債轉股的風險和防范

論文編號:CW187  論文字數:14802,頁數:19

債轉股的風險和防范

 摘要
 實施債轉股是我國國企改革體制上的創新。然而，債轉股在化解國有企業債務的同時，企業經營風險、市場競爭風險、道德風險是客觀存在的。因此，企業債權不能簡單的不受限制的轉為股權。對已實施債轉股的企業要進行戰略調整。同時，要設置預警系統、風險防范系統和其他方法來防范風險。但作為一項政策，債轉股的實施卻面臨著各種風險因素的阻礙，因此如何認識并防范這些風險就顯得愈加重要了。本文在分析了債轉股的定義和實施程序的基礎上，深入地分析了我國在實施債轉股過程中風險的形成原因，旨在減輕國有企業債務負擔，促進國有企業健康發展。最后，通過對我國實施債轉股存在的風險，提出防范。

［關鍵詞］債轉股；風險；國有資產管理公司；防范措施

［論文類型］應用研究型

Risk and Countermeasure in Debt into Equity

ABSTRACT
 It is an innovation in China's state enterprise reform to change creditor right into stock right. However, while it settles the enterprise's liabilities, there exist enterprise management risks, market competition risks and moral risks. Therefore, enterprise creditor right should not be simply and unlimitedly changed into stock right, strategic adjustment should be made in the enterprises where the change is made, and at the same time early warning systems, risk relieving systems as well as other counter. However, implementation of this policy is risky. Its success depends on whether we can thoroughly understand the various risks and take effective measures to control them. Risks were examined in detail and suggestions were put forward. This paper analyzes the definition and implementation of debt-equity swap program, based on in-depth analysis of risks in the implementation process of the formation of Debt reasons, to alleviate the debt burden of state-owned enterprises, and promote the healthy development of state-owned enterprises. Finally, the existence of the risk of implementation of the Debt proposed prevention.
［Key Words］Debt into Equity；risk；Asset Management Corporations,
 Countermeasure
 
［Type of Thesis］Applied Research

目錄
1 引言 1
1.1 國內研究現狀 1
1.2 國外研究現狀 2
1.3 選題目的和意義 2
2 債轉股的定義及實施程序 3
2.1 債轉股的定義 3
2.2 債轉股的實施程序 3
3 債轉股風險的主要表現 4
3.1 金融資產管理公司的安全風險 4
3.2 賴帳經濟，釀成道德風險 5
3.3 債轉股過程中的競爭風險 5
3.4 債轉股過程中定價的風險 6
3.5 國家財政的負擔風險 6
4債轉股風險產生的原因 8
4.1 企業經營者的素質 8
4.2 沒有嚴格把握債轉股準入關 8
4.3 國有商業銀行及金融體系的現狀 8
4.4 債轉股沒有改變企業的經營機制和股權結構 9
4.5 金融資產管理公司處置不良資產缺乏有效的風險防范措施 9
5 債轉股風險的防范對策 10
5.1 全面提高經營者的素質 10
5.2 加大對實施債轉股企業的甄選 10
5.3 健全企業的經營機制和股權結構 11
5.4 為“債轉股”的實施創造良好的條件 12
6債轉股案例分析 13
6.1 案例簡介 13
6.2 案例分析 13
7結束語 14
參考文獻 15
致謝 16