【作者】 阮响明；

【导师】 潘英俊；

【作者基本信息】 重庆大学 ， 工业工程， 2002， 硕士

【摘要】 随着我国经济体制改革的深入进行，占国民经济绝对比重的国有企业由于历史负担拖累和自身制度改革的滞后，使其难以适应整个经济环境的巨大变化，出现了国有银行不良资产过多和国有企业过度负债的债权债务问题。因此，如何通过债务重组降低国有企业的资产负债率，优化企业的资本结构，成为当前经济体制改革的重点和难点。本文从国有企业过度负债的现状出发，对国有企业过度负债的典型代表——西南铝业（集团）有限责任公司债务状况及产生过度债务成因进行详细调研的基础上，深入分析了当前我国国有企业过度负债产生的原因及过度负债对国民经济的影响，探索了国有企业改善筹融资环境和我国目前进行国有企业债务重组的具体方法、途径。针对目前国家提出的国有企业“债转股”债务重组方案，按照现代企业制度的要求，在对国内外债务重组模式和资产证券化运作实践进行研究的基础上，本文对解决我国国有企业过度负债的资产管理公司制下的资产证券化进行了深入的研究，充分发挥资本市场的有效配置作用，通过资本市场寻找新的投资者和重组者，从而有利于推动西南铝改革步伐，促进其生产经营持续、快速、健康发展。为了减轻债务企业的负担，债权人可以通过与债务人协商，按照与债务人达成的协议或法院的裁决修改债务偿还条件，实施债务重组。面对我国不少企业在沉重债务下艰难经营的现状，债务重组能够为我国经济的健康发展做出更大的贡献。关键在于如何借鉴西方债务重组的做法，走出一条有中国特色的国有企业债务重组之路。在发达的证券市场环境下，由专业性的中介机构参与债务重组，更有利于降低债权人的风险，而资产证券化在实现债权流动，在提高债务重组效率上有着重要的理论意义和实践意义。以上研究成果应用于西南铝债务重组工作中，取得了良好的效果。更多还原

【Abstract】 With the Chinese economy system reformation processing deeply, the state-owned enterprises can’t fit the new economic environment which has changed largely and deeply, because of historical reasons and draggling of themselves’ system reformation. The state-owned enterprises account for most proportions in our national economy. Consequently, there have occurred overfull non-performing loans in state-owned commercial banks, and overfull debts and creditor’s rights in state-owned enterprises. Therefore, it becomes the keystone and difficulty at present Chinese economy system reformation that how to reduce the rates of state-owned enterprises’ liability and optimize capital structure by debt restructuring.This paper has comprehensively investigated the liability circumstance and the reasons of producing overfull liability of the Southwest Aluminum Co., Ltd. (for short, SWA), which is a typical representative of state-owned enterprises in debt. At the same time, on the base of former researching, this paper has deeply analyzed the reasons of the state-owned enterprises generated overfull liability and the influence of overfull liability on national economy, explored the methods of improving the investing and financing environment and the methods of debt restructuring in our country at present. Aiming at the "debt-to-equity transformation" which is a debts restructuring scheme advanced by government, in term of the requirements of modern enterprises regulations, this paper has researched deeply on asset securitization under asset management corporation which can resolve excessive debts of state-owned enterprises, on base of researching on the modes of debt restructuring in our country and overseas and researching on the practice of asset securitization. These research can make the capital market play effective function in collocating capital sufficiently, search new investors and the objects of debt restructuring through capital market. Accordingly, these research avail to impel the pace of the SWA reforming, promote the SWA’s development of production and operation continually, quickly and healthily. In order to reduce the burden of enterprise in debt, creditor can consult with debtor to implement debt restructuring, amend the term of repaying the debts according to the agreement with debtor or the arbitrament of court. Debt restructuring can make more contributions to our country’s economy development healthily in the face of the actuality of the enterprises operated under the heavy debt burden. The key is how to<WP=6>learn methods of debt restructuring from the developed country, and explore the way of debt restructuring of state-owned enterprises with Chinese character. Under the environment of developed securities market, the professional agencies participate in the debt restructuring in favor of reducing creditor’s ventures. Asset securitization has the important significance of theory and practice at the realizing creditor’s right flowing and enhancing the efficiency of debt restructuring. The above research fruit is proved by application practice to achieve favorable benefits in SWA’s debt restructuring.更多还原