A Research On Market-oriented Debt-equity Swaps Of Zhongjin Gold Corp.Ltd.

At present,China’s economy is in a critical period of strategic transformation and upgrading.To achieve seek improvement in stability in the stage of high-quality development,we must build a solid foundation of the real economy and the source of development.Influenced by the cyclical,structural and conscious factors,the operating environment of China’s real economy has deteriorated and the downward pressure is obvious,which is facing unprecedented challenges.It is imperative to reduce the leverage ratio of enterprise sectors,curb the decline of total factor productivity,adjust the industrial structure and transform economic development.Therefore,this thesis is of considerable practical significance to the case study of CICC Gold market-oriented debt-equity swap.Market-oriented debt-equity swaps are an important measure to deleveraging and solve the source of financial risks.Through the implementation of the two-step comprehensive mode of "Increase capital to subsidiaries to reduce debt and issuing shares to purchase assets",CICC Gold has not only achieved its own leverage reduction and improved quality and efficiency,but also played a certain demonstration and leading role in the market-oriented debt-equity swaps practice.The thesis took CICC Gold Company as the case study object,First,the theoretical background and implementation experience of the debt-equity swaps are sorted out,Summarize the international experience of debt-equity swaps and the specific situation of China’s two rounds of debt-equity swaps;Secondly,the participants,operation mode and important clauses of the case company market-oriented debt-equity swaps project are introduced specifically,This thesis analyzes the implementation motivation of the participants,the advantages of the "two-step" operation mode,the market reaction and financial effects brought by the implementation of the debt-equity swaps,As well as possible risks and corresponding risks during and after the operation and control measures;Finally,draw the research conclusion and put forward suggestions: equity conversion enterprises should reasonably choose the design trading mode,Information disclosure in accordance with the law and regulations,Focus on long-term operation as the development;The implementing agencies should carefully select the target enterprises,We will give full play to the role of external shareholder governance,Prevent corporate moral risks;The government should both follow the principle of marketization,We should also give full play to our regulatory role,Put forward corresponding opinions on China’s debt-equity swaps practice from different subjects,To provide suggestions and reference for the subsequent implementation of the debt-equity swaps.