Research On Financial Risk Of Debt To Equity Swap In Shanxi Coking Under The Background Of Deleveraging

Since 2008,a large number of new capacity has appeared in China,but it lacks the supporting capacity demand,and the coal industry has a serious overcapacity.Because of the large scale and number of people involved in the industry,considering the factors of people’s livelihood and economic development,the problem of excess capacity of enterprises has not been properly dealt with in time,and the leverage rate of state-owned enterprises has been rising steadily,and the profits of enterprises are often negative,and the risks faced by domestic coal economy are still high.Since then,a new round of debt to equity has been officially launched in China,which promotes the implementation and implementation of debt to equity projects by many enterprises.Since 2016,the state has continuously increased the reform of deleveraging,and debt to equity has met the need of deleveraging.It aims to optimize the capital structure and capital structure of state-owned enterprises and promote the upgrading and transformation of enterprises.The task of national economy is arduous,which urges the government to propose solutions to save coal industry as soon as possible.How to reduce the leverage rate and reduce the major risks in the process of operation under the background of deleveraging,and change the development of enterprises from the original quantity to the quality direction has become a difficult problem for supply side reform.This thesis chooses Shanxi Coking as the research object,from the macro background of deleveraging,through the collection and reading of relevant domestic and foreign literature,to understand the existing research on debt to equity in coal industry,and summarize the existing research,and write the thesis on this basis.First,the thesis defines the meaning of the relevant concepts such as deleveraging,debt to equity,and then elaborates the theories of capital structure,game theory and incomplete contract theory,and takes these theories as the theoretical guidance of this thesis.Then,the thesis introduces the case of Shanxi Coking debt to share,briefly introduces the coking in Shanxi,analyzes the financial situation in 2015～2019,and the process of Shanxi Coking debt to share.The financial indicators are selected according to the financial risk categories of debt to equity,and then the financial risks of debt to equity are identified.Based on the perspective of debt to stock,the thesis chooses the efficiency coefficient method to identify and analyze the financial risk of Shanxi Coking from three aspects: risk in preparation stage,risk in landing integration stage and risk in integration stage,and then evaluates its financial risk.Finally,through the research of debt to share and analysis of case enterprise Shanxi Coking,the thesis puts forward corresponding control for risk evaluation results The system measures can provide some reference for Shanxi Coking and other coal enterprises to control the financial risk of debt to share.