资产管理公司在债转股中的功能定位与绩效考核

当前债转股进程迟迟难以推进的原因之一,与资产管理公司在债转股中的定位缺陷有关.债转股存在的意义在于解决国企脱困、化解银行金融风险、完善国企的公司治理机制以及重新强调市场力量在金融资源配置中的作用,因此资产管理公司在债转股中扮演的角色不单纯是阶段性持股股东,而且也是债转股企业的监督者和重塑银企正常债权债务关系的中介组织,把握了这一点有利于重构对资产管理公司绩效考核,顺利推动债转股进程.

On Functional Orientation and Performance Evaluation of Asset Management Corporation in Debt-to-equity Swaps of State-owned Enterprises

The imperfect orientation of Asset Management Corporation in the debt-to-equity swaps is the reason that debt-to-equity swaps find itself in a dilemma. The significance of debt-equity swaps is not only to extricate state-owned enterprises from a predicament of being in a huge sum of bad debt, but also to decentralize the financial risk of state-owned banks, to perfect the corporate governance of state-owned enterprises, and to reemphasize the functions which market mechanism is to be to allocate financial resources. So the roles of Asset Management Corporation in the debt-to-equity swaps are a supervisor of debt-to-equity swap enterprises and an intermediary agency to figure natural relationship of debt and credit between banks and enterprises as well as a staggered stockholder. It is very important that performance examining mechanism of Asset Management Corporation and corporate governance of debt-to-equity swap enterprises are designed again and then debt-to-equity swaps will go on wheels to see clearly above all.