论文部分内容阅读
编者按:自2016年3月李克强总理在“两会”期间提出“可以通过市场化债转股的方式来逐步降低企业的杠杆率”以来,“债转股”重新进入大众视线并逐步成为去杠杆政策选项。众所周知,20世纪90年代末我国开展过一次债转股。在上轮债转股过程中,时任中国建设银行行长的周小川于1999年6月在《经济社会体制比较》杂志发表了《关于债转股的几个问题》一文,对债转股系列问题进行了详尽阐述,至今读来仍有很强的前瞻性和指导意义。
Editor’s Note: Since March 2016, Premier Li Keqiang has proposed during the “two sessions” that “the market can gradually reduce the leverage ratio of the enterprise by means of market-oriented debt-to-equity swap.” Since then, “debt-equity swap” has re-entered the public Line of sight and gradually become a de-leveraging policy options. As we all know, our country carried out a debt-to-equity swap in the late 1990s. During the process of the conversion of the bonds by the previous round of government, Zhou Xiaochuan, then president of China Construction Bank, published a “Several Issues Concerning Debt to Equity Swap” in the Journal of Comparative Economic and Social Systems in June 1999, Series of questions have been elaborated, up to now there is still a strong forward-looking and guiding significance.