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            債轉股推動市場優勝劣汰

            日期:2019-06-10 08:56 字號: [ ] 視力保護色:

            投放落地規模已近萬億元,涉及26個行業——

            債轉股推動市場優勝劣汰

            市場化法治化債轉股正幫助越來越多的企業“輕裝上陣”。日前,國家發改委相關負責人在國務院政策例行吹風會上介紹,截至2019年4月末,債轉股簽約金額已經達到2.3萬億元,投放落地9095億元;已有106家企業、367個項目實施債轉股。實施債轉股的行業和區域覆蓋面不斷擴大,涉及鋼鐵、有色、煤炭、電力、交通運輸等26個行業。在推動市場優勝劣汰的同時,債轉股也在穩增長、促改革、防風險方面取得積極成效。

            企業杠桿率持續下降

            不久前,國務院常務會議進一步確定了深入推進市場化法治化債轉股的措施,支持企業紓困化險、增強發展后勁。

            國家發改委副主任連維良介紹,市場化法治化債轉股工作已經取得了多方面積極成效。

            首先,企業杠桿率持續下降。按照中國人民銀行數據,截至2018年末,我國總體杠桿率為249.4%,比2017年末降低1.5個百分點。根據國際清算銀行最新數據,去年三季度末我國企業部門杠桿率為152.9%,同比降低5.7個百分點。

            其次,債轉股推動了出險企業債務的穩妥有序處置。通過以市場化法治化債轉股為核心的綜合措施,穩妥處置了一批企業特別是大型企業的債務風險,推動有效化解債務“灰犀牛”風險。同時,債轉股還豐富了直接融資形式,拓寬了社會資金轉化為股本投資的渠道,推動股債融資結構更加合理化。

            債轉股為不少企業特別是國有企業提供了放開手腳的機會。2018年末,國有企業平均資產負債率64.7%,較2017年末下降1個百分點。國資委財務監管局負責人王海琳表示,今年一季度末,中央企業資產負債率是65.7%,同比下降了0.2個百分點,有56家中央企業資產負債率實現下降,特別是冶金、火電、建筑等產能過剩及高負債行業的負債率明顯下降。

            注重質量嚴控風險

            連維良強調,轉股企業的選擇由市場來決定,具體操作中,禁止僵尸企業、惡意逃廢債企業、債權債務關系不清的企業、有可能助長過剩產能擴張的企業債轉股;與此同時,政策層面鼓勵高負債的優質企業、遇到暫時困難的潛力企業、企業資源有優化利用價值的困境企業進行債轉股。

            比如說,一些企業目前的生產經營是正常的,但是由于高負債降低了企業抗風險的能力,也制約了企業的進一步發展。通過市場化法治化債轉股可以增強企業的資本實力和抗風險能力,增強企業的綜合競爭力。

            “實施債轉股的企業應當符合國家產業政策,重點針對產品有市場、技術有實力、發展有前景,但是遇到暫時困難的優質企業開展市場化債轉股。對于僵尸企業、逃廢債企業、不符合國家產業政策的企業,堅決不納入實施范圍。”中國銀保監會統計信息與風險監測部負責人劉志清說。

            北京科技大學經濟貿易系主任何維達在接受本報記者采訪時指出,債轉股的初衷是幫助那些質地好、有潛力但又有暫時困難的企業減輕負擔、激發活力、提升效率。因此,債轉股并不能搞“一刀切”或“大干快上”,而是要下細功夫加以分類、甄別。

            充分發揮市場力量

            債轉股歸根到底是為了更好地發揮市場在資源配置中的決定性作用。連維良表示,無論什么社會資本參與,無論選擇什么樣的投資方式,政府都將依法依規保障社會資本的權益,確保社會資本在企業治理中平等參與、平等行使股東權利、平等保護產權。

            “只有社會力量積極參與,債轉股才能真正稱得上是市場化法治化的債轉股。”連維良同時強調,本輪市場化法治化債轉股不同于以往的政策性債轉股,轉股對象企業、轉股債權、轉股價格和條件、資金籌集、股權管理和退出等都是由市場主體自主協商確定的,政府不拉名單不搞拉郎配,政府的作用是為市場主體創造適宜的政策環境。

            定價問題歷來是各方關注的焦點。連維良表示,債轉股定價難,主要是存在一些體制機制和程序上的制約,下一步將完善操作政策,暢通堵點,使市場化定價機制能夠真正實現。

            具體來說,一是建立市場能夠有效發揮作用的機制,上市企業轉股價格可以參考股票二級市場的價格,非上市企業轉股價格可以參考競爭性報價或其他公允價格。二是通過相應的資產交易平臺來解決信息不對稱的問題,推動各類產權交易場所為債轉股提供交易定價服務,更好地形成競爭性的市場。三是減少不必要的審批程序,落實企業決策的自主權,能不審批的、能由企業自主決定的就由企業自主決定,確需審批的,要簡化程序,縮短時間。四是明確相關方的責任邊界,交易價格的確定,只要依法合規、按程序、盡到法定責任,對決策前已經客觀形成的損失或者是因市場因素可能形成的損失,要落實相應的免責條款。(記者 王俊嶺)

                
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