The Statistical Study On The Share Quit Problem Of The Debt-equity Swap Enterprise

Debt-to-equity swap was put forward in the National People's Congress and the Asian Boao Forum,to which were two important public occasions since March 2016.It was expected to contribute to maintaining a clear and ample liquidity in the market and better channeling financial support to the real economy.The implementation of market-oriented debt to convert,is conducive to gradually reduce the enterprise leverage.The key to the successful implementation of debt-to-equity swap is also whether the exit channel is smooth.Adhere to the market principle-oriented multi-debt-equity swap mechanism coexist,is the active corporate debt-to-equity swap,reduce the leverage requirements of the internal requirements.Therefore,it focused on the entry point of this study,and analyzes the design and application of the new round of debt-to-equity swap.The first beginning to implement the equity debt swap policy last 17 years since last century in the 1990s.By the asset management company on behalf of the bank equity has been gradually withdrawn from the original business,It is a major inspection of this period of debt-to-equity changes in corporate performance.The initial choice of the enterprise to convert the debt into equity at the same time,the bank by virtue of its shareholders,they can participate in corporate governance structure design.The bank's relatively mature management system and rich management experience,urging the modernization of enterprise management reform,which constitute the main theoretical framework of the governance effect of debt-equity swap.Focusing on the bank equity exit as the study of the demarcation point,then analyzing business operations after the bank withdrawal.On the basis of the existing qualitative analysis,it has reviewed the history of domestic and foreign debt-to-equity swap,and has compared the characteristics of the market-oriented debt swap in 2016.At the same time,with quantitative analysis combination and multiple linear regression method then has taken quantitative processing from the collected data.The equity withdrawal multiple linear regression model has been established by setting the bank holdings as dummy variables,and selecting the commonly used indicators of corporate governance as control variables.The debt-to-equity effect still existed and was beneficial to the business after bank equity's withdraw.The empirical results showed that the original debt-to-equity swap has improved the management level after the bank equity 's withdrawn,at the same time,the performance of the enterprise showed a good development trend.A reasonable and feasible proposal was put forward in order to better carry out 2016 market-oriented debt-to-equity swap,to keep the equity exit channel open.More importation should be pay to the incentive of executive incentives.There was a positive correlation between executive shareholding and corporate performance,but the sample firm's average was still small.Finally,the constructive comments were provided to promoting corporate governance structure improvement,to deepen the reform of enterprise management system constantly.