Study On The Market And Financial Effect Of Debt-to-Equity Swap Of Listed Companies In China

In order to dispose of non-performiing assets and reduce the high leverage of enterprises,the United States,Japan and other countries have achieved the above objectives by implementing "debt-to-equity swap".In the process of deepening the structural reform of the"supply side",China also proposed to use debt-to-equity swap as an innovative means to help the de-leveraging task.Therefore,it is of theoretical and practical significance to test the market and financial effects of debt-to-equity swaps.To this end,this paper selects the concept of debt-to-equity swaps from 2015 to 2017 as the research object.By analyzing the changes in stock prices and the changes in financial performance to,reflect the market effect and financial effects of debt-to-equity swaps respectively,it is decided to use the event research method.By examining the market effect of debt-to-equity swaps by observing the change of abnormal rate of return,the financial effects are tested by financial indicator analysis.The main research contents and results are as follows:(1)Using the event research method to analyze the abnormal returns and cumulative abnormal returns of each window,the changes of,the stock price of the total sample,the approved sample and the business sample are investigated,and the influencing factors of the significant changes are analyzed.The study found that the stock prices of the total sample and the approved sam,ple showed significant positive changes before the event and had a certain persistence.The stock price of the business sample onlly showed a significant positive change on the day of the event.From the perspective of the total sample,the sample companies with relatively small scale,low P/B ratio and high asset-liability ratio have obvious changes in their stock prices;from the perspective of approved samples,the scale is relatively small,and the asset-liability ratio is The stock prices of sample companies with higher growth rate of operating income have changed significantly;from the perspective of business samples,the higher the turnover rate of total assets,the more obvious the change in stock prices.(2)In order to comprehensively reflect the changes in the financial performance of the sample,12 financial indicators were selected,which were scientifically reduced by factor analysis,and the changes in financial performance were examined from the aspects of debt repayment,development,operation,profit and comprehensive ability..The study found that the profitability and solvency of the total sample have improved,and other capacity indicators have not changed significantly;the profitability and solvency of the approved samples have improved significantly,the operational capacity and comprehensive capabilities have improved,and the development capability has not changed significantly;The profitability of the business sample has increased significantly,the solvency has decreased significantly,and other capacity indicators have not changed significantly.This paper further enriches the relevant research content of debt-to-equity swaps,and provides a certain theoretical basis and reference for the smooth implementation of debt-to-equity swaps.