| In recent years,the scale of China's state-owned capital has expanded rapidly and the national economic strength has increased,but at the same time it has also been accompanied by an increase in the difficulty of capital management.After the Third Plenary Session of the 18th CPC National Congress in 2013,the reform of state-owned enterprises was formally initiated,and it was proposed that the management of state-owned capital should be optimized by rationalizing the allocation of capital.In 2014,in order to deepen the reform of state-owned enterprises and establish a platform for the flow of state-owned capital,Shanghai Guosheng Group has become one of the two state-owned capital flow platforms in Shanghai.On November 25,2015,Guosheng Group issued the first exchangeable bonds of the state-owned capital mobile platform.It is a call from Guosheng Group to actively respond to the state-owned enterprise reform and implements the state's policy on perfecting the state-owned asset management system.It is enriched with innovative financial instruments.Financing channels to further optimize the important measures for resource allocation.The research question in this paper is:As an enterprise group with a state-owned capital flow(operation)platform,how does the issuance of exchangeable bonds affect the optimal allocation of state-owned capital?Prior to the appearance of exchangeable bonds in China,some scholars proposed that exchangeable bonds can be used as a tool for state financing by state-owned asset management agencies.However,there is no research on the use of exchangeable bonds for the optimal allocation of state-owned capital.Different from previous research,this paper studies the combination of exchangeable bonds and state-owned capital optimization to provide a new idea for the optimization of state-owned capital allocation for China's state-owned capital flow(operation)platform,and a certain degree for the reform of state-owned enterprises.Reference significance.The research idea of this paper is:First,introduce the case background and profile of Guosheng Group's issuance of exchangeable bonds;second,analyze why Guosheng Group chooses exchangeable bonds for financing and optimization of state-owned capital;again,analyze the use of funds from exchangeable bonds to analyze Guosheng Group How to use exchangeable bonds to optimize the allocation of state-owned capital;then,from the perspective of issuers,target companies,and state-owned capital,how exchangeable bonds affect the optimal allocation of state-owned capital;Finally,analyze exchangeable bonds from the perspective of corporate group level and listed companies.The influence of Guosheng Group on the optimization of the allocation of state-owned capital.The research findings in this paper are:(1)Guosheng Group achieved the rational flow and optimization of state-owned capital by issuing exchangeable bonds and the systematic equity collection,agreement transfer,equity acquisition,participation in fixed increase,etc.;(2)Guosheng Group issued exchangeable bonds to make stocks of state-owned stocks run effectively.While achieving low-cost financing,it was able to realize the diversification of equity of the target companies and played an active role in promoting the rational flow and optimal allocation of state-owned capital based on managed capital.This has had a positive effect on the optimization of the allocation of state-owned capital.The research value and enlightening significance of this article are:This paper analyzes the impact of exchangeable bonds on the optimal allocation of state-owned capital by analyzing the case of Guosheng Group's issuance of exchangeable bonds.It can be used to mobilize capital for state-owned mobile platforms,carry out capital operations,and realize state-owned capital.The optimized configuration provides a new way to provide reference and reference for follow-up state-owned capital flow optimization platforms for state-owned capital optimization. |
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