Research On Market-oriented Debt-to-Equity Swap Pricing Of Bankruptcy And Reorganization Enterprises ——Take Qing Hai Salt Lake Industry Co.,Ltd As An Example

Since the implementation of this round of market-oriented debt to equity swap in2017,the signed projects and landing amount have increased year by year,Debt to equity swap has become a powerful measure to deleverage China’s real economy and reduce the non-performing loan ratio of commercial banks.At present,the proportion of bankruptcy reorganization enterprises participating in debt to equity swap transactions is still low.It is necessary to establish a reasonable pricing mechanism to balance the interests of all parties involved in debt to equity swap transactions,and encourage banks and implementing institutions to screen out bankruptcy reorganization enterprises with rescue value for debt to equity swap transactions.The research on the pricing of debt to equity swap in bankruptcy reorganization has certain theoretical and practical significance.Based on the analysis of relevant research,this paper makes a comparative analysis of the two rounds of debt to equity swap,explores the focus and influencing factors of this round of market-oriented debt to equity swap and debt pricing,and comes to the conclusion that the core of this round of debt to equity swap pricing is equity pricing.Then,through the analysis of the characteristics of bankruptcy reorganization enterprises,this paper studies their value sources,studies their appropriate valuation methods for each value,and finally constructs a debt to equity swap pricing model based on discounted cash flow + B-S Option pricing.Then,based on the description of the successful share restructuring model of Salt Lake,this paper uses the method of dcfs to analyze the basic pricing of share restructuring,and then uses the method of Salt Lake debt restructuring and the effect of share restructuring,Finally,the theoretical price range of corporate debt to equity swap is obtained and compared with its actual price to analyze the fairness of its pricing.The research results show that the conversion price calculated by discounted cash flow + B-S Option pricing method is close to the actual price,and the salt lake share pricing is relatively fair.Using this model for pricing needs to adjust the parameters according to the industry of the enterprise and the situation of the enterprise itself.At the same time,it needs to consider the option value in the debt to equity swap transaction to obtain a more fair price.