| At present,our country’s economy has shown a new normal,the economic structure is undergoing transformation and upgrading,the downward pressure on the macro economy is severe,the rate of non-performing loans of banks has risen,and the leverage ratio of enterprises has continued to rise.Market-oriented debt-to-equity swap is an effective measure used to reduce corporate asset-liability ratios and prevent financial risks in financial supply-side reforms,so it has attracted great attention from the government.Since the implementation of a new round of debt-to-equity swaps in my country,the corporate sector leverage ratio has steadily declined,and debt-to-equity swaps have achieved certain results.However,market-oriented debt-to-equity swaps are still in an embarrassing situation where there are more signings and fewer landings.Many companies have many concerns about whether to conduct market-oriented debt-to-equity swaps and how to implement them.This article selects China Railway Group limited,the first company in the construction industry to implement market-based debt-to-equity swaps as the research object,and uses comparative analysis and event research to focus on the implementation mode and implementation effects of China Railway Group Corporation’s market-based debt-to-equity swap project.First,the article analyzes China Railway’s market-oriented debt-to-equity swap implementation model and finds that China Railway Group’s market-based debt-to-equity swap model has the advantages of fast fund availability and reasonable equity pricing mechanism.Then,the article uses the comparative analysis method and the financial index method to analyze the financial situation of China Railway Group before and after the debt-to-equity swap,and compares it with companies in the same industry.After that,it is found that the market-oriented debt-to-equity swap reduces corporate leverage and improves corporate operating capabilities.Subsequently,the article used the event research method to analyze the market reaction of China Railway Group’s market-based debt-to-equity swap.The study found that investors may maintain a neutral attitude towards China Railway Group’s market-based debt-to-equity swap and hold a wait-and-see attitude towards the company’s future operations.attitude.Finally,in view of the above situation,the article drew research enlightenment,such as the obvious effect of reducing leverage,and the two-step model has brought new ideas for market-oriented debt-to-equity swaps.It also puts forward corresponding policy recommendations,such as adhering to market-oriented operations,improving governance and incentive mechanisms,and expanding financing and exit channels.Studying the implementation of China Railway Debt-to-Equity Swap can set a successful model for other companies that want to implement market-based debt-to-equity swaps,and also provide new ideas for promoting the successful implementation of more market-based debt-to-equity swaps in my country.The successful operation of China Railway’s market-oriented debt-to-equity swap has also inspired the upgrading of corporate financing structures,mainly by introducing multiple types of implementing agencies to promote project funding and model innovation.Based on the analysis of the implementation mode and successful implementation process of China Railway Group’s debt-to-equity swap project,combined with the enlightenment article,it gives some suggestions that are conducive to the successful implementation of market-oriented debt-to-equity swap projects,hoping to promote corporate reforms and more The multi-market debt-to-equity swap project was successfully implemented. |
