国有企业债转股运作：一个博弈观点

在不改变国有经济主体产权结构现状的条件下，债转股运作是在信息不对称时有关利益主体追求自身效用最大化和争夺金融资源支配权而展开的利益冲突与斗争的博弈过程，债转股的运作，既包括实施前有关各方债转股谈判博弈，也包括债转股实施后腾债转股协议执行过程的股息支付和股权回购监督博弈。利用博弈论原理，构造银行与国有企业债转股博弈模型以及债转股后资产管理公司与国有企业关于债转股协议执行的监督博弈模型，研究结果表明，在一定条件下，企业与银行之间能够达成一种混同均衡而使债转股协议达成；并且，为保证按期得到股息支付和股权回购，资产管理公司应该树立强硬形象，监控债转股企业的财务与经营管理。     

债转股中的若干问题探析

在债转股中，金融资产管理公司应以“治理结构”为目标；要建立以AMC为主，银行为辅的共同行使债转股企业选择权的体制，并遵循“效率优先、适度公平”的原则；要以市场化的手段来重组企业；应从制度上规定AMC对债转股企业的绝对控股权。     

债转股：运行风险及机制设计

债转股存在着国家、银行、资产管理公司以及企业的多方博弈，因而也就存在着多种运行风险，本从国家总体利益的角度出发，分析了各种运行风险存在的原因及表现，为了在最大程度上避免风险，进而对债转股的运行机制进行了设计。     

对国有企业债转股问题的思考

债转股是化解银行不良资产风险和推进国有企业改革与发展的一项重大举措,但是在具体执行过程中也存在着许多问题。文章从企业的道德风险、企业和资产管理公司的治理结构、债转股后的资产报酬率、资本市场和中介机构等方面就债转股过程中存在的问题进行了分析并给出了相应的对策建议。     

债转股相关问题浅析

债转股是我国金融体制改革和现代企业制度建设过程中出现的特殊政策,在化解银行不良贷款风险,提高银行资产质量,改善国有企业负债结构等方面起到了积极的作用。以我公司成立债转股公司的审批、运行、盘整等工作为基础,客观分析债转股的深层次含义,查摆问题,找寻突破口。以新时期的观点重新审视债转股,会发现:债转股对于银行、国有企业乃至资产管理公司都是多赢的举措,全面认识债转股的真正含义,便于了解债转股过程中存在的各种利弊,诸如道德、职责、操作、监管、退出等方面均存在一些问题,客观的去分析这些问题,积极提出具有可操作性的解决问题的思路,才能为债转股的良好运作提供保障。     

从10个方面解读债转股

债转股是天上掉下来的馅饼,还是国企最后的晚餐?笔者认为债转股可从十个方面破解。一、何为债转股所谓债转股是指在国家组建金融资产管理公司,依法处置银行原有不良资产的基础上,对部分企业的银行贷款,以金融资产管理公司作为投资主体实行债权转股权。债权转股权是把原来银行与企业的债权债务关系,转变为金融资产管理公司与企业间的持股与被持股或控股与被控股的关系,原来的还本付息转变为按股分红。     

权威人士称:企业扭亏不能依赖“债转股”

最新一期《瞭望》周刊发表了《权威人士谈“债转股”》的文章,强调企业扭亏不能依赖债转股。文章指出,对符合条件的企业实行债转股,是促进企业扭亏脱困和调整结构的重要手段,也是减少银行不良债权的重要措施,一定要妥善运用。应当强调,实行债转股的只能是符合条件的少数重点国有企业。必须坚持严格按条件和范同选择企业,按照有关规定规范操作,绝不能一哄而     

关于我国债转股实施的探讨

我国不失时机地推出了切合我国实际的债务重组战略——债转股,债转股—出台,即被理论界和经济界誉为给企业“卸包袱”,为银行“割毒瘤”的双赢策略,但其在实施中依然存在不少问题,债转股的运作还需进一步规范。     

债转股不可忽视道德风险

债转股是解决银行不良资产的重要举措之一 ,在现实操作过程中 ,既要做到化解银行不良资产 ,又要减轻企业债务负担 ,以有利于建立真正符合市场经济规律的银企关系 .当前银行不良资产数额巨大、证券交易市场不规范、国家监督机制不健全 ,实施债转股无疑是困难极大 .本文从道德风险的角度 ,对债权转股权的具体运作做一些探讨 .     

