债转股股权有效退出的最优决策模型

建立债转股股权退出机制,有利于在国有经济领域内恢复市场机制本身固有的金融资源配置功能,且股权的退出应该基于商业化市场运作观点.关于债转股股权有效退出方式选择的最优决策模型表明,资产管理公司和债转股企业经营者能够事先签订一个基于企业价值的协议,通过控制权的分配在股权出售或企业上市两个退出方式上做出最优选择,可以达到债转股股权有效退出目标.在结论部分作者还将债转股股权有效退出的实现条件作了必要的延伸,并就此提出了相应的对策建议.

Optimum Decision Model About Stock Equity Withdrawal of Debt-to-equity Swaps

The withdrawal of stock equity of debt-to-equity swap benefitto resume connatural financial resource allocationfunction of market mechanism, basedon the viewpoint of market operation. An optimum decision modelabout stock equity withdrawal is set up, and asset management corporationcan sign an agreement based on enterprise's value with enterprise's managerof the debt-to-equity swap in advance, and make optimum choice in stock equity sell or enterprise list, thus stock equity withdrawal probably is realizedefficiently.Moreover, the paper puts forward the realizing factors of the efficient withdrawal of stock equity of debt-to-equity swapand correspondingcountermeasures.