大陸實施債轉股的政策分析
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(25) A Policy Analysis of China's. Debt-Equity Swap Policy Yong-sheng Chen Abstract In order to further implement the state-owned enterprises reform the credit relationship between enterprises and banks must be rebuilt. The debt-equity swap policy and asset-management cooperations (AMCs) came into existence for the purpose of releasing the debt burden of the enterprises and reducing the pressure from banks' dead loans. This paper attempts to use a policy analysis approach to explain the background of the debt-equity swap policy, as well as the policy choice, formation, and implementation. This approach is also used to evaluate the policy impact and possible risks. After using such a policy analysis to analyze this policy from the role of enterprises, banks, and AMCs respectively, the author finds that the impact of this policy would not be effective in the short-run. However, in the long run, the implementation of this policy will foster human capital for the capital market and finance system. That effect should not be neglected.. Keywords : debt-equity swap; asset-management corporation; non-performing loan; policy analysis.
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