摘要
近年来，受国际经济环境复杂、我国经济下行压力较大、实体经济下滑、政府推进去产能的大环境影响下，我国企业债务规模快速增长，财务负担不断加重，经营利润不断下滑。为降低企业的杠杆率，减轻企业的经营包袱，国务院及相关部委陆续出台指导意见及通知，指导市场化债转股协助企业改革脱困。长航油运的破产重整案是国内首例退市央企重整案，其通过利用债转股等方法成功化解企业债务危机，恢复经营能力并实现重新上市，其模式值得研究借鉴。
本文主要采用案例分析法，基于长航油运的重整案例来研究上市公司债务重组中的债转股问题，包括：
一、在债转股实施前，如何判断上市公司具有债转股的实施条件：本文基于对长航油运债务重组前的经营情况及财务状况进行分析，研究长航油运是否具有债转股的条件。进而推广总结判断上市公司是否具有债转股条件时，需从上市公司是否具有资产价值、业务价值以及重整价值三大方面进行分析考虑。
二、在债转股方案中，如何确定债转股的价格：本文基于对长航油运重整计划特别是其债转股的方案进行研究，结合长航油运的经营情况，分析重整计划中如何确定债转股的转股价格。进而推广上市公司债转股方案中，确定转股价格时，需要考虑债权人的债权清偿情况，以及债转股后公司的价值情况。
三、在债转股实施后，债转股的效果如何：本文基于对长航油运债转股后的公司的运营情况、债权人的回报等进行研究，分析评价长航油运债转股实施后的效果，进而总结，在推广实施债转股时，应如何考虑及管理利益相关者的诉求，以更好的推动债转股方案，实现多赢。
本文通过对长航油运债转股案例的研究，目的是总结实务中面对财务困境的企业，企业的管理者以及债权人应如何考虑通过实施债转股方案，减轻企业的债务负担以及财务压力来挽救企业，实现多方的共赢。
关键词：长航油运、破产重整、债务重组、债转股
Abstract
Under the influence of the complex international economic environment, the downward pressure of China's economy, the decline of the real economy, and the government's De-capacity policy recent years, many corporates have suffered from the rapidly grown debt and its increasing financial burden accordingly, which has led to the decline of operating profits. In order to reduce the leverage ratio of enterprises and reduce the business burden of enterprises, the State Council and relevant ministries and commissions successively issued guidance opinions and notices to guide market-oriented debt-to-equity swaps to help enterprises reform and get rid of difficulties. The bankruptcy restructuring case of Nanjing Tanker Corporation is the first case of delisting central enterprises in China. It successfully resolves corporate debt crisis, restores operational capacity and re-lists through the use of debt-to-equity swaps, which worth learning.
This paper mainly uses the case analysis method to study the debt-to-equity swap problem in the debt restructuring of listed companies based on the restructuring case of Nanjing Tanker Corporation, including:
First, before the implementation of debt-to-equity swaps, how to judge the implementation conditions of listed companies with debt-to-equity swaps: This paper analyzes the operation and financial status of Nanjing Tanker Corporation before its restructuring, and studies whether it has the condition to perform debt-to-equity swaps. From which case, further summarize how to judge whether the listed company has the conditions of perform debt-to-equity swap, and come up with the conclusion that it needs to analyze and consider from three major aspects: asset value, business value and restructuring value.
Second, when forming the debt-to-equity swap plan, how to determine the price of debt-to-equity swap: This paper analysis the Nanjing Tanker Corporation's restructuring plan, especially its debt-to-equity swap plan, combined with the analysis of its operation, sum up how to determine the price of the debt-to-equity swap in the plan. From which, this paper concluded when determining the debt-to-equity price, it is necessary to balance the creditor's repayment and the value of the company after the debt-to-equity swap plan.
Third, after the implementation of debt-to-equity swaps, how to evaluate the effect of debt-to-equity swaps: This paper analyzes and evaluates the implementation of Nanjing Tanker Corporation debt-to-equity swaps from the aspects of creditors, the company and the stakeholders. From which, it is concluded that when promoting the implementation of debt-to-equity swaps, how to consider and manage the expectation of stakeholders, in order to better perform the debt-to-equity swap scheme and achieve multiple wins.
Through the study of Nanjing Tanker Corporation's Debt-to-equity plan, this paper aims to summarize how to use the Debt-to-equity method to reduce the debt burden and financial pressure of the crisis enterprises, so as to save the enterprise and achieve a win-win situation for the stakeholders.
Keywords: Nanjing Tanker Corporation, bankruptcy restructuring, debt restructuring, debt-to-equity swap
