Research On The Impact Of The First Round Of Debt-to-equity Swap On The Resource Allocation Efficiency Of State-owned Enterprises

The 13 th Five-Year Plan clearly requires that we should focus on the structural reform of the supply side,and take "cutting overcapacity,reducing excess inventory,deleveraging,lowering costs,and strengthening areas of weakness" as an important means to transform the economic structure and enhance economic resilience.In October 2016,the Guiding Opinions on Transforming Creditor's Rights into Equity Rights of Marketized Banks and the Opinions on Actively and Steadily Reducing the Leverage Ratio of Enterprises were issued,which were important measures taken to further build modern enterprise system for high-quality enterprises,reduce the pressure of enterprise's debt,improve the level of profitability,and even introduce strategic investors to realize industrial upgrading.In this context,this paper focuses on the macro-efficiency output analysis of debt-to-equity swap state-owned enterprises.This paper focuses on the analysis of the internal mechanism of the misallocation of resources and the loss of macroeconomic efficiency caused by policy debt-to-equity swap in state-owned enterprises.It mainly includes the following three aspects:(1)Combing the relationship between resource mismatch and total factor productivity and the latest research progress of the first round of debt-to-equity swap in China,focusing on the impact mechanism of resource mismatch in state-owned enterprises;(2)Using the data of state-owned enterprises in China's industrial enterprise database from 2001 to 2007,constructing the control unit of debt-to-equity swap in state-owned enterprises.Using Hsieh and Klenow's(2009)macro-efficiency loss measurement framework for reference,this paper quantitatively analyses the distorted degree of factors in the first round of debt-to-equity swap of state-owned enterprises and its impact on the actual efficiency output level;(3)Empirical research on the internal factors of efficiency loss in debt-to-equity swap of state-owned enterprises.The research finds that the policy-oriented debt-to-equity swap affects the output efficiency of enterprises mainly by distorting the allocation of capital elements.In the short run,the implementation of debt-to-equity swap policy has positive significance for the improvement of enterprise efficiency.In the long run,with the gradual expansion of the distorted allocation of capital elements,the impact of debt-to-equity swap policy on resource mismatch will worsen the output efficiency of state-owned enterprises.The test of the factors influencing the efficiency loss of debt-to-equity swap shows that the single state-owned property right structure and the blind expansion of enterprise scale will only worsen the economic benefits of state-owned enterprises.The temporary optimization of capital structure has not fundamentally solved the problem of factor mismatch.The distortion of capital factor allocation of debt-to-equity swap enterprises by regional differences is mainly reflected in the western region.The misallocation of resources in the region.It can be concluded that the weak internal property right structure of state-owned enterprises,the government intervenes in the capital structure of state-owned enterprises and the uneconomical scale of blind expansion of enterprises are the important reasons for distorting the allocation of resources of state-owned enterprises,and consequently resulting in the loss of efficiency.