2015 年以来，我国经济从高速增长转为中低速增长状态，进入了经济结构优化升级 的新常态。同时受国际经济环境不稳定因素的影响，我国经济下行压力不断增大，因此 企业经营困难，债务违约风险不断攀升，杠杆率也为金融体系埋下了很大的风险隐患。 为应对市场潜在的风险，促进经济持续健康发展，2015 年 11 月，中央财经领导小组第 十一次会议上，习近平总书记首次提出了供给侧结构性改革。供给侧结构性改革的内容 主要有，去产能、去库存、去杠杠、降成本和补短板五个方面，债转股则是非金融企业 降低杠杆率的重要手段之一。通过实施债转股，非金融企业可以降低杠杆率，优化资本 结构，不仅如此，一些符合国家产业政策、在行业中具有一定影响力、具有扭亏为盈潜 力、但因杠杆率过高、暂时陷入经营困境的企业可以摆脱困境，提高市场竞争力。 2016 年 10 月，国务院出台了《关于积极稳妥降低企业杠杆率的意见》，同时以附件 形式发布了《关于市场化银行债转股的指导意见》。我国以市场化、法制化为特征第二 轮债转股，也称本轮债转股，正式启动。 本轮债转股采用市场化模式。转股标的企业选择和转股方式更加市场化、法制化， 政府不再作为主导方为债转股提供资金支持，因此债转股实施机构在选择转股标的企业 时更加谨慎和保守。在债转股标的企业选择的具体方法上，虽然国家对债转股企业的范 围作出原则性规定，但是对转股标的企业筛选指标没有明确的标准，因此出现了企业签 订债转股意向性协议比较多，但在具体落实时推进缓慢的情况，这在一定程度上影响供 给侧结构性改革的推进速度。 本文以正在进行市场债转股的 TW 集团为研究对象，对 TW 集团面临的债务困境及 形成的原因进行分析。从 TW 集团目前所处的行业地位、国家产业政策、市场需求、企 业自身的财务状况、技术实力、研发能力、生产经营能力和债转股的相关政策要求等方 面进行分析研究，阐明了 TW 集团实施债转股的必要性和可行性。在此研究基础上，设 计提出了 TW 集团拟实施的债转股方案，并对方案具体实施步骤、退出方式和方案实施 的风险和效果进行了分析，最后提出了保障方案顺利实施的相关建议。在债转股标的企 业的选择和方案设计方面，本文研究结果可以形成一套操作方法体系，为其他企业提供 一定借鉴；研究结论有助于完善债转股理论体系，促进市场化债转股的顺利开展，为供II 给侧结构性改革起到一定推动作用。 关键词，市场化债转股，TW 集团，基金III ABSTRACT Chinese economy has entered a new normality from high-speed growth to medium- and low-speed growth, and structural optimization and upgrading of the economy since 2015. At the same time, due to the instability of the international economic environment, Chinese economic downward pressure continues to increase, the difficulty of business operations has led to rising debt default risks, and high leverage has also laid a large risk hazard for the financial system. In response to the potential risks of the market and the sustained and healthy development of the economy, in November 2015, at the eleventh meeting of the Central Financial and Economic Leading Group, General Secretary Xi Jinping proposed the supply-side structural reform for the first time. The main content of supply-side structural reforms is: de-capacity, de-stocking, de-bar, cost reduction and short-boarding. Debt-to-equity is one of the important means for non-financial companies to reduce leverage. Through the implementation of debt-to-equity swaps, it can reduce the leverage ratio of non-financial enterprises, optimize the capital structure of enterprises, help some in line with national industrial policies, have certain influence in the industry, have the potential to turn losses into profits, but because of excessive leverage, temporarily fall into business Distressed enterprises get rid of difficulties and improve their market competitiveness. In October 2016, the State Council issued the，Opinions on Actively and Firmly Reducing the Leverage Ratio of Enterprises. At the same time, it issued the: ‘Guiding Opinions on Market-oriented Bank Debt-to-equity Conversion’. In the form of an annex, and launched Chinese mercerization and legalization as the characteristics. The second round of debt-to-equity swaps is also called the current round of debt-to-equity swaps. This round of debt-to-equity swaps adopts a market-oriented model. The choice of stocks and the conversion of shares are more market-oriented and legalized. The government no longer acts as the main party to provide financial support for debt-to-equity swaps. Therefore, the debt-to-equity swap institutions are more cautious and conservative in selecting the companies that convert the stocks. In the specific method of enterprise selection for debt-to-equity swaps, although the state has made a principled provision on the scope of debt-to-equity swaps, there is no clear standard for the screening indicators of the target of the conversion of shares, which also has the intention to sign debt-to-equity swaps. There are manyIV agreements, but the slow progress in the specific implementation will affect the speed of the supply-side structural reform to a certain extent.This paper takes the TW Group, which is undergoing market debt-to-equity swap, as the research object, and analyzes the operational dilemma and reasons for the formation of the TW Group. From the current industry status, national industrial policy, market demand, the company's own financial status, technical strength, research and development capabilities, production and operation capabilities and debt-to-equity policy requirements, the TW Group has analyzed and researched the TW Group. The necessity and feasibility of implementing debt-for-equity swaps .On 80 the basis of this research, the design proposed the debt-to-equity swap plan proposed by TW Group, and made corresponding design for the specific implementation steps and exit methods of the plan, analyzed the risks and effects of the implementation of the plan, and proposed the smooth implementation of the guarantee plan. Related recommendations.The research results in this paper can form the operation method system for enterprise selection and scheme design of debt-to-equity swaps, and provide some reference for other enterprises; the research conclusions will help to improve the theoretical system of debt-to-equity swaps and help to promote the smooth transition of market-oriented debt-to-equity swaps. The development will play a certain role in boosting the supply-side structural reform. KEYWORDS: market-oriented debt-to-equity swap, TW group，fundV 目 录 摘要...................................................................................................................................I ABSTRACT....................................................................................................................III 1 绪论................................................................................................................................1 1.1 选题背景及意义.....................................................................................................1 1.1.1 选题背景..........................................................................................................1 1.1.2 选题意义..........................................................................................................2 1.2 文献综述.................................................................................................................3 1.2.1 国外研究现状..................................................................................................4 1.2.2 国内研究现状..................................................................................................4 1.3 研究内容及方法.....................................................................................................6 1.3.1 研究内容..........................................................................................................6 1.3.2 研究方法..........................................................................................................7 1.4 研究可能实现的创新及存在的不足.....................................................................7 1.4.1 研究实现的创新..............................................................................................7 1.4.2 研究存在的不足..............................................................................................7 2 债转