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债务资本化是80年代中期以后发展起来的处理国际债务的手段之一。近几年,发展中国家特别是负债较多的拉美地区曾广泛采用这一手段来缓解债务危机,一些亚洲、非洲国家也相继采用这一方式清算国际债务。国际金融机构以及一些发达国家的政府也对采取债务资本化的方式缓解债务危机寄予很大希望。如何认识和评价债务资本化,值得研究。一、债务资本化的形成债务资本化也就是将债务转化为资本。债务资本化之所以能够成为可能,对债权人而言,一是受收益率差异的驱使。当证券或放款的收益率低于直接投资时,投资者将转变投资形式,将间接投资转变为直接投资。二是受投资安全系数的左右。如果间接投资的资金不能如期收回,为避免出现呆账,即使间接投资的收益率增高,投资者也会转而采取直接投资。对债务
Capitalization of debt was one of the means of dealing with international debt developed since the mid-1980s. In recent years, developing countries, especially the heavily indebted regions of Latin America, have widely adopted this measure to ease the debt crisis. Some Asian and African countries have also adopted this approach to liquidate international debts. The international financial institutions as well as the governments of some developed countries also place great hopes on how to use debt capitalization to ease the debt crisis. How to recognize and evaluate the debt capitalization is worth studying. First, the formation of debt capitalization Debt capitalization is the debt into capital. Debt capitalization can be made possible, and for creditors, one is driven by differences in yields. When the rate of return on securities or loans is lower than direct investment, investors will change the form of investment and turn indirect investment into direct investment. Second, by the investment safety factor around. If the indirect investment funds can not be recovered as scheduled, in order to avoid bad debts, even if the indirect investment rate of return increased, investors will turn to direct investment. Debt