- 坤博大宗:
- 代理
- 招商:
- 开户
- 加盟:
- 投资
Huang Zhiling pointed out that the "Opinions" provide a broader scope for the participants in this market-oriented debt-for-equity swap, and the implementation entities of the debt-for-equity swap are more diverse. At the same time, there is only a negative list and no instruction plan for the objects of equity conversion. The basic orientation is to companies with high leverage ratios but potential for development, which are specifically selected and negotiated by debtors, creditors, investors, etc.
For a long time, my country's corporate financing has relied too much on indirect financing, mainly bank loans. Dong Shaopeng, deputy editor-in-chief of Securities Daily, believes that the essential appeal of the two State Council documents is to expand the proportion of direct financing and adjust the overall economic structure and financial structure. Since it is to expand the proportion of direct financing, it certainly includes expanding private capital and reducing private savings. We would like to see banks get off the hook to some extent.
The short term of indirect financing and the high cost make the debt burden of Chinese enterprises significantly higher than that of enterprises in developed countries with equity financing. In addition, due to the weak development foundation, many enterprises have insufficient capital from the beginning and have to rely on indirect financing for subsequent development.
Zeng Gang, director of the Banking Research Office of the Institute of Finance, Chinese Academy of Social Sciences, said that my country's multi-level capital market composed of the private equity New Third Board main board has been established. The next step is to carefully create a good environment and guide more funds to enter the real economy through equity financing to provide long-term, stable and low-cost funds for the real economy while also obtaining reasonable returns from the development of the real economy. This is a long-term institutional arrangement and the direction of long-term efforts.