【作者】 毛雨虹；

【导师】 尹昌列；

【作者基本信息】 四川大学 ， 工商管理， 2003， 硕士

【摘要】 债转股是指在国家组建金融资产管理公司，依法处置银行原有不良资产的基础上，对部分企业的银行贷款，以金融资产管理公司作为投资主体实行债权转股权。债权转股权是把原来银行与企业的债权债务关系，转变为金融资产管理公司与企业间的持股与被持股或控股与被控股的关系，原来的还本付息转变为按股分红。 进行债转股的企业是我国近年来在建设过程中国家未注入资本金、资产负债率较高的企业。国家对这些企业债转股突出了三个重点：解决在国民经济发展中起举足轻重作用的大型和特大型企业的问题；支持近年来承担国家重点项目的企业尽早达产达效，促进产业升级；促进国有大中型骨干企业里有条件的企业扭亏和转制。 R集团正是符合国家对于债转股企业的要求。由于R集团公司资本金严重不足，债务负担非常沉重，资产负债率高居不下，自身偿债能力十分有限，对逐年还本深感无能为力。在政府各项支持措施得到落实的同时再将各大商业银行贷款本息余额转为股本，将大大减轻偿债压力，改善企业资本结构，促进加速扭亏脱困。 笔者在实习过程中，深入基层参与了对R集团的调研和考察，并参与了对其债转股的具体方案的设计。 我认为债转股并非只以风险的转移为最终目标。债转股带来的风险转移，能够在一定的时期内，为某些方面的改革赢得时间，活其局部，再及全局。到目前为止，债转股已经实行了三年，但是债转股的一些核心问题依然没有得到重视，其中蕴涵的金融风险不可忽视。如果不对此引起重视，那么债转股将有很大的可能蜕变为中央财政利用人民购买的债券为国有企业买单或者是利用通货膨胀为国有企业买单的金融危机.只停留在财务重组阶段的债转股是侵害债权人利益的。关键是在于债转股能否改变企业的底利能力，这才是债转股的真正意义所在!必须有实质性的资产重组行为能够改变资产的现金流状况的债转股才具有经济学上的意义，否则就是数字游戏:企业价值的提升才具有真正的意义，也就是说利益相关者的利益总和有提升，而不是零和博弈。 因此，我在论文第三部分中进一步从债转股的未来运行模式和国有企业治理结构的转变等方面对债转股进行了较深入的思考。 最后，我还要真诚的感谢尹昌列老师对我的论文做出的指导，真诚的感谢金融教研组的老师们对我们的教育和帮助!更多还原

【Abstract】 The concept of the Conversion from Creditor’s Rights to Stocker’s Rights is to organize the Finance and Assets Management Company (AMC) to disposition the primary ill assets of some of the enterprises. The AMC carry out the conversion as the main body of investment.These enterprises have not been injected enough money by our country in the process of construction in recent years. And the ratio of assets to debts is very high too.Our country stand out three keystone within these enterprises in doing the job, they are: solve the problem of the big enterprises that have importance impact on our economics; hold out the enterprises that bear our country’s important projects; expedite the central big enterprises turn converse system.R group just fits the requests of the Conversion from Creditor’s Rights to Stocker’s Rights by our country. When I was in the process of practiced, I had surveyed and reviewed in the R group, and taken part in the argumentation of the likelihood of the Conversion from Creditor’s Rights to Stock’s Rights and the design of material project.I think the goal of the conversation is not just the shift of risk. The shift canbring hours for our nation’s innovation. By far, the policy has carried out for three years, but even exist some core issues. If we don’t recognition them, then the policy may probably metamorphosis a finance crisis that the central finance make use of the bonds or make use of inflation to pay for these national enterprises. The key is to change the capability of pay off of these enterprises, and this is the real sense of the policy too. There must exist essential recompose of assets, if not, the policy can only be a digital toy.So in the 3rd part of my paper I had carried through a deep consideration on several aspects such as: the policy’s future run mode and the conversation of the enterprise’s father configuration.At last, I thanks my tutor and all the teachers in our department, thanks their selfless coach!更多还原