商业银行债转股改革的模式与创新.pdf

Finance 金融, 2017, 7(4), 238-244 Published Online September 2017 in Hans. /journal/fin /10.12677/fin.2017.74024 The Mode and Innovation of Debt-to-Equity Swap Reform in Commercial Banks Yuezhi Zhu, Yujun Yan School of Banking Finance, University of International Business and Economics, Beijing st th st Received: Aug. 31 , 2017; accepted: Sep. 14 , 2017; published: Sep. 21 , 2017 Abstract 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 re- spectively, 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. Keywords Mode, Operation Method, Innovation, the Third Party, Bank’s Subsidiary 商业银行债转股改革的模式与创新 朱约之，严渝军 对外经济贸易大学，金融学院，北京 收稿日期：2017年8月31 日；录用日期：2017年9月14 日；发布日期：2017年9月21 日 摘 要 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 文章引用: 朱约之, 严渝军. 商业银行债转股改革的模式与创新[J]. 金融, 2017, 7(4): 238-244. DOI: 10.12677/fin.2017.74024 朱约之，严渝军 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