| Based on the phenomenon that state-owned enterprises are in debt distress and the problem of non-performing loans in banks is serious,China began to implement the policy debt into equity swap in 1999,which has achieved remarkable results.In recent years,the leverage ratio of Chinese enterprises has remained high,the scale of debt has been increasing,and the debt burden has become heavier and heavier.In this context,the country began to implement market-oriented debt-for-equity swaps in 2016.Compared with the policy debt-to-equity swap that began in 1999,the market-oriented debt-to-equity swap started in 2016 paid more attention to the independent negotiation of the market subject,and it was clearly pointed out in the "guidance on the conversion of creditor's rights to equity of market-oriented banks" that the government will not provide subsidies.Therefore,it is of great significance to study the pricing research of the market-oriented debt-equity swap.In this paper,takes the debt to equity enterprises as the research object,mainly through a comprehensive and systematic analysis of the process of creditor's rights to equity pricing.Based on the introduction of relevant theories and calculation methods,this paper divides the process of debt-for-equity pricing into two aspects: on the one hand,by evaluating the true value of creditor's rights,and then determining the transfer price of bank's creditor's rights to implementing institutions.The value of creditor's rights is determined by using factor analysis method and efficacy coefficient method.Factor analysis method is used to calculate the weight of enterprise credit evaluation,introducing non-financial indicators such as age heterogeneity,occupation background occupying ratio and the contribution rate of national taxes and fees,etc.into enterprise credit evaluation.This paper constructs the enterprise credit evaluation system from two aspects: the financial index and the non-financial index,and obtains the score of enterprise credit evaluation by using the efficiency coefficient method,discounting the book value of the creditor's rights and calculating the true value of the creditor's rights.On the other hand,by evaluating the value of the enterprise,we can determine the ownership of the enterprise in the process of debt-to-equity conversion,and further calculate the price of the conversion.Among them,the conversion price is determined by using the free cash flow discounted method to evaluate the value of the converted stock enterprises,combined with the value of the creditor's rights,the ratio of conversion and the price of the conversion are obtained.Finally,taking Beijing Jinyu Group Co.,Ltd as an example,the above sub-division is used.The analysis method shows that the real value of the debt of the enterprise 5 billion is 3.5 billion,and the evaluation value of the enterprise is 48.406 billion,and the ratio of conversion to stock is 7.23% and the price of conversion is 4.197 Yuanper share.At the same time,according to the enterprise market value and the average stock price on the 20 th day of the base date,the enterprise market value is 46.470 billion and the average stock price is 4.352 Yuan per share.It is concluded that the conversion ratio calculated according to the enterprise market value is 7.53%,and the average share price is the conversion price.That is to share price of 4.352 Yuan per share.Through comparison,the difference between the conversion rate and the conversion price valuated by the enterprise value and market price is not significant,indicating that this method is applicable in the pricing of the debt to equity swap,and the reason for the difference is analyzed.It is very important to reasonably determine the value of creditor's right and enterprise's value in order to make the pricing of debt-to-equity conversion better.This requires the joint efforts of all concerned.To this,In this regard,the paper gives suggestions from the implementation of the different related subjects of debt to equity swap:(1)the information provided by the enterprise should be true and reliable;(2)the implementation agencies should cultivate the relevant talents vigorously;(3)the state consummates the relevant laws and regulations of the related debt equity swap,and makes clear the access mechanism of the debt to equity swap enterprises. |
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