| Background and research issues:Since the kick-off of the new round of market-oriented debt-to-equity swaps in 2016,the market-oriented debt-to-equity swaps have the problem of low capital availability and difficult landing.As of the beginning of 2018,the landing rate was only 10%;as of the beginning of 2019,the landing rate was only about 30%.China Shipbuilding Industry Corporation signed a debt-to-equity swap in August 2017.In October of the same year,the funds reached 21.868 billion yuan.The two debt-to-shares and the parent company’s financial leverage decreased by 10.29%,9.61%,and 10.01%respectively.Resolve and enhance business capabilities.Due to its short time-consuming,large-scale and good results,CSIC has become a model for the market-oriented debt-to-equity swap of central enterprises.The problems studied in this paper are:for the risk contagion problem within enterprise groups,based on the network relationship and resource dependence theory,taking CSIC as an example for the first time,the internal relationship between market-based debt-to-equity swap and the risk spread phenomenon among group members is studied.The mechanism of action to resolve the risk contagion of enterprise groups.This paper finds that due to the existence of internal resource dependence of enterprise groups,the risk of related party risks caused by the financial liquidity dilemma of core main business nodes and the strategic evolution of the group are threatened by the Group’s implementation of market-oriented debt transfer.The driving factors of stocks and market-oriented debt-to-equity swaps are effective means to optimize the internal network relationship of the group and resolve the internal risk of the group.Further research in this paper finds that market-oriented debt-to-equity swaps gradually realize the solution of internal risk contagion problems in the three dimensions of resource acquisition,network optimization and risk barrier.Among them,the scale and efficiency of resource acquisition are realized by the related parties of the internal risk nodes of the group,and the new resources are used to construct the dynamic evolution basis of the debt network,guarantee network,equity network and industrial network;the debt network and guarantee network for structural optimization are realized.The resource erosion and financial risk contagion of the associated nodes are blocked,and the reorganization of the equity network and the industrial network symbiosis evolves to improve operational efficiency and prevent business risks.The innovation and practical enlightenment of this paper revealing the risk contagion of related parties caused by the partial financial liquidity dilemma of the enterprise group and the strategic evolution of the group.The threat is the deepening of the group’s implementation of market-oriented debt-to-equity swaps around local node enterprises.Motivation has broken through the limitations of existing research on the mechanism of debt-to-equity swap from the perspective of local liquidity crisis and dynamic adjustment mechanism of capital structure;from the perspective of the evolution of network relationship and resource relationship,it reveals that market-oriented debt-to-equity swaps are contagious in enterprise groups.The internal mechanism of the risk management process,the theoretical framework of the mechanism for realizing the risk of infection within the market-oriented debt-to-equity control enterprise group is constructed,which breaks through the limitations of the existing research on the mechanism of the internal risk management and control mechanism of the group from the company’s conventional governance paradigm and risk management mechanism.It has expanded the research on the mechanism of risk control and control within the group.The conclusions of this paper have inspiring and guiding significance for the internal risk contagion caused by the partial financial liquidity crisis of corporate group governance. |
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