Study On Debt Restructuring Of Bankrupt Enterprises Under The Leadership Of Private Capital

With the deepened reform of the supply side,the market financing bond defaults consistently hit record highs,because most of the funds of listed corporation lack of effective remedy default means,to some extent,the phenomenon of bankruptcy will become widespread,so enterprises how to make a choice in the bankruptcy liquidation and bankruptcy reorganization,at the same time,the debt-to-equity swap as a kind of effective way of debt conversion,including debt convertible in practice and have what advantage and what kind of effect?Based on this,The main research subject of this dissertations is:when corporate debt restructuring is dominated by private capital,what are the advantages and application values of debt-for-equity type?Research status:the existing literature on debt-for-equity swap and bankruptcy related research status is sorted out,and it is found that the existing research believes that debt-for-equity swap has a certain positive impact on the development of enterprises,and the business performance of enterprises has been significantly improved.However,the research on debt-for-equity swap mainly focuses on the risk control of debt-for-equity swap under the leadership of state-owned capital and the improvement of enterprise operation afterwards,and there is little research on debt-for-equity swap under the leadership of private capital.Therefore,the research ideas:Combining the existing literature research,based on the agency theory and enterprise value theory,centering on the core issues,using the case study method,selected case private enterprises in Shanghai super day as the research object,combined with the existing data and analysis of the phenomenon of targeted debt-for-equity path as well as the advantages of debts into shares after the impact analysis for the private enterprises.The research findings are as follows:(1)as a way of debt restructuring,debt-for-equity swap can minimize the losses of all parties.(2)debt-for-equity swap can reduce the leverage ratio and financial risks and enhance the profitability of enterprises.(3)improve the governance structure,enhance the financing capacity,and make the investment more reasonable(4)debt-to-equity swap realies the transfer of corporate control and indirectly achieves the purpose of backdoor listing.However,(5)the application effect of debt-to-equity swap is limited,and it needs to continue to improve and optimize the governance structure.The research value and enlightening significance of this dissertations are:through the market-oriented debt-to-equity swap led by private capital,this paper is different from the policy-based debt-to-equity swap in the last round,and has more timeliness and application value.Through qualitative and quantitative research methods,this paper analyzes the advantages of debt-for-equity conversion under the participation of private capital from multiple perspectives and the subsequent influences on enterprises.Through the research of the path of the debt,on the one hand,can be implemented as soon as possible for the private enterprise bankruptcy reorganization,optimize the structure of corporate governance,enhance the level of the enterprise value provides a new way,on the other hand,by private capital as the leading factor,by debt-for-equity way to realize the low cost of backdoor listing,also for other opportunities for listed private capital to provide certain reference significance.