發(fā)布時間：2018-05-23 16:26

  本文選題：債轉(zhuǎn)股 + 效應(yīng)分析�。� 參考：《河南財經(jīng)政法大學(xué)》2017年碩士論文

【摘要】：近一年多來,債轉(zhuǎn)股作為債務(wù)重組的方式之一又出現(xiàn)在公眾的視野。債轉(zhuǎn)股在上世紀(jì)九十年代末減輕國有企業(yè)債務(wù)負(fù)擔(dān)、化解四大國有銀行債權(quán)人不良貸款中發(fā)揮了舉足輕重的作用�，F(xiàn)如今債轉(zhuǎn)股甚囂塵上,是因為高杠桿率已然成為當(dāng)前我國多數(shù)企業(yè)經(jīng)營的切膚之痛,中央經(jīng)濟(jì)工作會議也把去杠桿作為“三去一降一補(bǔ)”五大任務(wù)之一。2016年10月10日國務(wù)院頒布了要積極降低企業(yè)杠桿率的《意見》,給我國企業(yè)去杠桿指明了方向,其中涵蓋了七種重要的去杠桿途徑,市場化銀行債轉(zhuǎn)股作為其中之一也被提上日程。債轉(zhuǎn)股運(yùn)用得當(dāng)?shù)脑挷粌H有利于去杠桿幫助部分企業(yè)度過財務(wù)危機(jī)重獲新生,也有利于化解債權(quán)人不良貸款、間接促進(jìn)落后產(chǎn)能出清、優(yōu)化市場資源配置。債轉(zhuǎn)股在我國的出現(xiàn)歷時較短,雖然有諸多利好但在相關(guān)方面的經(jīng)驗不足。隨著國家倡導(dǎo)債轉(zhuǎn)股的實施,相信會有越來越多的企業(yè)追風(fēng)逐潮,但若不仔細(xì)研究相關(guān)細(xì)節(jié)及有可能產(chǎn)生的問題,企業(yè)在具體實施操作時就不能有效規(guī)避這些風(fēng)險,大范圍推廣后可能孕育新的風(fēng)險。本文從長航鳳凰實施債轉(zhuǎn)股的案例出發(fā),對其實施債轉(zhuǎn)股的原因、債轉(zhuǎn)股的整個流程詳細(xì)分析,聯(lián)系債轉(zhuǎn)股的相關(guān)理論對其債轉(zhuǎn)股后的效應(yīng)進(jìn)行了評價,總體來說其實施債轉(zhuǎn)股是較為成功的,同時總結(jié)出長航鳳凰債轉(zhuǎn)股實施及后期管理運(yùn)營中存在的問題和隱藏的風(fēng)險,最后結(jié)合長航鳳凰債轉(zhuǎn)股的經(jīng)驗,給當(dāng)前去杠桿大背景下其他企業(yè)實施債轉(zhuǎn)股提供一些相關(guān)建議。本文研究主要分為六部分。第一部分為緒論,主要闡述了本文的研究背景和意義,債轉(zhuǎn)股國內(nèi)外研究文獻(xiàn)綜述,研究方法、創(chuàng)新點與不足,研究內(nèi)容與框架。第二部分是相關(guān)概念界定與理論基礎(chǔ)。第三部分為債轉(zhuǎn)股的實施及效應(yīng)分析,主要介紹了長航鳳凰實施債轉(zhuǎn)股的背景、結(jié)合相關(guān)理論對債轉(zhuǎn)股實施后的效應(yīng)進(jìn)行了評價。第四部分長航鳳凰債轉(zhuǎn)股實施中的幾個關(guān)鍵問題的分析和相應(yīng)的建議。第五部分結(jié)論與啟示,對長航鳳凰實施債轉(zhuǎn)股進(jìn)行整體的評價,總結(jié)存在的問題及日后改進(jìn)的方向,并為其他企業(yè)實施債轉(zhuǎn)股提供相關(guān)啟示。
[Abstract]:In recent years, as one of the ways of debt restructuring, debt-to-equity has appeared in the public view. The debt-equity swap plays an important role in reducing the debt burden of the state-owned enterprises and resolving the non-performing loans of the creditors of the four state-owned banks in the late 1990s. Nowadays, debt-to-equity swaps are rampant because the high leverage ratio has become a real pain in the operation of most enterprises in our country. The Central Economic work Conference also regarded deleveraging as one of the five major tasks of "three going, one reducing and one compensating." on October 10, 2016, the State Council promulgated the "opinions on actively reducing the leverage ratio of enterprises," which pointed out the direction for China's enterprises to deleverage. It covers seven important ways of deleveraging, and market-oriented bank debt-equity swap is also on the agenda. The proper use of debt to equity is not only conducive to deleveraging to help some enterprises through the financial crisis to regain a new life, but also conducive to the resolution of non-performing loans of creditors, indirectly promote the clearance of backward production capacity, and optimize the allocation of market resources. The emergence of debt-to-equity in our country is relatively short, although there are a lot of good, but in the relevant experience is insufficient. With the implementation of debt-for-equity swaps advocated by the state, it is believed that more and more enterprises will chase after the trend. But if they do not carefully study the relevant details and possible problems, enterprises will not be able to effectively avoid these risks when they implement specific operations. New risks may be created after a wide spread. Starting from the case of the implementation of debt-for-equity conversion by Phoenix, this paper analyzes the reasons for the debt-for-equity conversion, the whole process of debt-to-equity swap, and evaluates the effect of debt-for-equity conversion in connection with the relevant theory of debt-to-equity conversion. Generally speaking, its implementation of debt to equity conversion is relatively successful. At the same time, it summarizes the problems and hidden risks in the implementation of the implementation and later management of Phoenix debt to equity, and finally combines with the experience of the conversion of debt to equity from Phoenix to stock. Under the background of deleveraging other enterprises to implement debt-to-equity to provide some relevant advice. This paper is divided into six parts. The first part is the introduction, mainly expounds the research background and significance of this paper, the domestic and foreign literature review, research methods, innovation points and deficiencies, research content and framework. The second part is the definition of relevant concepts and theoretical basis. The third part is the implementation and effect analysis of debt-to-equity conversion, mainly introduces the background of the implementation of debt-for-equity conversion of Phoenix, and evaluates the effect of debt-for-equity conversion with relevant theories. The fourth part analyzes several key problems and corresponding suggestions in the implementation of Phoenix debt-equity conversion. The fifth part is the conclusion and enlightenment of the whole evaluation of the implementation of debt-for-equity conversion of Phoenix, summarizes the existing problems and the direction of improvement in the future, and provides relevant enlightenment for other enterprises to implement debt-for-equity conversion.
【學(xué)位授予單位】：河南財經(jīng)政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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