Research On Government Behavior Effects In The Process Of Market-oriented Debt-to-equity Swaps

Facing the environment of debt risk accumulation and overcapacity industry operation,in order to effectively resolve the bank’s bad and help the cyclical industry to tide over the difficulties,China’s new round of debt-to-equity swaps came into being.This round of debt-to-equity swap policy mainly deals with bank loans and eliminates zombie enterprises,and has become the important task of the five major tasks of supply-side structural reform de-leveraging.This paper selects the relevant debt-to-equity swaps that occurred in China during 2016-2018 as a research sample,and uses a combination of normative research and empirical research to conduct research.In the literature review part of this paper,the method of deriving and summarizing the theoretical logic of the normative research is mainly used.In the empirical research part of this paper,the principal component analysis method is firstly used to establish a comprehensive evaluation index of the debt-to-equity effect to comprehensively evaluate.Implement the changes in the operating conditions and performance of debt-to-equity swap companies.Secondly,through regression analysis,the relationship between government behavior and corporate debt-to-equity conversion is studied.Finally,the Shaanxi Chemical Coal Chemical Industry Group was selected as a typical case to analyze its debt-to-equity swap model and the role of the government in order to find a reference method.Through normative research and empirical research,this paper draws the following main conclusions.The regression results show that the performance indicators of debt-to-equity swaps are negatively correlated with political relevance,government deficit rate,and specific government intervention.The role of political connections in the promotion of corporate performance is weakened,and the impact of political connections on corporate performance is more harmful than good.At the same time,it can also be analyzed that the larger the scale,the more mature the mechanism,and the longer the development history,the more successful the debt-to-equity conversion,and the smaller the impact of receiving government intervention.