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Paper代写:The impact of debt-for-equity swaps on the development of Banks

2018-04-13 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- The impact of debt-for-equity swaps on the development of Banks,供大家参考学习,这篇论文讨论了债转股对银行发展的影响。对于银行而言,债转股是银行开展综合经营的机会,银行业在市场化债转股和投贷联动中应掌握了更多的主动权,利用相应的机制设计和投资条款来保护银行的利益,降低其投资成本。银行在投和贷的过程中应当提升专业能力,充分利用其信息挖掘优势,在缓解企业融资难的同时提高银行的资源配置效率。防止银行持股企业后产生巨大的负面影响。

Bank holding enterprises,债转股,英国论文代写,paper代写,论文代写

To a certain extent, China's financial market share management system borrows from the American business model, and presents a highly similar path of change with the United States. With the development of financial liberalization and interest rate liberalization, Banks participate in the comprehensive operation, and the investment in equity has become irreversible. For enterprises, through equity financing will bank huge capital injection to the enterprise, there is no doubt that helps to strengthen enterprise's external funding for ability, decrease the difficulty of its funds to get to a certain extent, ease the difficulty of financing. But for Banks, to participate in the equity financing is the important way of profit growth, relieve the financial disintermediation, the Banks profit structure more reasonable, enhances the risk resistance ability of the bank. In the background of increasingly fierce competition among global Banks, participating in equity investment is an important way to enhance competitiveness. However, there have been two different voices on the impact of Banks' participation in equity investment and holding companies. Among them, the support of bank holding companies view, bank holding company equity can improve corporate governance, can also reduce the information asymmetry between Banks and the enterprise, improve the resource allocation efficiency of the bank. The argument against bank holding companies is that Banks' holding companies can lead to greater conflicts of interest, worsening agency problems, leading to chaotic management and a shift in bank stance.

Bank holding enterprises can reduce the information asymmetry between enterprises and Banks, improve the efficiency of bank resource allocation, and increase the external financing capacity of enterprises. According to the theory of modern corporate governance, because of the existence of principal-agent problem, the managers in the company have the motive to make the profit of the company, but the owner of the opportunity? X behavior, meanwhile, the controlling shareholder may also encroach on the interests of minority shareholders and creditors in order to gain control of private profits. However, in the case of information asymmetry, the bank cannot effectively identify the severity of the agency problem in the company. At the same time, the future prospects of the company's investment cannot be fully recognized, leading to the occurrence of credit rationing. However, when the bank holding company, the bank as the major shareholders can get more private information, reduce the information asymmetry between the companies and Banks, to help Banks out valuable investment projects, improve the resource allocation efficiency of the bank. For the enterprises that are owned, the financing ability of the high-quality enterprises can be improved, and the financing difficulties of the enterprises can be alleviated.

Bank holding enterprises can diversify the profit sources of Banks, rationalize their income structure and enhance their anti-risk ability. The acceleration of interest rate liberalization has led to the narrowing of bank spreads and serious financial disintermediation. The simple deposit and loan business has not been able to meet the development needs of Banks. Banks to participate in equity investment, enterprise ownership can effectively increase the bank's non-interest income, especially through the inverse cycle the investment can hedge the risks of the industry, increase the income of the bank stability, and contribute to the long-term health of the banking development.

Bank holding enterprises can play the role of information transfer and improve the external financing ability of enterprises. This view holds that bank holding can play an authentication role and deliver better quality information. Because the bank holding company equity to reduce the information asymmetry between Banks and the enterprise, therefore, when companies get shareholding Banks loans, transfer to a better quality of its loan information, thus improve the possibility of corporate loans from other Banks.

Bank holding enterprises can reduce agency problems in enterprises and improve corporate governance. When the Banks to hold more shares, through to the boards of directors, to participate in the general meeting of shareholders and controlling shareholder of the company's management to supervise, reduce opportunistic behavior of managers and controlling shareholders, perfecting the corporate governance, is advantageous to the company value maximization. At the same time, as the largest shareholder, the bank can be closely involved in the enterprise of post-loan management, inhibition of management or the controlling shareholder of the empire building such as motivation, reduce the efficiency of investment, improve the safety of their loans, reduce its loans.

Bank holding companies can alleviate the conflict of interest between shareholders and creditors, due to the liquidation order of shareholders and creditors, shareholders likely to harm the interests of creditors, such as asset substitution and under-investment, trigger a conflict of interest. At the same time, as a creditor, the bank considers whether it can recover the principal and obtain the benefit income as stipulated in the contract, focusing on the security of the loan. The purpose of equity investment is to obtain the value appreciation and dividend distribution, etc., and the investment horizon is long-term. Therefore, the creditor's bank is different from the shareholder's target, which causes it to be inconsistent with the company's requirements. However, the bank holding enterprise equity can effectively alleviate the conflicts of interests between shareholders and creditors. By holding the equity of the enterprise, the bank is transformed from the simple creditor to the shareholder, so that the bank can take the maximum value of the company as the starting point and reduce the conflicts and conflicts between shareholders and creditors.

Bank holding enterprises may cause the risk transfer of financial sector and real economy and increase systemic risk. The risk transfer caused by the bank's participation in equity investment is the important reason of our country and the American industry. When Banks hold companies, the risks of enterprises and Banks will be transferred to each other through equity links, which will amplify the risks and increase the systemic risk. When the risk accumulates to a certain degree, it even causes the financial crisis, which can be fatal to a country's economy.

