II

摘要
目前我们国家的经济已经呈现出新常态，经济结构正在转型升级，宏观经济
下行压力严重，银行不良贷款率上升，企业杠杆率持续升高。市场化债转股是金
融供给侧改革中用来降低企业资产负债率和防范金融风险的有效措施，所以受到
了政府极大的关注。我国推行新一轮债转股以来企业部门杠杆率稳中有降，债转
股取得了一定成效。但是，市场化债转股仍然处于签约多落地少的尴尬境地，许
多企业在是否进行市场化债转股以及如何实施的问题上有许多的担忧。
文章选取了建筑业首家实施市场化债转股的企业中国中铁为研究对象，运用
了比较分析、事件研究等方法重点分析了中国中铁股份有限公司市场化债转股项
目的实施模式以及实施效果。首先，文章对中国中铁市场化债转股实施模式进行
分析之后发现中国中铁市场化债转股模式存在资金到位速度快、股权定价机制合
理等优点。然后，文章运用了比较分析法以及财务指标法对中国中铁债转股前后
的财务状况、与同行业企业比较情况进行分析之后发现市场化债转股降企业杠杆
率以及提升企业营运能力的效果较为明显。随后，文章运用了事件研究法对中国
中铁实施市场化债转股的市场反应进行分析，研究发现投资者对中国中铁市场化
债转股这一事件可能保持中立态度，对企业未来经营情况持观望态度。最后，文
章针对以上情况，得出中国中铁市场化债转股降杠杆成效明显、两步走模式为市
场化债转股带来了新思路等研究启示。并且也提出了相应的政策建议，例如坚持
市场化操作、完善治理和激励机制以及拓展融资和退出渠道等。
研究中国中铁债转股的实施情况可以为其他想实施市场化债转股的企业树
立一个成功的典型，也为促进我国市场化债转股更多项目成功落地提供新的思路。
中国中铁市场化债转股的成功运行同时也给企业融资结构的升级带来了启发，主
要是引入多类实施机构助推项目资金落地和模式创新等。通过对中国中铁债转股
项目的实施模式以及成功落地过程等分析的基础上，结合启发文章给出了一些有
利于推动市场化债转股项目成功实施的建议，希望能够推动企业改革，促进更多
市场化债转股项目成功实施。
关键词：中国中铁；债转股；市场化
IV

Abstract
At present, our country's economy has shown a new normal, the economic
structure is undergoing transformation and upgrading, the downward pressure on the
macro economy is severe, the rate of non-performing loans of banks has risen, and the
leverage ratio of enterprises has continued to rise. Market-oriented debt-to-equity
swap is an effective measure used to reduce corporate asset-liability ratios and prevent
financial risks in financial supply-side reforms, so it has attracted great attention from
the government. Since the implementation of a new round of debt-to-equity swaps in
my country, the corporate sector leverage ratio has steadily declined, and
debt-to-equity swaps have achieved certain results. However, market-oriented
debt-to-equity swaps are still in an embarrassing situation where there are more
signings and fewer landings. Many companies have many concerns about whether to
conduct market-oriented debt-to-equity swaps and how to implement them.
This article selects China Railway Group limited, the first company in the
construction industry to implement market-based debt-to-equity swaps as the research
object, and uses comparative analysis and event research to focus on the
implementation mode and implementation effects of China Railway Group
Corporation’s market-based debt-to-equity swap project. First, the article analyzes
China Railway's market-oriented debt-to-equity swap implementation model and finds
that China Railway Group's market-based debt-to-equity swap model has the
advantages of fast fund availability and reasonable equity pricing mechanism. Then,
the article uses the comparative analysis method and the financial index method to
analyze the financial situation of China Railway Group before and after the
debt-to-equity swap, and compares it with companies in the same industry. After that,
it is found that the market-oriented debt-to-equity swap reduces corporate leverage
and improves corporate operating capabilities. Subsequently, the article used the event
research method to analyze the market reaction of China Railway Group's
market-based debt-to-equity swap. The study found that investors may maintain a
neutral attitude towards China Railway Group's market-based debt-to-equity swap and
hold a wait-and-see attitude towards the company’s future operations. attitude. Finally,
in view of the above situation, the article drew research enlightenment, such as the
obvious effect of reducing leverage, and the two-step model has brought new ideas for
market-oriented debt-to-equity swaps. It also puts forward corresponding policy
recommendations, such as adhering to market-oriented operations, improving
governance and incentive mechanisms, and expanding financing and exit channels.
V
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