对企业实行债转股的思考

启动财务杠杆给企业带来的效益一直是理论界关注的焦点.本文所介绍的是在西方较为流行的两种对启动财务杠杆实行馈转股的企业进行效益分析的理论模型.第—种模型强调资本成本在债转股中的重要性,认为企业制订是否实行债转股的决策依据就是对企业破产成本,委托代理成本和无形资产成本的评估.而对投资者来说,在投资中选择持债还是持股也依据他们对委托代理成本和无形资产的评估.第二种模型则建议企业在启动资本杠杆实行债转股中注重对风险的规避.对于中国国有企业实行的债转股,本文以为它在所有制、市场条件及社会经济制度背景等方面具有完全不同的性质.但我们仍可以利用财务杠杆的工作原理将国有企业的债务转为股份公开上市交易,以实行中国国有企业的民营化,减轻企业的债务负担,同时减少国有银行的呆坏帐.

Some Perspectives About Financial Leverage

The effect of financial leverage on firm value has been discussed broadly over the years.This study is a brief introduction of two groups of theories about financial leverage.The first group emphasizes the capital cost as the key factor in leverage.Whether a firm will generate financial leverage or not completely depends on its estimation of the capital cost.The second group suggests firms to neutralize their risks in financial leverage by obtaining investment related tax shields like depreciation and investment tax credits,and so to decrease coefficients in the financial leverage.Meanwhile,firms should avoid the moral hazards in capital using as much as possible.Finally, this study points out different characteristics between western firms'financial leverage and Chinese firms'financial leverage in ownership,market condition and social economic background,still,we can make use of the working principles to transfer firms'heavy debts into shares and put them onto the open security market,hence privatizing the ownership of Chinese state own firms and relieving firms'debt burden. Also the problem of banks'bad debts can be solved.