The Mode and Innovation of Debt-to-Equity Swap Reform in Commercial Banks

Abstract

作为降杠杆、推动经济转型的重要举措，债转股改革自重启之日起便受到广泛关注。本轮改革不仅对第三方机构持股这一90年代后期主导模式进行完善，突出市场作用、放宽主体限制、引入社会资本，更创新提出银行新设子公司持股模式，但同样兼具利弊。在对两种模式分别进行阐述后，本文结合国外先行改革、国内经济动态，按照不同主体进行划分，对债转股的未来发展提出建议。 As an important measure to reduce the leverage and promote the economic transformation, the reform of the debt-to-equity swap has received wide attention since its reopening. This round of reform not only improves the third party ownership mode which used to be the dominant in the late 1990s by highlighting the role market plays, relaxing the restrictions about subjects and in-troducing social capital, but also puts forward the creative bank’s subsidiary ownership mode having both advantages and disadvantages. After introducing and explaining these two modes respectively, combined with foreign previous reforms and domestic economic dynamics, this paper provides some suggestions for the future developments of the debt-to-equity swap reform based on different subjects.