越秀集团债转优先股案例研究
研究生姓名：陈雅婷
导师姓名：王宜峰
学科：金融
研究方向：中小型金融机构经营管理
年级：2020级
中文摘要
当前，我国非金融部门尤其是国企杠杆率较高，为了抓好“三去一降一补”的决策部
署，我国推出了第二轮市场化债转股，目前市场化债转股已经取得了一定的成就，但当
前仍然存在着签约多、落地少的困境。2018年 1月 19日，发改委、人民银行等联合发
布了《关于市场化银行债权转股权实施中有关具体政策问题的通知》，提出允许以试点
方式开展非上市非公众股份公司银行债权转为优先股，而越秀集团债转项目作为首个获
批并且已经成功落地的债转优先股项目，具有一定的参考意义，所以本文以越秀集团债
转优先股项目为例，分析其实施债转股的动因、实施过程，并评价其实施效果，为我国
市场化债转股落地提供新思路，也为其它企业决定是否实施和如何实施市场化债转股提
供参考。
首先，本文阐述了越秀集团的基本情况及财务状况，并梳理了债转股的过程。接下
来分析了企业实施本次债转股的动因，并从财务状况、经济增加值、股权治理状况等角
度分析了本次债转股的实施效果。发现越秀集团实施本次债转股的最主要原因就是降低
企业杠杆，改变企业资本结构，推动企业产业升级。而本次债转股实施效果较好，企业
的资产负债率有所降低，债务压力减小；虽然企业成长能力并没有得到提升，但是偿债
能力、运营能力及盈利能力都得到提升，并且企业经济增加值增加；虽然本次债转股对
企业的股权结构没有明显影响，但是通过股权纽带与工行建立紧密的合作关系，有利于
后续的资源整合。说明越秀集团通过发行优先股实施债转股的方案切实可行，可以有效
降低企业杠杆、改善财务状况，为其他想参与债转股的企业提共新思路，有利于推动市
场化债转股的进程。
但是此次债转股也存在一些问题，如协议缺少债务融资约束，实施机构参与决策权
受限，债转股资金全部用于偿还贷款，使用效率低，企业治理结构得不到真正改善，实
施机构股权退出困难等。针对以上问题，本文提出了相应的对策建议，为其他想要通过
发行优先股实施债转股的企业提供经验参考。
对后续实施债转股的企业本文得出以下启示，在债转股实施过程中要坚持市场化原
则；可以合理创新债转股形式，实行一企一策；要把控债转股过程中的风险；并且企业
应形成长效发展机制，推动企业长期稳定发展。
关键词：市场化债转股；债转优先股；越秀集团
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Case study of Yuexiu Group debt-to-preferred stock
Graduate student:Chen Yating
Supervisor:Wang Yifeng
Major: Finance
Research direction: Operation and management of small and medium-sized financial
institutions
Grate: The class of 2020
Abstract
At present, China's non-financial sector, especially state-owned enterprises, has a high
leverage ratio. In order to make good decisions and deployment of "three deleveraging, one
reduction and one complement", China has launched the second round of market-oriented
debt-equity swaps. At present, market-oriented debt-equity swaps have made some
achievements, but there are still many contracts but few landing. On January 19, 2018, the
National Development and Reform Commission and the People's Bank of China jointly issued
the Notice on Specific Policy Issues concerning the Implementation of Market-oriented Bank
Debt-to-Equity Swaps, proposed allowing pilot way to carry out the non-listed public
company bank creditor's rights to preferred stock, and Yuexiu group debt transfer project as
the first successful landing and already approved debt preferred projects, Therefore, this paper
takes Yuexiu Group's debt-to-equity conversion project as an example to analyze the
motivation and implementation process of the debt-to-equity conversion and evaluate its
implementation effect, providing new ideas for the implementation of market-oriented
debt-to-equity conversion in China, and also providing references for other enterprises to
decide whether to implement and how to implement market-oriented debt-to-equity
conversion.
First of all, this paper expounds the basic situation and financial status of Yuexiu Group,
and sorts out the process of debt-equity conversion. Next, it analyzes the motivation for
enterprises to implement this debt-equity swap, and analyzes the implementation effect of this
debt-equity swap from the perspectives of financial status, economic added value and equity
governance. It is found that the most important reason for Yuexiu Group to implement this
debt-equity swap is to reduce corporate leverage, change the capital structure of enterprises,
and promote industrial upgrading of enterprises. The implementation effect of this debt-equity
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swap is good, the asset-liability ratio of the enterprise is reduced, the debt pressure is reduced;
Although the growth capacity of the enterprise has not been improved, its debt paying ability,
operation ability and profitability have been improved, and the economic added value of the
enterprise has increased. Although this debt-equity swap has no obvious impact on the equity
structure of the enterprise, establishing a close cooperative relationship with ICBC through
equity ties is conducive to the subsequent resource integration. It shows that Yuexiu Group's
debt-to-equity swap scheme through issuing preferred shares is feasible, which can effectively
reduce corporate leverage and improve financial status, and provide new ideas for other
enterprises that want to participate in debt-to-equity swap, which is conducive to promoting
the process of market-oriented debt-to-equity swap.
However, there are also some problems in this debt-equity swap, such as the lack of debt
financing constraints in the agreement, the implementation institutions' participation in
decision-making rights is limited, the debt-equity swap funds are all used to repay loans, the
use efficiency is low, the corporate governance structure can not be really improved, and the
implementation of institutional equity withdrawal is difficult. In view of the above problems,
this paper puts forward corresponding countermeasures and suggestions, and provides
experience reference for other enterprises who want to implement debt-equity swap through
issuing preferred shares.
For the subsequent implementation of debt-to-equity swaps of enterprises, this paper
draws the following enlightenment, in the implementation process of debt-to-equity swaps
should adhere to the market-oriented principle; We can innovate the form of debt-equity swap
reasonably and implement one enterprise and one policy. To control the risk in the process of
debt to equity; And enterprises should form long-term development mechanism to promote
long-term stable development of enterprises.
Key Words：Market-oriented debt-for-equity swaps；Debt for preferred stock；Yuexiu Group
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