債轉(zhuǎn)股系統(tǒng)性運作探討——四川槽漁灘水電股份有限公司債轉(zhuǎn)股案例研究.pdf

1、西南財經(jīng)大學(xué)碩士學(xué)位論文債轉(zhuǎn)股系統(tǒng)性運作探討——四川槽漁灘水電股份有限公司債轉(zhuǎn)股案例研究姓名：肖倬申請學(xué)位級別：碩士專業(yè)：工商管理（MBA）指導(dǎo)教師：穆良平20011001AbstractInordertosolvetheproblemsofenormousnonperformingloansofcommercialbanksandthetooheavydebtsonstateownedenterprises，theChinesegov

2、ernmentestablishedfourAMCs，andpassedallact，whichpermitscommercialbankstostripoftheirbadassetandtotransformitintotheequity，heldbyAMCs，ofthecorporationduetothedebtUptonow，thefourAMCshaveevaluatedmorethan400billionyuanbadas

3、setsinvolving600state—ownedenterprises，andtheworkhasachievedstagedSUCCESSHowever，generalprocessoftheexchangingequityforcreditshouldincludethreestages：theactualtransformingdebtintoequity，stagedequity—holding，anddiversific

4、ationofequityByanalyzingthethreestages，itiseasilyfoundthattheresultshouldbetheAMCs’successfulexitingtheexchangingwhichisneitherralatedwiththestandardofchoosingobjectiveenterprisebeforetheexchangingnorwiththeconstructiono

5、fcorporategovernanceduringtheexchangingOtherwise，theseNPLswillbecomebadequitiesItwillturntheexchangingwithobviouspolicyimplicationinto‘‘a(chǎn)gameoffinancialbookvalue”andincreasedomesticfinancialriskHence，theoperatingprocesso

6、ftheexchangingisasystemicengineeringwhichincludes(1)theselectionofobjectiveenterpriseduringtheexchangingandtheformulationoftheexchangingschemes；(2)thereorganizationofthestructureofcorporategovernanceduringthestageofequit

7、yholdingandtheconstructionofthecorporaterebuildingfunction；(3)designinglowriskschemeofwithdrawalThroughthepracticesofexchanging，thisartickexplainshowAMCsoperatetheexchanginginthethreestages，anddisplaystheapplicationofmac

8、roeconomicsanalysis，industrialanalysis，corporatevaluationmethod，marketingmanagement，andSOonFinally，weprovideacreativeideawhichCansolvetheproblemsinthefieldoffinancialreorganization，thereconstructionofthestructureofgovern