Study On The Issues Of State-owned Enterprises In Transfering The Debt To Shares And Withdrawing The Stockholders' Rights

Presently, the most prominent and thorny economical problem to China lies in which the enterprise debt burden was overweight and the proportion of the accumulation of non-performing loans was excessively high, hindering the advancement of economical system switcher and restricting the national economy further development in the present economic stage in China. At present, the debt transfers shares of stock which took one of important solution of non-creditor's rights debt has used for the various countries generally.The implementation which the debt transfers shares of stock, however, is also facing the huge risk..This kind of risk determinism finally concentrate in the stockholder's rights smooth withdrawal.Through the true withdrawal of the stockholder's rights of debt-equity swap.we can realize the state economy interior stockholder's rights multiplication,and change the aspect which state-owned enterprise stockholder's rights is too unitary and the owner does not arrive, which is advantageous for the enterprise true establishment effective drive mechanism and the restraint mechanism, and enables the enterprise to realize the benign self- development. Through the smooth withdrawal of the stockholder's rights of debt-equity swap, we can truly melts the financial risk, and enable the state asset to obtain guarantees the value.Through analysising the cause, prospect and function of the policy of debt-equity swap which will be implemented , the present paper elaborated the practical significance of the withdrawal of debt-equity swap, regarding the state-owned enterprise reform .. and the elimination of financial risk. Then, through contrast analysis on the international experience of debt-equity swap, the present paper obtains beneficial place regarding the policy of Chinese debt-equity swap from other countries ,as well as the difference of other countries. Afterwards, according to the MM theorem and the balance theory.the present paper analyzed the feasibility of debt-equity swap. At the same time,the present paper elaborate the mechanism of execution of debt-equity swap, which respectively analysis the risks of the state-owned commercial bank,the enterperise of debt-equity swap.and the asset management company.On the basis of it, the present paper carry on the fuzzy synthesis appraisal for the economic efficiency of three methods of debt-equity swap withdrawal,and obtains three kind of withdrawals ways economic efficiency arrangement, simultaneously ,and carry on qualitative analysis for three kind of withdrawals ways ,and propose the plan of the withdrawal way of combination and the stockholder's rights entrusted,as well as the other withdrawal plan. Finally, the present paper put forward own proposal to the interior and external environment of.smooth withdrawal of the stockholder's rights of debt-equity swap.