的思路都具有重要的现实意义。全文共分六个部分对转股后的股权流动及企业重组问题进行研究： 第一部分是中国债转股的理论基础。中国债转股具有国际债务重组的一般运行特征，也具有其自身的特点。债转股是债务重组中的一种重要方式，这一方式对于化解中国的金融风险、促使资本金严重不足的大中型国有企业摆脱困境、重塑银企关系具有重要意义。债转股使转股企业的资本结构发生变化，转股后股权的流动会使企业的资本结构进一步变化，进而促使企业的重组，通过企业重组提升企业的质量。债权转为股权有两大渠道，一是由银行直接将不良债权转为对企业的投资；二是通过中介机构，由中介机构先购买银行的不良债权，再对企业投资。就中国的现实看，应采用第二种方式。建立具有提供资金能力、咨询能力和操作能力的债务托管中介机构，实施债务托管和债转股。 第二部分是中国债转股的实际进展与成效。到2000年7月，对504家企业实施了债转股，转股金额达4050亿元。初步成效是：转股企业财务负担明显下降、企业资本结构得到改善、初步实现了企业控制权的转移与重构、银行资产质量明显改善。但是，转股后的股权流动十分缓慢，困难重重。 第三部分是债转股后股权流动存在的现实问题。一是资产管理公司的资金来源问题，只靠单纯的财政出资很难处置庞大的不良资产，更难以市场化地促进股权流动。二是损失负担与风险隐患，按帐面价值接受的不良资产，给转股后的市场化股权流动带来了困难，因为不良债权行政化的“买入”与股权市场化的卖出，必然带来不良资产托管机构的风险和损失。三是企业控制权未能实现真正的转移与重构，这也给股权的流动带来了不利因素，没有规范的治理，不提升转股企业的价值，就难以吸引新的投资者购买股权。四是转股企业的再融资问题，转股企业在转股后仍需再融资，否则也很难摆脱困境。五是现有股权流动方式的弊端，现有的以回购为主的股权流动方式存在很大弊端，它不仅给转股企业造成现金流出的压力，而且堵住了国内和国外投资者参与企业重组的通路。 第四部分是解决股权流动问题的改革思路。一是要提高资产管理公司运作股权流动的能力，即提高其融资能力、咨询能力、操作能力，提高自身投资银行业务的能力，主动参与转股企业的治理；从长远看，资产管理公司应从政策性中介托管机构向商业性托管机构转变。二是股权的市场化流动是解决问题的关键，通过股权流动降低资产管理公司的风险、解决企业的再融资、找到有能力的股东、促进企业的重组、促进债转股整体目标的实现。通过三种主要股权流动方式(回购、上市、转让)的比较，指出股权的市场化转让是最佳的股权流动方式。三是债转股与企业重组相结合，只有债务重组没有企业重组，债务重组很难成功，因此，债转股这一债务重组形式必须与转股企业的重组结合起来。 第五部分是可资借鉴的国外经验及其对中国的启示。美国是在市场体系比较正常的状 态下进行的债务重组，可借鉴的经验是：重视企业的存续与重整，而不是··一破了之”：使 破产企业的债权和股权都可以市场化流通，实质是索赔权的市场化；发挥了风险投资家和 投资银行的作用。发展中国家的债转股虽然是用来处理外债问题，但对中国的股权流动仍 有启示：一是不良债权的市场化折价销售：二是不良债权的市场化流通与债转股相结合； 三是重点吸引民间投资家参与债务重组。东欧转轨国家经验是：首先对银行体系自身进行 改革和调整：对银行的资产质量加强分级管理；重视银行资本金的补充：通过政府运作得 到坏帐冲减金。对中国的启示是：既要解决银行的历史性问题（政策性不良资产、资本金 不足等问题），更要推进国有商业银行的真正商业化、股份化，促进银行业重组。 第六部分是股权流动的对策建议。提出了两条建议，一是为股权的市场化转让创造条 件，建议建立专门?更多还原

【Abstract】 Transforming financial claim into stock equity is the important means to improve China’s financial circumstances, to vigorously develop the state-owned enterprises and to reform China’s economy. By the end of the year 2000, the first of the transformation, as a specially designed conception in China, has been completed. However, it, as a fact, has not finished. As the second step of it, the transformation requires careful and skillful handling the flow of stock equity, further reorganizing the enterprises whose debts are transformed into stock equity and standardizing their management. In reality, the second step is much more difficult. The transformation is actually to rearrange the debts of the enterprises. The rearrangement can carry the reorganization of the enterprises forward so as to improve their quality and make the strategic adjustment of the whole national economy to be a main line. After the transformation, the stock equity flow is of vital importance in the main line of the reformation for it has an important bearing on whether the management companies of the national assets can succeed in selling their own stock equity and further reorganizing the enterprises and standardizing their management, even on whether new credit order can be laid a foundation. Therefore, it is necessary to further study the flow mode of stock equity after the transformation, the features of all kinds of the modes, the obstacles to probably meet, the ways to clear away the obstacles and the relations between the flow of stock equity and reorganizing the enterprises; as well as to use the experiences of rearranging the enterprises’ debts and stock equity flow in other countries for reference. All of these have not only theoretical significance to deeply push on studying the subject but also a realistic significance to clearly know the real problem existing in the reformation and to seek the way to solve them.This thesis is divided into six parts, which involves the flow of stock equity after the transformation and reorganizing the enterprises.Part One discusses the theoretical basis to transform financial claim into stock equity in China. The transformation in China has the popular features of rearranging the debts in the world as well as its own ones. There are two channels of it: One is for the banks to transform the harmful financial claim into its own investment in the enterprises; the other is to depend on the intermediary institutions, who at first, buy the harmful financial claim of banks and then transform them into the investment in the enterprises. In view of the existing situation in China, the second one should be used. The intermediary institutions should be formed to trust the debts, which has the abilities to supply money as well as consult and put into effect.Part Two expounds the actual development and result of the transformation in China. The initial result is that the financial debts of the transformed enterprises have been obviously lessened as well as to have improved the capital structure of them and to have primarily changed and reorganized the right of dominating the enterprises and also to have evidently improved the quality of the banks’ assets. But the flow of stock equity is very slow and full of difficulties after the transformation.Part Three covers the real problems existing in the flow of stock equity after the transformation. The present mode of the stock equity flow, which actually majors in buying back, has quite a few disadvantages as it brings a bear on the transformed enterprises in cash flow and blocks up the passageway for the investors at home and abroad to participate in reorganizing the enterprises.Part Four puts forward the reformation proposals to improve the flow of stock equity. One is to improve the flow the debt trust ability of the financial management corporations; the other is that marketing the flow of stock equity is the key to solve the problems.Part Five cites some abroad experiences to reference and the enlightenment which China gains from them.更多还原