【作者】 吴丽华；

【导师】 王宗军；

【作者基本信息】 华中科技大学 ， 工商管理， 2004， 硕士

【摘要】 我国目前所进行的“债转股”浅层次的目标在于化解困扰银企双方历史上形成的不良债权和债务问题,拿掉包袱,提高效益。而深层次的目标则在于以“债转股”为契机,实现银企双方经营机制的根本转换,建立现代商业银行制度和现代企业制度,从制度上避免以后此类问题的再次形成。本文的研究方向主要指向国有股权改革,研究对象主要针对国有大中型企业。本文回顾了国外处理不良债权的文献,对我国政策性债转股进行了理论分析,揭示了政策性债转股是在国家设定的政策目标之下,参与主体之间进行博弈的本质;提出债转股企业的生存与发展必须以AMC的顺利退出为大背景,即国有资产退出机制下的企业股权改革。文章通过对国企价值亏蚀的原因进行系统分析,从AMC性质重新界定、AMC股权多元及AMC的定位三方面探索国家所有权的有效管理,同时,本文提出国家所有权的有效管理的目标即债转股企业价值最大化,通过以建立科学的法人财产制度和有限责任制度、规范的所有者治理、法人治理和利益相关者共同治理制度及有效的激励约束制度三个建立现代企业制度的必要条件为理论指导,提出债转股企业在国有资本“退出”机制下的国有股权改革机制—一套为实现企业的价值增长大胆设计的股权改革机制。更多还原

【Abstract】 Current translating creditor’s rights to stockholder’s rights aims superficially to deal with the bad creditor’s rights and liabilities that had been accumulating historically between the banks and enterprises. The essential purpose is to ensure the bad liabilities no more happen by establishing modern enterprise institution and modern commercial bank institution. The article directs to the former. And the object of study is state-owned enterprises.This article reviews the literature on foreign government’s dealing with bad creditor’s rights, and then analyzes Chinese translating creditor’s rights to stockholder’s in theoretical dimension and points out that the nature of its is a tactics of concerned bodies under the political objective, and also points out the survival and development of the object should shoulder the successful drawback of AMC.Finally, the article analyzes systematically reasons of state-owned value depreciation, the objective mode of establishing modern enterprise institution, the effective management of state-owned ownership, and hope to explore a way to benefit the state-owned enterprises and our nation.更多还原