From financial management to see debtequity swap of bad assets to resolve the role of banks.doc
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1、 From financial management to see debt-equity swap of bad assets to resolve the role of banksDebt-equity swap, debt-equity swap that is short, refers to the debtors creditors would have a legitimate claim its law into the debtors investment and to increase the registered capital of the debtors condu
2、ct, which includes the elimination of debt and equity are two aspects of the generation . The reason why the current hot topic into a debt to equity was mainly due to it as a major economic policy in China have revitalized the state-owned commercial banks to take bad assets to bail out state-owned e
3、nterprises and the promotion of two important mission, from the banks point of view stripped of the non-performing loans and the debt-equity swap, the increase in the liquidity of bank assets, so that the safety of bank loans are guaranteed, the credit scale to be more efficient configuration, the b
4、anks will increase profitability. From a business perspective through the implementation of debt-the debt into capital, which eliminates the large debt-servicing costs, reducing the financial burden of enterprises and reduce the enterprises asset-liability ratio, so that the financial situation of e
5、nterprises improvements that will not only help businesses get rid of the present difficulties and more conducive to the transformation of operational mechanisms, accelerate the establishment of modern enterprise system, promoting long-term development. This paper from a financial management point o
6、f view expounded on Chinas banking sector to resolve debt-burden of bad assets and guard against financial risks, as well as the significance of the implementation process in the implementation of debt-issue to be resolved. First, the implementation of debt-equity swap process would take several asp
7、ects of explicit (A) to determine whether the debt-an important indicator of success is to look at its ability to restore an enterprise to maximize market value, to achieve the maximization of enterprise value. If only the debt converted to equity as a financial game, without a substantial corporate
8、 restructuring, I am afraid that most enterprises will fall into a loss after debt-equity swap position. Therefore, in order to ensure the quality of debt-equity swap, debt-equity swap deal with the proposed operating conditions of enterprises, financial situation to conduct a comprehensive in-depth
9、 understanding, analysis business reasons for the difficulties that imposes an unreasonable adjustment of assets and liabilities, the basis of comparison in a variety of programs on the business scenarios, scientific design of debt-equity swap program and asset restructuring program, the debt-equity
10、 swap work with enterprise reform and development of a truly combine to maximize recovery and to enhance the market value of debt to equity companies. (B) the debt-equity swap proposed by the banking system thinking and moral hazard problems. The implementation of debt-will naturally be re-operated
11、on the separation system and to the universal banking system thinking. In the Law on Commercial Banks in the provisions of commercial banks are not allowed to enterprises to invest the funds into commercial banks to conduct a more stringent requirements. In fact, the problem lies not in whether a se
12、parate operation, it is important to establish a reliable commercial banks within the firewall between the different businesses separated, but now in order to resolve non-performing assets of commercial banks could be considered directly for business banks issue their own debt-handling decisions, so
13、 that part of the commercial banks to hold corporate equity, the shareholders of the enterprise in order to establish the relationship between banks and enterprises. In our country to adopt a commercial bank was established as a principal financial asset management companies, commercial banks non-pe
14、rforming assets into the existing financial asset management companies equity companies from the original bank and the enterprise claims and liabilities into financial assets management companies to enterprises stake in the relationship between debt service to Angufenhong. The problem is as a transi
15、tional institutions financial asset management companies have little incentive to actively carry out debt-effort? That there is a moral hazard problem. To prevent moral hazard, and the spin-off non-performing assets in the debt-equity swap should be done in a strict responsibility system and strengt
16、hen the whole societys sense of credit, corporate debt-equity swap program is effective implementation of the bank loans, the availability of opportunity to vacancies and disguised vacant bank loans Tao Feizhai conduct surveillance and preventive measures, otherwise the objective of dealing with non
17、-performing loans is expected to be difficult to achieve, the phenomenon of evasion of bank debt may become more serious. (C) the debt-equity swap of the legal issues involved in the process. Non-performing assets of banks in all countries, the reorganization of experiences and lessons prove that th
18、e process of non-performing assets in the bank to give legislative support, policy coordination, and system innovation is very important. Divestiture and restructuring of bank non-performing assets is a systematic project. Of the most important aspects of the external environmental requirements are:
19、 there is a corresponding legislative support to establish the legal status of asset management companies and have the power; there is a corresponding supporting policies in order to effectively and smoothly spin-off and disposal of non-performing assets; also need system innovation to change the cu
20、rrent structure and operation of non-performing assets not suited to spin-off and disposal aspects. China set up a special asset management company, first encountered in the existing laws and regulations, including the financial sub-sector management policies, restrictions, restrictions on investmen
21、t ratio, state-owned asset disposal authority, restrictions on the size of external financing and so on. Therefore, asset management companies to operate efficiently, we first need to establish a special legal framework, giving it a commercial banking and investment banking business of the dual func
22、tion, not only to enable it in the shortest possible time, with minimal cost to take over bad assets of banks , and can maximize those assets reorganization, packaging and sale, so the need for a companys operations to adapt to the special regulations, the nature of the companys position, acquisitio
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