Case Study Of Marketized Debt-to-equity

China's first debt-to-equity swap was at the end of the last century.aimed at alleviating corporate debt pressures and resolving the problem of bad debts of the four major state-owned banks.In October 2016.the State Council issued the "Opinions on Actively and Firmly Reducing Enterprise Leverage",and the debt-to-equity,swap was once auain proposed.This round of debt-to-equity swaps adheres to the principles of legalization and marketization,and fully stimulates the vitality of the capital market.The experience of last round of debt-to-equity swaps has once again improved.For the market environment where corporate debt pressure is heavy and credit risk is intensifying,the original market-oriented debt-to-equity swap is undoubtedly a good medicine.Sinosteel is the first central enterprise in China's current round of market-oriented debt-to-equity swaps,and its implementation will have a major impact on the promotion of this sub-debt-equity swap.Based on the comparative analysis of the background and implementation of the two-round debt-to-equity swap,this paper starts from the case of Sinosteel's market-oriented debt-to-equity swap.Firstly,analysis is carried out on the feasibility of Sinosteel's implementation of debt-to-equity swap.Next,it conducts in-depth analysis and research on its debt-to-equity swap plan,equity manacement method after equity conversion and equity exit mode.Then,the relevant theory of debt-to-equity swap is used to evaluate the implementation effect of Sinosteel's debt-to-equity swap,and analyze the expected impact of the debt-to-equity swap on its key stakeholders.From the current point of view.China Steel Group's debt-to-equity swaps have achieved initial results,the debt dilemla has gradually eased,and the business undertaking capacity has also been effectively improved.Combined with the experience of Sinosteel's market-oriented debt-to-equity swap,it proposes relevant countermeasures for the further development of debt-to-equity swaps from the choice of debt-to-equity swaps.equitymanagement after stock-transition and protection of shareholders' equity?...