债转股弊端分析

债转股是我国为化解金融风险，搞活国有大中型企业的重要战略举措，作据掌握的材料，在我国债转股实践中，存在“败德风险”，资产管理公司面临风险，忽视资金成本等问题，为此，要使作为体制改革和经济发展中的“债转股”举措获得成功，在具体实施中不仅要认识其有利的一面，更要对可能出现的弊端予以足够的重视，并采取相应的防范，才能确保“债转股”的顺利运作和达到预期政策效果。     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

On Tragic Consciousness In The Works By Ernest Hemingway

As an American modern novelist who were famous in the literary world, Hemingway was not a person who always followed the trend but a sharp observer. At the same time, he was a tragedy maestro, he paid great attention on existence, fate and end-result. The dramatis personae's tragedy of his works was an extreme limit by all means tragedy on the meaning of fearless challenge that failed. The beauty of tragedy was not produced on the destruction of life, but now this kind of value was in the impact activity. They performed for the reader about the tragedy on challenging for the limit and the death.     

Achieving Unusual States of Matter Under High Pressure

正The periodicity of the elements and the non-reactivity of the inner-shell electrons are two related principles of chemistry,rooted in the atomic shell structure.Within compounds,Group I elements,for example,invariably assume the+1 oxidation state,and their chemical properties differ completely from those of the p-block elements.These general rules govern our understanding of chemical structures and reactions.Using first principles calcula-     

Exchange-Correlation and Electronic Excitation Energies from Pairing Matrix Fluctuations

We have developed an adiabatic connection to formulate the ground-state exchange-correlation energy in terms of pairing matrix linear fluctuations.This formulation of the exchange-correlation energy opens a new channel for density functional approximations based on the many-body perturbation theory.We illustrate the potential of such approaches with an approximation based on the particle-particle Random Phase Approximation(pp-RPA).This re-     

Density Functional Theory for the Response of Periodic Systems to Electric Fields Based on the Vector Potential Approach

正The electronic and nuclear(structural/vibrational)response of 1D-3D nanoscale systems to electric fields gives rise to a host of optical,mechanical,spectral,etc.properties that are of high theoretical and applied interest.Due to the computational difficulty of treating such large systems it is convenient to model them as infinite and periodic(at least,in first approximation).The fundamental theoretical/computational problem in doing so is that     

On the Thermodynamic Limit for Responses to Static Electromagnetic Fields

For molecular systems,the quantum-mechanical treatment of their responses to static electromagnetic fields usually employs a scalar-potential treatment of the electric field and a vector-potential treatment of the magnetic field.Although the potential for each field separately is associated with the choice of an(unphysical)origin,the precise choice of the origin for the electrostatic field has little consequences for the results.This is different for the     

An affordable accurate evaluation of the binding conformations predicted by molecular docking studies in bio-system

Franck-Condon factors bridge the gap between theoretical modeling and experimental observations for molecular electronic spectroscopy and electron transfer.Under the displaced harmonic oscillator approximation,multidimensional Franck-Condon factors are decomposed into a product of many one-dimensional(1D)Franck-Condon(FC)factors,and each 1D-FC factor is associated with one Huang-Rhys factor that determines the leading contribution of     

Call for Papers

<正>"The Journal of Shanghai Normal University:Mathematics"is published by Shanghai Normal University as regular issues of The Journal of Shanghai Normal University each year from 2014 in English.The editors-in-chief of the issues are professors Yuhao Cong and Maoan Han.The Journal of Shanghai Normal University was started in 1958 with     

Journal of Donghua University ( English Edition) Contents of Volume 31

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