论文总字数：16263字

摘 要

2016年10月10日,国务院发布了《关于积极稳妥降低企业杠杆率的意见》及《关于市场化银行债权转股权的指导意见》,这次市场化债转股意义重大，不同于20世纪90年代的市场化债转股,这次债转股是在市场化的指引下，标志着新一轮债转股的从新开始，也意味着在供给侧结构下这次市场化债转股就显得特别重要；本轮债转股在原则上按照指示和要求遵循着市场化和法制化为市场化债转股提供了强有力的保障，市场化债转股可能面临着企业市场化选择，道德风险，经营风险，退出风险，资金募集及流动性风险等；银行在市场化债转股的处于关键位置，对于银行在市场化债转股面临的风险要提出合理化的建议。

同时也需要加强构建风险防范体系，加强风险监督，落实好风险防控基础，就需要从各个方面进行考量和考虑。

本文对于银行在市场化债转股面临的风险与建议采取了案例分析，文献分析等方法，对银行面临的企业选择风险、经营风险、道德风险、退出风险、资金募集及流动性风险进行分析，同时第一部分绪论对研究目、意义及方法进行探索，第二部分对相关的文献进行整理与分析，第三部分对理论基础及概念进行整理和概括，第四部分对徽商银行面临的问题进行案例分析，发现了徽商银行在债转股过程中存在的几个问题，例如，选择风险、道德风险、资金募集及流动性风险以及退出风险；第五部分对银行面临的这些风险提出建议，制定好完善的配套制度，完善社会信用体系，加强金融中介建设和完善股权退出机制；第六部分对文章进行总结和概括。

此次市场化债转股，银行面临着诸多问题和挑战，在当前形势下，许多政策的不完善，需要在不断地探索中不断地吸取经验和教训，市场化债转股已成为不可逆的趋势，我们应顺应时代的潮流迎难而上，不断地开拓进取，勇于创新，以积极的心态应对风险解决问题。

关键词：市场化债转股；风险与建议；道德风险

The Risk And Suggestion of Bank’s Debt to Equity Swap in The Market

Abstract

On October 10 2016, the State Council issued the opinions on actively and steadily reducing the leverage ratio of enterprises and the guiding opinions on the conversion of creditor's rights to equity of market-oriented banks. This market-oriented debt to equity swap is of great significance, which is different from the market-oriented debt to equity swap in the 1990s, Under the guidance of marketization, this debt to equity swap marks the beginning of a new round of debt to equity swap. It also means that this round of debt to equity swap is particularly important under the supply side structure. In principle, this round of debt to equity swap follows the instructions and requirements of marketization and legalization to provide a strong guarantee for market-oriented debt to equity swap, which may face the marketization of enterprises Selection, moral risk, operation risk, exit risk, fund raising and liquidity risk, etc.; banks are in a key position in the market-oriented debt to equity swap, and reasonable suggestions should be put forward for the risks faced by banks in the market-oriented debt to equity swap.

At the same time,we need to strengthen the construction of risk prevention system, strengthen risk supervision, and implement the basis of risk prevention and control, which needs to be considered from all aspects.

In this paper, case analysis and literature analysis are used to analyze the risks and suggestions faced by banks in the process of market-oriented debt to equity swap, such as enterprise selection risk, operation risk, moral risk, exit risk, fund raising and liquidity risk. At the same time, the first part is divided into the introduction to explore the research objectives, significance and methods, and the second part is to integrate the relevant literature In the third part, the theoretical basis and concepts are sorted out and summarized. In the fourth part, the problems faced by Huishang Bank are analyzed, and several problems in the process of debt to equity swap are found, such as selection risk, moral risk, fund raising and liquidity risk and exit risk. In the fifth part, suggestions are put forward for these risks faced by the bank The sixth part summarizes the article.

In this market-oriented debt to equity swap, banks are faced with many problems and challenges. In the current situation, many policies are not perfect, and we need to constantly learn from experience and lessons in continuous exploration. Market-oriented debt to equity swap has become an irreversible trend. We should keep up with the trend of the times, keep forging ahead, be brave in innovation, and deal with risks and solve problems with a positive attitude.

Keywords: Market debt to equity;Risks and suggestions; Moral risk

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 2

1.4 论文框架 2

第二章 相关文献综述.... 3

第三章 理论基础及概念 6

3.1 理论基础 6

3.2 债转股的含义 6

3.3 两轮债转股的比较 7

第四章 案例分析 7

4.1 徽商银行与皖北煤电集团简介.............................................................................................................9

4.2 徽商银行与皖北煤电集团的债转股 9

第五章 应对的措施与建议 11

5.1 制定好相应的配套制度 11

5.2 完善社会信用体系 11

5.3 加强金融中介建设 11

5.4 完善股权退出机制…………………………………………………………………………………...11

结论 12

致 谢 13

参考文献（References） 14

绪 论

• 1. 研究背景

20世纪90年代面对国内外复杂多变的国际形势和经济形势，我国开始学习西方在债转股方面的经验开始在1999年实行债转股，其中成立四大资产管理公司就是为了应对和解决我国国有企业的经济状况。最近几年，有些企业因经营不善濒临破产的例子比比皆是对于这种现象我们必须的提出有效的应对措施，债转股这时候就显得格外亮眼他通过债务重整等手段对企业进行挽救和帮助，通过这种方式银行债权被动直接转为股权。总之，在《债转股指导意见》没有出台之前，根据以往的方式，国内的债转股实施方式有两种，第一是间接模式，银行原先拥有企业的债权特别是不良债权，将这些债权打包出售给金融资产管理公司第三方机构，通过这种方式再将债权转化为对企业的股权，以债权换股权的操作为银行和企业都换发了新的生机与活力。这也是指20世纪90年代实施的政策性“债转股”由此可见比较单一；第二是直接模式，银行通过一系列的操作将企业的债权直接的转化为银行的股权，而银行也就成了企业直接股东，这很大意义上区别了上一轮债转股。

2016年10月10日，国务院出台《关于积极稳妥降低企业杠杆率的指导意见》，并以附件方式公布了《关于市场化银行债转股权的指导意见》，市场化债转股在这次经济转型发展，实行供给侧结构性改革将发挥重大作用，由此开启了新一轮的债转股。

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