| In this paper,through a comprehensive review and summary of domestic theories related to debt-equity swaps,combined with the comparative analysis of the two rounds of debt-equity swaps,the main realization path framework of the current round of market-oriented debt-equity swaps and the expected role in deleveraging and improving corporate governance structure of state-owned enterprises are extracted.At the same time,combined with the practical case analysis of the debt-to-equity swap of Y Company,a listed state-owned enterprise,the whole project plan is deeply analyzed from the perspectives of participants,operation mode,pricing mechanism and exit arrangement,and the impact of market-oriented debt-to-equity swap is evaluated from the dimensions of corporate financial performance,corporate governance and risk control.The conclusions of this paper are as follows:Market-oriented debt-equity swaps can improve the financial status of enterprises in the short term,but the long-term impact is limited.The exit arrangement of debt-equity swap is not sufficiently market-oriented.The target enterprise of market-oriented debt-equity swap should have growth.At the same time,according to the research conclusions,the following suggestions are put forward to optimize the implementation of debt-equity swap:Change mindset and establish value investment concept.Financial institutions should gradually shift to equity investment when implementing debt-equity swap,and the government should also study and introduce relevant policies to encourage the enthusiasm of financial institutions.Improve the agency mechanism and optimize the corporate governance structure.Strengthen the construction of professional manager system in state-owned enterprises,and consider introducing investors with relevant industrial background,so as to form an effective influence on enterprise operation and management decisions by optimizing corporate governance structure. |
PDF Full Text Request