CAJ | 학술논문

问题债务投资策略包括主动投资与被动投资，在主动投资策略中，投资者可以利用问题债务进行套利活动、购买私有公司问题债务并将其置换为私有股权来取代原有股东或购买问题债务并将其转换为公司股权来达到收购目标公司的目的；在被动投资策略中，投资者主要通过发掘被低估的问题债务进行投资和持有问题债务分散投资风险。在问题债务投资给市场参与者带来可观收益的同时，其蕴含的风险也不容小觑，问题债务投资风险主要包括流动性风险、持有期风险和破产清盘风险。
문제채무투자책략포괄주동투자여피동투자，재주동투자책략중，투자자가이이용문제채무진행투리활동、구매사유공사문제채무병장기치환위사유고권래취대원유고동혹구매문제채무병장기전환위공사고권래체도수구목표공사적목적；재피동투자책략중，투자자주요통과발굴피저고적문제채무진행투자화지유문제채무분산투자풍험。재문제채무투자급시장삼여자대래가관수익적동시，기온함적풍험야불용소처，문제채무투자풍험주요포괄류동성풍험、지유기풍험화파산청반풍험。
The investing strategies of distressed debt involve into passive investing and active inviting. In active inviting, investors may buy the debt and short the common stock of the distress debt to make arbitrage, turn distressed debt into private equity or purchase distressed debt to obtain controlling position for a takeover of the distressed firm. On the other hand, passive investing allows investors to purchase distressed debt as an undervalued security or to diversify portfolio risk. Investing distressed debt may gain sizeable return, but it includes some risks that can＇t be ignored. These risks mainly are liquidity risk, holding period risk and liquidation risk.