The bank holding enterprises may cause the soft constraint of corporate debt, which leads to the non-efficiency investment of the company and aggravate the efficiency of bank resource allocation. Corporate governance theory holds that liabilities have certain governance effects. When companies through debt financing, enterprises need to bear the financial cost such as interest, if companies continue to mismanagement, poor operating performance, the enterprise may be fall into the predicament of the bankruptcy liquidation, when enterprises enter the bankruptcy liquidation procedures, the term management work, and the controlling shareholder will also lose enterprise, therefore, under the hard debt constraints, enterprises will be more efforts to run after the liabilities, avoid falling into financial trouble. However, once the bank holding company, bank and enterprise boundary is fuzzy, even if the poor management of enterprises, as the major shareholders of Banks also continuously to provide funds, is the one inducing the inefficiency of governance effect of debt. At this point, the company's controlling shareholders and managers are more likely to over-invest for their own selfish behavior, which not only leads to low investment efficiency, but also leads to inefficient allocation of resources of Banks.

The bank holding can also lead to the confusion of management, resulting in the loss of enterprise value. Bank as major shareholders although can play a role of supervision to a certain extent, reduce the company controlling shareholder and management of opportunistic behavior, and even through improve the management level of enterprises involved in day-to-day operations, but its role in bank supervision on the premise of the good management level. It is important to note that Banks are not professional managers, and are far less omniscient in all areas than companies. Too much involvement of Banks in corporate governance can lead to management confusion and low decision-making. At the same time, for the bank, it also increases the management cost of the bank and reduces the efficiency of the bank.

The bank holding company may worsen the conflicts of interest between shareholders and creditors. As the liquidation order is inconsistent with the target, the bank may be able to alleviate the conflict of interest as equity and creditor, however, it may aggravate the contradiction. This is especially true when companies are investing in risky projects and in financial distress. In these cases, Banks, as creditors, tend to take actions that are best for their own interests, rather than the maximization of shareholder returns. Because of holding more shares in the company, the bank can participate in the daily operation and management of the enterprise, which will undoubtedly aggravate the conflicts between shareholders and creditors.

Banks should take the initiative to manage risk, apply marketization principles and improve their investment ability. For enterprises, the debt-for-equity swap alleviates the repayment pressure of the corporate sector, reduces the financial cost of the enterprise, and the improvement of the operating efficiency and profitability of the enterprise is the key to resolving the debt problem. For Banks, bank of debt-to-equity swap is to carry out the comprehensive business opportunities, the banking sector in the marketization of debt convertible and TouDai linkage should be mastered more initiative, use the corresponding mechanism design and investment terms to protect the interests of the bank, the lower the cost of investment. In the process of investment and loan, Banks should improve their professional competence, make full use of their information mining advantages, and improve the bank's resource allocation efficiency while alleviating the financing difficulties of enterprises. Preventing Banks from holding companies has a huge negative impact. As of the end of 2015, the total number of loans in the banking sector totaled about 2.9 trillion yuan. According to the media, the first pilot scale was 1 trillion yuan, accounting for about 35 percent of the focus group. Loss of the non-performing loans in class a total of about 1.1 trillion yuan, is expected to pilot scale will further widen to the corporation and the loss of bad loans, follow-up is expected to have at least 4 $00 billion pilot scale. Scale is huge, the future exit mechanism, the bank should be independent rational selection mark, for the bad assets by active industry classification, risk control, otherwise the debt-to-equity swap is in the bank's balance sheet on the left hand right hand beautification and undulate, baggage is still within the banking system, Banks cannot effectively out of the enterprise equity holdings.

Should Banks make rational use of their resources to provide roles and avoid stocks? Squatting down? More intervention in business, the bank for enterprise management professional and the lack of experience, the bank ACTS as the operational managers may not be able to make scientific decision, the bank as a provider of funds should be more from the Angle of guard against enterprise financial risk, financial and capital operation in enterprise, help enterprise to guard against financial risks. There's little doubt that, our country banking industry to participate in equity investment has a long way to go, the bank will also make full use of policy support to develop the equity investment business, laying the groundwork for the banking business integration.

To sum up, the bank holding enterprise is a "double-edged sword". For the bank, and for the enterprise, the bank holding enterprises will generate certain benefits and costs. Whether to regulate and restrict the Banks' holding companies is also the government's balance of benefits and costs. Legal mechanism is not perfect in our country, the low level of corporate governance, bank management ability is limited, Banks are prohibited from holding companies certainly able to guard against some risk, avoid bank does not participate in enterprise management, reasonably lead to resources mismatch and chaotic. However, with the completion of interest rate liberalization, the intensification of bank competition and the increase of financing demand of the real economy, the participation of Banks in equity investment is an inevitable trend.

Banks in the process of participation enterprise equity investment should follow the principle of market-oriented, combined with the economic cycle, industry layout, and the enterprise the management several dimensions of risk management actively, improve the professional ability of the investment. In addition, the magnitude of the debt transfer is huge, and Banks should pay close attention to the exit risk of the equity of the bank holding enterprises and make a plan to exit the equity of the enterprise. After the bank holds the equity of the enterprise, the banking industry should enhance the ability of the enterprise to use the capital from the perspective of capital utilization and financial risk, but it should reduce the management of the enterprise business. Although the debt turn challenges difficult for Banks, but the banking industry should not be passive snubbing but you should play to the initiative and enthusiasm to raise their various abilities, lay solid foundation for the comprehensive management in the future.

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