The Research On Equity Withdrawal In Debt-Equity Swaps Of Asset Management Corporation (AMC)'s

With the economic integration, the financial globalization and China's Entry into WTO, the competition for the domestic enterprise is more and more intense and the management risk intensifies day by day. At present, the enterprises, with indirect financing primarily, translate their management risks into finally by the non-performing assets of the bank. It is proven that by the international experiences that the Asset Management Corporation (AMC) plays a indispensable positive role in eliminating these financial risks. Therefore, the Debt-Equity Swaps of Asset Management Corporation (AMC)'s have the vital significance for our AMC's health, sustainable development and enhancing our country enterprise, specially the industry's international competition ability for our banks. It is the insurmountable essential link for our country market economy system .Then, the thoroughly research on issues of equity withdrawal in Debt-Equity Swaps, which is the crucial link for our AMC's operation, has important theory and practical significance.This thesis, Firstly, has outlined the vital roles of our country AMCs in the deepening state-owned enterprise reform and consummating our country market economy system; Secondly, With practical cases, use the property right theory and the soft budget restraint theory to detailed describe, analyze and demonstrate the present situation, the way of equity withdrawal and the dilemmas of our country; Thirdly, the equity withdrawal practice of three countries, American, Malaysian and the Polish ,was introduced, and obtains the experience enlightenment through the contrast analysis; Finally, unifies our country national condition to discuss the countermeasures of the Debt-Equity Swaps of Asset Management Corporation (AMC)'s as followings, to clarify the property right and realize property right main body multiplication; to introduce restraint prompting mechanism and consummate the enterprise and the AMC's management structure; to enlarge the government finance and correlation policy support dynamics; and to innovate Positive actively and quest for the new way of equity withdrawal and so on.