Case Analysis Of Market-oriented Debt-to-equity Swap Of Shandong Energy Group

As China's economy enters the new normal stage,economic growth slows down,and the debt risks of non-financial enterprises gradually accumulate.State-owned enterprises are facing tremendous pressure on debt service,and there is also huge credit risk.If it is overdue,it will be converted into a non-performing loan of a commercial bank,so that the debt risk of the enterprise will spread to commercial banks,which is likely to trigger a financial crisis.At the same time,the non-performing loan ratio of commercial banks is also rising,and the prevention and resolution of financial risks is the current "three major battles." "One of the government's timely introduction of market-oriented debt-to-equity swaps,market-oriented debt-to-equity swaps are expected to become an important combination of stable growth,reform,restructuring,and risk prevention.At present,the academic community has not reached a consensus on the research on the market-oriented debt-to-equity swap business model.The current market-oriented debt-to-equity swap is still in the pilot stage,and the effective business model is still in the process of exploration.This paper mainly discusses the fund model of market-oriented debt-to-equity swap.Firstly,it analyzes the impact of market-oriented debt-to-equity swap model on enterprises and commercial banks,then analyzes the problems existing in the fund model,and finally puts forward corresponding problems for existing problems.Policy recommendations.This article is divided into six chapters.The first chapter,the introduction part.This paper introduces the research background and significance of this paper,the research status quo at home and abroad,research ideas and methods;the second chapter,the debt-to-equity swap.This paper introduces the connotation and types of debt-to-equity swaps,and analyzes the theoretical basis and business model of market-oriented debt-to-equity swaps.The third chapter introduces debt-to-equity swaps.The Shandong Energy Group's market-oriented debt-to-equity swap project is described in detail;Chapter 4,Case Analysis.Firstly,it analyzes the impact of debt-to-equity swaps on the group and commercial banks,then analyzes the experience of Shandong Energy Group's debt-to-equity swaps,and finally analyzes the problems of the fund model;Chapter 5,conclusions and recommendations.First of all,the conclusion of this paper is given.The market-oriented debt-to-equity swap under the fund model can effectively improve the financial indicators of enterprises,and the debt-to-equity swap can solve the non-performing loan risk of commercial banks in advance.The structural design features of private equity funds can mobilize the enthusiasm of all parties involved in debt-to-equity swaps,and other types of implementing agencies can also be adopted.Secondly,in response to the problems of market-based debt-to-equity swap under the fund model,policy recommendations were made to creditor banks,banks' implementing agencies and the government.The possible innovation of this paper is to start with the fund model that is applied more in the current market-oriented debt-to-equity swap practice,analyze the advantages and disadvantages of the fund model,and propose improvement measures to make a contribution to the formation of a viable business model for market-based debt-to-equity swap.