摘要
近年来，我国宏观经济面临着下行压力，社会杠杆率不断上涨，众多企业陷入财务困
境。在这一背景下，国家为了让企业更好的降低杠杆率，全面落实“三去一降一补”的五
大任务，促进社会良好发展，提出了一系列可行政策，市场化债转股政策就是其中之一。
在此之后，实施市场化债转股的企业逐渐增加，但目前我国市场化债转股的发展仍然面临
着投资机构积极性不强，资金到位率不高等众多问题。航发动力作为国防军工行业的龙头
企业，在较短的时间内成功完成市场化债转股的全过程，达到缓解财务压力的目的，这对
于其他企业具有一定的参考意义。
本文以航发动力为研究对象，首先总结了国内外学者们在债转股的实施动因、模式和
绩效方面所取得的研究成果。其次，对我国债转股的发展进行了概述，主要包括债转股的
定义和我国两轮债转股的发展背景、相关实施过程以及两种市场化债转股的实施模式；同
时梳理了本文所涉及的权衡理论和委托代理理论。然后，介绍了航发动力公司的基本情况、
公司实施市场化债转股的动因、主体对象、操作步骤、定价机制和退出机制。接着，运用
事件研究法、经济增加值法、财务指标法和因子分析法等四种方法综合分析了航发动力实
施市场化债转股前后的绩效变化，最终结果显示四种方法一致认为市场化债转股能改善企
业的绩效水平。最后，通过研究分析得出以下结论：第一，航发动力实施市场化债转股采
用上市公式模式是满足其自身需求的最优选择。第二，市场化债转股对航发动力的绩效产
生了积极影响，但这一积极影响持续时间不长。第三，航发动力市场化债转股丰富了股权
结构，但并未改变公司的治理机制。针对研究分析，本文为以后想要实施市场化债转股的
企业提出三点建议：（1）强化市场化债转股机制，提高实施效率；（2）改善公司管理结构，
优化发展机制；（3）完善退出渠道，保证投资者权益。
关键词：
市场化债转股；航发动力；绩效分析
I

Abstract
In recent years, China's macro economy has been facing downward pressure, social
leverage has been rising, and many enterprises fall into financial difficulties. In this context, the
state has put forward a series of feasible policies to enable enterprises to better reduce leverage,
fully implement the five tasks of " cutting overcapacity, destocking, deleveraging, reducing
corporate costs and shoring up weak spots " and promote good social development, one of
which is the market-oriented debt-to-equity swap policy. After this, the number of enterprises
implementing market-oriented debt-to-equity swap has gradually increased. However, the
development of market-oriented debt-to-equity swap in China is still facing many problems
such as the lack of enthusiasm of investment institutions and the poor funding rate. As a leading
enterprise in the national defense industry, Aecc Aviation Power Co., Ltd successfully
completed the whole process of market-oriented debt-to-equity swap within a relatively short
period of time and achieved the purpose of relieving financial pressure, which has certain
reference significance for other enterprises.
This paper takes Aecc Aviation Power Co., Ltd as the research object, and firstly
summarizes the research of many domestic and foreign scholars on the motivation, mode and
performance of debt-to-equity swap. Secondly, it gives an overview of the development of
debt-to-equity swap in China, mainly including the definition of debt-to-equity swap and the
development background of two rounds of debt-to-equity swap in China, the related
implementation process and two implementation models of market-oriented debt-to-equity
swap; meanwhile, it generalizes the trade-off theory and principal-agent theory involved in this
paper. Then, this paper introduces the basic situation of Aecc Aviation Power Co., Ltd, the
motivation of the company's implementation of market-oriented debt-to-equity swap, the
subject objects, the operation steps, the pricing mechanism and the exit mechanism. Next, four
methods, including event study method, economic value-added method, financial index method
and factor analysis method are used to analyze the performance changes of Aecc Aviation
Power Co., Ltd before and after the implementation of market-oriented debt-to-equity swap.
The final results show that the four approaches agree that market-oriented debt-to-equity swap
II
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