A Study On The New Round Of Debt-to-equity Swap Of The Local Asset Management Company

Under the background of China’s economic development entering into the new normal,deepening the supply-side structural reform is the inevitable choice to lead the economic development in the new period,among which "deleveraging" is one of the five major tasks of the supply-side structural reform.In order to solve the problem of high leverage ratio,the country issued a series of related policies,debt-to-equity return after many years.This paper selects Shaanxi Financial Asset Management Co.,Ltd.to analyze the case of debt-to-equity conversion in Shaanxi Coal Industry Chemical Group.This case is a case led by Local Asset Management Company("AMC")of the whole country.To explore the local AMC to carry out a new round of debt-to-equity swap is of great significance.This paper focuses on the new characteristics of the new round of debt-to-equity conversion compared with the previous round,based on the opportunities and challenges faced by the local AMC,and on the basis of analyzing the case of Shaanxi coal-to-stock conversion.This paper makes an in-depth study on the motivation and implementation process of debt-to-equity conversion in local AMC,evaluates the financial performance of Shaanxi Coal Chemical Group on the basis of factor analysis,and further points out the implementation principles of local AMC in the process of debt-to-equity conversion.Financing and equity management problems,and according to the implementation of the case for the local AMC.Through combing the full text,the paper puts forward a conclusion about the development of local AMC under the background of a new round of debt-to-equity swap: local AMC can take full advantage of local advantages to intervene in the new round of debt-to-equity swap.Through the implementation of debt-to-equity conversion can alleviate the high leverage of enterprises and must adhere to the "market-oriented" principle of debt-to-equity conversion.Finally,according to the development status of local AMC,the paper puts forward three suggestions: first,based on local advantages,strengthening the integration of resources;second,absorbing and cultivating talents,building professional team;third,cooperating with many parties to promote the mutual advantage of each other.