Research On The Application Of Market Oriented Debt To Equity Swap In Long Voyage Phoenix

In recent years,the global overcapacity situation,China's economy is also facing great challenges.Is not a national problem of excess capacity,and become the world's economic problems.Due to insufficient demand of domestic overcapacity,inventory is too high,the leverage ratio is high,the bank non-performing assets increased,all these problems hinder the development of the real economy.Based on this,the "debt" as the "supply side reform"auxiliary way again was carried out.In 1999,the "practice of the first round of debt to equity in China at that time,China is in the transition from planned economy to market economy,for this country the establishment of four State-owned Assets Management Corporation,to promote the transformation of the market economy system.The implementation of debt to equity to broaden the ideas to solve the debt crisis in China,but also did not touch the nature of the problem internal governance of state-owned enterprises.After a lapse of 17 years,our country once again proposed to reduce leverage for the debt to equity swaps,emphasize "to the market",and will follow the principle of market players,to decide whether the conversion from subject to market price,the debt to reduce corporate leverage and bank creditors high financial risk,have to participate in the debt reorganization under the condition of multi In this paper,a case is taken as an example to explore the marketization of debt to equity swapThis paper stands in the equity enterprise perspective,the long voyage Phoenix Limited by Share Ltd as an example,the conclusion and the significance of the company's implementation of the market debt in the bankruptcy reorganization.In this first round of debt to equity swap mode and the market debt mode were compared,emphasized that the debt is not the copy mode,but under the new environment of the applicable method;from the macro to the micro company facing the market environment factors,explore the company facing difficulties;through all aspects of the company's description,the implementation conditions of the long voyage Phoenix conversion and necessity.This paper introduces the long voyage Phoenix debt equity swap in the way to market Use,including from the long voyage Phoenix asset assessment to the credit application,to exchange and the creditor's rights and equity of the final exit mechanism;then describes the long voyage Phoenix debt after the completion of the financial status,internal control and governance structure,social benefit and market performance and other aspects of the company.Finally,the conclusions and suggestions on the market debt to equity debt is given.As a solution to the new norm,we also need to continue to explore in the existing experience.