債轉(zhuǎn)股的經(jīng)濟(jì)學(xué)思考

頁(yè)數(shù) 8 字?jǐn)?shù) 8004

摘要：根據(jù)2003年3月2日《上海證券報(bào)資本周刊》報(bào)道，我國(guó)國(guó)有銀行的不良資產(chǎn)又積累到1.8萬(wàn)億元，大大超過(guò)了四大商業(yè)銀行的自有資金，在財(cái)政部將為四大銀行進(jìn)行不良資產(chǎn)二次剝離的傳言鬧得沸沸揚(yáng)揚(yáng)之時(shí)，如何進(jìn)行不良資產(chǎn)剝離，是政策性的還是商業(yè)性的；怎樣剝離，是否債轉(zhuǎn)股等一系列問(wèn)題，又再次引起了經(jīng)濟(jì)學(xué)家和許多學(xué)者的關(guān)注。本文以MM理論為切入點(diǎn)，闡述債轉(zhuǎn)股的意義，結(jié)合瑞豐公司案例，分別從企業(yè)、銀行、政府的角度分析債轉(zhuǎn)股的可行性，以此揭示債轉(zhuǎn)股的一些核心問(wèn)題。

關(guān)鍵詞：債轉(zhuǎn)股,不良貸款,金融風(fēng)險(xiǎn),博弈論,帕累托改進(jìn)

Abstraction: According to the reports in Capital Weekly of Shanghai Security (02.03.2003), state-owned banks’ non-performing loans have reached 1.8 thousand trillion, extremely surpassing the Big-4’s own funds, when the rumor that China’s Treasure Ministry will strip the Big-4 of their non-performing loans is bubbling with noise. A series of problems such as how to strip the non-performing loan, whether it’s political or commercial, will debt-to-equity swap be the way, have attracted great attention of economists and scholars. This paper considers MM Theory as the breaking-through point, and sets forth the significance of debt-to-equity swap, and it analyzes the feasibility of debt-to-equity swap from banks, enterprises and government’s view combined with the case of Ruifeng Co. to show some key points of debt-to-equity swap.
Key Word: Non-performing Loan; Debt-to-equity Swap; Financial Risk; Game Theory; Pareto Improvement

[參考文獻(xiàn)]

1． 厲以寧：[西方經(jīng)濟(jì)學(xué)] 高等教育出版社
2． 張 鳴、陳文浩：[財(cái)務(wù)管理] 高等教育出版社
3． 葉繼雄：[銀行信貸業(yè)務(wù)與管理] 浙江大學(xué)出版社
4． 中國(guó)人民銀行新干縣支行課題組：債轉(zhuǎn)股下的權(quán)益再分配：瑞豐公司案例 [金融研究] 2002(4)
5． 梁建華：債轉(zhuǎn)股的冷思考 [金融研究] 2002(7)