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实施债转股和不良贷款证券化是当前中国处理企业债务考虑采用的方法。本文分析了二者的利弊及实施条件,并指出为确保债转股和不良贷款证券化获得成功,应制定综合的企业重组战略,包括着眼于改善有生存能力企业的业绩、鼓励银行确认和管理不良贷款、制定合理的风险分担机制、改进企业重组的法律和体制框架等。
The implementation of debt-equity swaps and non-performing loans securitization is currently considered by China to deal with corporate debt. This article analyzes the advantages and disadvantages of both and the conditions for their implementation. It points out that in order to ensure the success of debt-equity swap and non-performing loan securitization, a comprehensive corporate restructuring strategy should be formulated that includes aiming at improving the performance of viable businesses and encouraging banks to confirm and manage Non-performing loans, establishing a reasonable risk-sharing mechanism and improving the legal and institutional framework for corporate restructuring.