| In the western developed market economy country,the debt to equity swap has become one of the important means of capital market restructuring,China's economy after years of development,the bank non-performing loan rate rise,net profit continued to decline,the disposal of non-performing assets has become a pressing matter of the moment,the state-owned enterprises were unable to repay the debt is huge,difficult to get out of the predicament.Face downward pressure on the economy,debt to equity in line with macroeconomic policy requirements.The introduction of debt to equity policy has achieved positive results,the financial situation,operating mechanism and profitability of state-owned enterprises have been improved,China's non-performing assets have been effectively controlled,the economic structure has been optimized.However,it is necessary for us to pay more attention to the low quality of the debt to equity swap in the process,the instability of the enterprise losses,and the establishment of a modern corporate governance system.Long voyage Phoenix is the largest inland river shipping listed companies in the Yangtze River transport market has a high occupation the rate of.However,due to the huge debt burden,resulting in a serious loss of business,weak development.According to the present situation of CSC in this paper,a deep analysis of the causes of debt,combined with the relevant laws and regulations of the national debt policy,by using the theory of economics and the development of enterprises,discusses the related principle,the long voyage Phoenix debt solutions,introduces the specific content and the operation of debt to equity swap process,and evaluate the implementation effect of debt.The thesis is divided into 5 chapters,first introduced the research background and significance,the domestic and foreign research literature review,describes the development of domestic and foreign debt to equity,as well as the research methods and technical route;and then describes the theoretical basis of this paper references,introduces the control theory of capital structure in enterprises and enterprises in the performance management theory,principal-agent theory,game theory and debt related theory,do demonstration groundwork for further analysis;the second chapter from the historical development of our debt equity swaps started,first introduced the concept of debt to equity and the basic characteristic,then describes the main enterprise development situation,our national debt equity swap I am in debt to equity swap some of the problems were analyzed,introduced from the development situation of debt before,stressed the need to carry out debt to the current period And the need to pay attention to the problem;followed by analysis of the case,the long voyage Phoenix as an example to analyze the long voyage Phoenix business situation,analyzes the reasons of the debt to equity swap,and describes the long voyage Phoenix debt solutions,through empirical analysis method,from the perspective of financial performance.The long voyage Phoenix debt project descriptive test,analysis of the impact of debt on the long voyage Phoenix,through the analysis of debt makes the long voyage Phoenix to profitability,the enterprise can be re listed,enter the healthy development track,at the end of the long voyage Phoenix debt is summarized,summed up the enlightenment and reference significance.In conclusion,Debt is a systematic project,needs the government,enterprises,foreign institutions,state-owned commercial banks,coordination and cooperation,at the micro level,through debt to promote the enterprise to change the operating mechanism,the establishment of modern enterprise system,improve corporate governance structure etc. |
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