The Research On Market-oriented Debt-to-equity Swap Of Listed Companies In China

In recent years,the global economic situation is in a downward state,the global trade industry is in a trough stage,China’s economic situation has inevitably suffered a little volatility.With the continuous development of market economy in our country,some companies can’t keep up with the rhythm of the economy gradually,because they have not a good management capacity,the companies owe more and more loans,the company accumulated debt more gradually,enterprise leverage ratio is bigger,the consequences of this will lead to the company bears a huge debt burden,insolvency,finally entered the stage of bankruptcy liquidation.In order to support and encourage these small and medium-sized enterprises and help them overcome financial difficulties,the state and the sasac jointly held a meeting to strongly encourage enterprises to solve problems through market-oriented debt-for-equity swaps.In order to respond to the slogan of supply-side structural reform and make enterprises reduce the leverage ratio faster,this debt-to-equity swap has been endowed with the characteristics of marketization.That is to say,in addition to commercial banks,state-owned enterprises and financial asset management companies,implementing institutions allow other financial institutions to enter the market and participate in the implementation of debt-to-equity swaps.At first,this paper is an overview of debt-for-equity theory,including its meaning,characteristics,the implementation of the relevant theoretical basis of stock and debt to these four aspects discusses,through the principal-agent theory,capital structure theory and information asymmetry theory explain enterprises in daily operation and management is through this kind of behavior for investment decisions.Secondly,it gives a comprehensive overview of the market-oriented debt-to-equity swap,which is endowed with the characteristics of marketization.It includes the implementation background of market-oriented debt-to-equity swap,the development status of market-oriented debt-to-equity swap and the comparison and analysis of the two rounds of old and new debt-to-equity swap.According to the statements in these three parts,the reasons for the debt-to-equity swap and the actual macro background of the state can be known.The comparison of two rounds of debt-to-equity swap also shows that this round of debt-to-equity swap is looser and more humane than the old debt-to-equity swap in detail formulation than the policy-based debt-to-equity swap.The fourth part is the display by means of case is introduced in this paper,selection of case-China shipbuilding industry,as a leading state in military industry,the implementation of the marketization of debt convertible is in response to the national call,to alleviate the China shipbuilding industry and its two subsidiary wu ship heavy debt risk,promote the development of the company’s operation and management,improve the competitiveness of the industry,China shipbuilding industry choose to become the first person in state,marketization debts into shares,contribute to the development of the country.It can be seen from the introduction that China shipbuilding industry is also in a low state now,with various income indicators decreasing year by year,and it is in urgent need of reform through debt restructuringThe fifth part is the case analysis of China shipbuilding industry,which is divided into three parts.The first part is to compare the effect of debt-to-equity swap on financial indicators by analyzing the financial indicators before and after the debt-to-equity swap of China shipbuilding industry.The second point is to determine the impact of debt-to-equity swap through the analysis of non-financial indicators of China shipbuilding industry,including the change of stock price and the change of equity structure.The results show that the implementation of debt-to-equity swap will have a certain impact on the stock price and the change of equity structure.