Research On The Financial Effect Of The Market-oriented Debt-to-equity Conversion Of Listed Companies

Since the implementation of market-oriented debt-to-equity swaps in 2016,as an update of the policy-oriented debt-to-equity swaps in 1999,the implementation of this round of debt-to-equity swaps has been more adapted to China's response in recent years to parts represented by large state-owned resources and energy-based enterprises Corporate debt burdens continue to increase,debt risks are intensified,and corporate development is delayed.In the process of market-oriented debt-to-equity swaps,the government advocates market-led principles in accordance with the principles of “no compulsory”,“no bottom-out”,and “marketization”.All entities independently agree on the relevant terms of debt-to-equity swaps in an effort to effectively realize enterprises Deleveraging,improving corporate capital structure,and implementing supply-side reforms to enhance corporate sustainable development capabilities.This article takes listed companies that implement market-oriented debt-to-equity swaps as the research object,collects and analyzes the relevant financial indicators of each listed company that has implemented market-oriented debt-to-equity swaps.It fully reflects the financial effects of market-oriented debt-to-equity swaps of listed companies.This paper empirically analyzes the financial performance of listed companies that implement market-based debt-to-equity swaps from the following two aspects: First,the regression analysis of the impact of market-based debt-to-equity swaps on the comprehensive financial indicators of equity conversion companies' return on net assets To study the impact path of market-oriented debt-for-equity swap on the representative company's financial performance,the index of return on net assets;secondly,further refine the financial performance of the sample companies in the three aspects of operation,debt servicing and development,and adopt variable substitution,To make a further regression analysis of the financial performance of market-oriented debt-to-equity swaps of listed companies,and more comprehensively reflect the financial performance of listed companies after the implementation of market-oriented debt-to-equity swaps;finally,the above empirical analysis process and conclusions onfinancial performance,Summed up the financial effects of market-oriented debt-to-equity swaps of listed companies.The results of the regression analysis of the financial performance of market-oriented debt-to-equity swaps show that the financial leverage of listed companies that conduct market-based debt-to-equity swaps has a negative correlation with the return on corporate net assets,while the ratio of bank shareholders 'holdings to financial leverage and return on equity The negative correlation has a weakening effect,and it is concluded that market-oriented debt-to-equity swaps have a positive effect on the financial performance of the equity-sharing enterprises,and a positive financial effect;further regression results based on the enterprise 's financial performance evaluation system show that: It can effectively improve the debt-servicing ability,operating ability and growth ability of the conversion companies;finally,it can be concluded that the market-oriented debt-to-equity conversion of listed companies can produce positive financing,operation and growth effects.And based on the analysis conclusions,for the further implementation of market-oriented debt-to-equity swaps,suggestions were made from three perspectives: enterprises,financial institutions represented by banks,and capital market supervision,to help companies deleverage and stabilize development,and improve corporate capital structure and shareholding structure.To promote the pace of structural reform on the supply side of Chinese enterprises.