近几年来，我国企业债务规模增长过快，进入经济增速换挡期后，信用扩张对经济刺激效用逐渐降低，债务问题更加凸显。在此背景下，政府积极推动实体经济去杠杆，避免诱发全社会系统性金融风险。2015年，中央启动了供给侧结构性改革。2016年，国务院发布了关于降低企业杠杆率的正式意见，本轮市场化债转股自此正式拉开帷幕。 2017年，五大国有商业银行全资控股的附属债转股公司相继获批成立，成为了本轮债转股的市场主力。其中，A银行债转股公司B公司，作为A银行集团下属一级子公司，依托集团平台广泛整合资源，拓展业务，经营范围包括收购债权、募集资金、债权转股权、股权管理和退出等。B公司成立后，在项目储备及落地规模、项目质量、业务创新等各方面均处于行业领先地位。同时，投资债转股项目对B公司的融资效率、规模、成本、稳定性等方面也提出了较大挑战。B公司目前已在探索研究或实践的债转股融资模式包括同业融资、金融债、私募股权投资基金、资产证券化、私募资管产品等。 市场化债转股业务符合国家政策引导方向，受到监管方面的大力支持。B公司依托A银行集团背景，市场认可程度也较高，但由于B公司本身作为新一类金融机构，市场化债转股也是新一种业务类型，面临着较大的市场陌生性。在B公司债转股融资模式的探索和实践过程中，各类模式的优势和难点也不断显现。随着债转股融资的实践，相关监管政策也陆续出台，对银行系债转股公司的融资路径探索和实践产生较大影响，融资来源及模式也需做出相应调整。本文将在阐述选题背景及意义并研究市场化债转股的相关政策后，确定研究方法与研究框架。通过案例研究方法，在解析市场化债转股融资相关理论的基础上，介绍B公司基本情况及业务发展概况，对B公司市场化债转股各类融资模式的推进及实践经验、模式的优势与难点进行比较分析，提出对B公司债转股融资模式的实施建议以及配套监管政策建议，以期在市场化债转股融资路径的学术研究和实践参考方面做出贡献，推动市场化债转股事业提质增效。
In recent years, the scale of corporate debt in China has grown too fast. After entering the shift period of economic growth, the stimulative effect of credit expansion on the economy gradually decreases, and the debt problem becomes more prominent. In this context, the government actively promotes the deleveraging of the real economy to avoid triggering systemic financial risks in the whole society. In 2015, the central government launched the supply-side structural reform. In 2016, the state council issued official opinions on reducing the corporate leverage ratio, and this round of market-oriented debt-for-equity swap has officially kicked off since then. In 2017, the asset investment companies wholly owned and held by the five major state-owned commercial banks were approved and established successively, becoming the main force in this round of debt-for-equity market. Among them, company B, as a AIC and a first-class subsidiary of bank A group, widely integrates resources and expands business relying on the group platform. Its business scope includes acquisition of creditor's rights, financing, debt-for-equity conversion, equity management and withdrawal. After the establishment, B company has taken a leading position in the industry in terms of project reserve and implementation scale, project quality, business innovation and other aspects. Meanwhile, the debt-for-equity investment project has posed great challenges to company B in terms of financing efficiency, scale, cost and stability. At present, company B has been exploring or practicing debt-for-equity financing modes, including interbank financing, financial debt, private equity investment fund, asset securitization, private equity asset management products, etc. Market-oriented debt-for-equity business conforms to the direction of national policy guidance and is strongly supported by supervision. Relying on the background of bank A group, company B is also highly recognized by the market. However, as a new type of financial institution, and market-oriented debt-for-equity business is also a new type of business, company B faces great market strangeness. In the exploration and practice of the debt-for-equity financing mode, the advantages and difficulties of financing modes have been constantly revealed. With the practice of debt-for-equity financing, relevant regulatory policies have been introduced one after another, which has a great impact on the exploration and practice of the financing path of AIC, so that their financing sources and modes need to be adjusted accordingly. This paper will elaborate the background and significance of the topic, study relevant policies, and determine the research method and framework. Through the case study method, this paper analyses relevant theories of market-oriented debt-for-equity financing, introduces the basic business development situation of company B, makes a comparative analysis on financing modes of company B, proposes suggestions on the implementation of the debt-for-equity financing mode of B company and supporting regulatory policies, in order to make contributions to the academic research and practical reference of the market-oriented debt-for-equity financing path and promote the market-oriented debt-for-equity undertaking to improve the quality and increase the efficiency.
