Research On The Implementation Effect And Problems Of Changhang Phoenix Debt-to-equity Swap

Over the past year or so,debt-to-equity swap has emerged as one of the ways of debt restructuring in the public eye.Debt-to-equity swap in the late nineties of last century to reduce the debt burden of state-owned enterprises,to resolve the four state-owned banks played a decisive role in non-performing loans.Now the debt-equity swap is rampant,because the high leverage rate is now the majority of China’s business operations of the pain,the central economic work conference also to the lever as a "three to one down one" one of the five tasks.On October 10,2016,the State Council promulgated the "Opinions" to actively reduce the leverage ratio of enterprises,and pointed out the direction of the deleveraging of enterprises in China,which covered seven important ways of leveraging,market-oriented bank debt as one of them Also on the agenda.Debt-to-equity swap is not only conducive to leveraging to help some enterprises to regain new financial crisis,but also help to resolve the bank’s non-performing loans,and indirectly promote the backward production capacity to optimize the market allocation of resources.Debt-to-equity swap in China has been short,although there are many good but lack of experience in related areas.With the implementation of the national debt-to-equity swap,I believe there will be more and more enterprises to catch up with the tide,if you do not carefully study the relevant details and possible problems,enterprises in the specific implementation of the operation can not effectively avoid these risks,Large-scale promotion may breed new risks.This paper analyzes the reasons of the debt-to-equity swap and the related theories of debt-to-equity swap,and then analyzes the effect of debt-to-equity swap,In general,the debt-to-equity swap is more successful.At the same time,it summarizes the problems and hidden risks in the implementation and post-management of Chang Jiang Shipping Group Phoenix,and finally combined with the advantagess and disadvantages,to implement some related proposals to the rest of the background of the enterprises.This paper is divided into six parts.The first part is the introduction,which mainly elaborates the research background and significance of this paper,the literature review,the research method,the innovation point and the insufficiency,the research contentand the frame of the domestic and foreign research literature.The second part of the definition of related concepts and theoretical basis.The third part is the analysis of the implementation and effect of the debt-to-equity swap,which mainly introduces the background of the implementation of the debt-to-equity swap of Chang Jiang Shipping Group Phoenix,and analyzes the effect of the debt-to-equity swap.The fourth part is to analysis several key issues in the implementations of the debt-to-equity swap and put forward the corresponding recommendations.The fifth part is the conclusions and revelation,to give the case a overall evaluation,to sum up the existing problems and the future direction of improvement,and give the other enterprises inspiration.