The Research On Debt-to-equity,Investment Efficiency And Enterprise Value Of State-owned Enterprises

In October 2016,the state council issued "opinions on actively yet prudently reducing corporate leverage ratio" and its annex "guidance on debt-for-equity swap in market-oriented Banks",marking the beginning of a new round of market-oriented debt-for-equity swap policy.As an important tool for deleveraging and promoting supply-side structural reform,the new round of market-oriented debt-to-equity policy has been implemented for more than three years,involving dozens of enterprises and over 1.4 trillion yuan.As a way of debt restructuring,debt-for-equity swaps turn creditors into shareholders of enterprises and participate in the management decisions of enterprises in another way,which will directly change the capital structure and governance structure of the company,thus having a certain impact on alleviating the contradiction between shareholders and creditors.As an important part of enterprise's financial activities,the investment behavior of enterprises determines the profitability of the existing funds of enterprises and thus has an impact on enterprise value.Based on the above analysis,this paper studies the influence of market-oriented debt-to-equity swaps on the investment efficiency of enterprises,as well as the relationship between investment efficiency and enterprise value,and explores the influence of market-oriented debt-to-equity swaps on the relationship between investment efficiency and enterprise value.This paper firstly summarizes the related research literature and summarizes the related concepts and basic theories.Then,based on this theoretical basis,the empirical test was conducted by using relevant models with the sample data of state-owned enterprises listed in Shanghai and shenzhen from 2013 to 2018.Deeply explored the internal connection between the three.The main structure of this paper is as follows: first,the problem of insufficient and excessive investment in market-oriented debt-to-equity enterprises is smaller than that of non-debt-to-equity enterprises;Second,investment efficiency has a positive impact on enterprise value.The higher the investment efficiency,the higher the enterprise value.Third,market-oriented debt-to-equity swaps can amplify the positive impact of investment efficiency on enterprise value.After market-oriented debt-to-equity swap,investment efficiency has a greater impact on enterprise value.In view of the above conclusions,three Suggestions are put forward for enterprises under the wave of market-oriented debt-to-equity swap.Improve the efficiency of enterprise investment;Debt to equity as an opportunity for management restructuring,improve the corporategovernance structure.This paper innovatively introduces the market-oriented debt-to-equity swap,investment efficiency and enterprise value into the same research framework,and further studies the influence of market-oriented debt-to-equity swap on the relationship between investment efficiency and enterprise value on the basis of the pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-pair-to-equity swap.It expands the research field of market debt to equity and corporate governance.In addition,some practical Suggestions are provided for enterprises that are ready to implement debt-for-equity swaps and have implemented debt-for-equity swaps.