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Report: Debt Logic smooth introduction of the program but has yet to focus on three issues,peuterey donna nuovo
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Source: Wang Jian angle author: Qiu Guanhua, Wang Jian, Zhao, Zhang Yu Ru
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We believe that the new bank debt as an option right, but also to a certain extent,peuterey abbigliamento, promote the improvement of enterprise management, should be cautiously optimistic. But it has not yet issued the final plan, and pay attention to moral hazard, and the implementation of the number of cases.
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First, the debt but has yet to clear logic program introduced
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As banks' bad debt disposal of assets, the market continues to be concerned about,hogan rebel, but has not yet issued the final plan. According to our previous report, the three propositions, debt applies only to a specific enterprise:
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(1) Debt for routine disposition has expired but there is still the prospect directly bankruptcy liquidation seems a pity that non-performing assets of enterprises,basket louboutin.
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(2) debt means that the bank (or AMC) as a new shareholder, it is necessary to force the repair business (positive shareholders' doctrine), so that it better. If the company no other problem, simply indebtedness, the debt restructuring can be improved,ermenegildo zegna occhiali da sole, without debt.
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(3) Debt is not a panacea, can make up for deficiencies of corporate governance, but can not solve all problems.
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Two,louboutin paris femme, three questions about the reality of Debt
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1, by the debt of the machine advance SOE reform
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From the recent media reports of individual cases, the disposal of the target enterprise and its associated enterprises in addition to debt, it will also introduce other strategic investors. For example, Guangxi Nonferrous Metals Looking for global strategic investors. If reached, the shareholders' structure will be more diversified, modern corporate system more complete, the new decision-makers are more likely from an economic point of view, to adjust the company. From this perspective, the debt of state-owned enterprise reform,louboutin prix, the supply side has a certain role in promoting reform, to optimize business intelligence and industry situation, the industry constitutes a positive.
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2,golden goose sneakers super star, how to judge the effect of debt
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Debt study the effect of marginal use perspective,louboutin homme pas cher, and can not be considered completely cured of the business to be successful. We believe that after the implementation of the debt,golden goose deluxe brand homme, if the business better,nike air max pas cher, and bank cash recovery rate higher (and covering the cost),coreano occhiali da vista, then the debt is worth it, success. Common logical error is to think that the last round of debt after substantial improvement in macroeconomics, so good the last little debt, and this time do not have this premise,tiffany collane, so this effect will not be good debt. In fact, the debt should consider the marginal effect is not good to the implementation of macro-economic, even if the economy remain weak, there is still the subject may be suitable for implementation.
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3, well-designed control system of moral hazard
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Implementation requires bank debt (or AMC), enterprises,hogan store, local governments and other parties to the full game,adidas pas cher, there is a huge moral hazard, operational risk. Therefore, well-designed business rules and regulatory system, strictly follow the market-oriented,rebel lunette de vue, strict parties to information disclosure, arising from the loss of moral hazard is minimized. We still pending final program introduced in order to determine their level of risk.
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Third, the main conclusions
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Before the final debt program (or program representative cases) the introduction of prudent optimism. Debt for the right to choose a new bank, industrial constitutes good,louis vuitton bracciali, but still concerned about the risk.
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Fourth,hogan donna, the risk warning
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Compulsory debt; economy than-expected downward, poor acceleration exposure.
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