| Since September 2016,the State Council has issued a series of policies to support marketoriented debt-to-equity swaps,including the "Guidance on Market-oriented Bank Debt-toEquity Swaps",At present,with the continuous promotion of market-oriented debt-to-equity swaps and the introduction of various government support policies,the market-oriented debtto-equity swaps are gradually mature,the implementation agencies are increasingly rich,and the implementation mode is more diversified.Although the market-oriented debt-to-equity swaps have begun to take shape,there is still the problem of "more agreements and less implementation" in China’s market-oriented debt-to-equity swap.At the same time,the difficulties in selecting target enterprises,post-investment management and equity exit have also affected the implementation of market-oriented debt-to-equity swaps to a certain extent.Therefore,after a detailed analysis of the main operation modes of this round of market-oriented debt-to-equity swaps,this thesis chooses to take Aecc Aviation Power’s market-oriented debtto-equity swap as the research object,and analyzes the motivation,mode and implementation effect of Aecc Aviation Power’s market-oriented debt-to-equity swap,in order to provide reference for other companies to carry out market-oriented debt-to-equity swap.Based on the implementation background of the two rounds of domestic debt-to-equity swaps,this thesis analyzes the specific motivations of enterprises to implement market-oriented debt-to-equity swaps by taking Aecc Aviation Power as the specific research case,and introduces in detail the operation mode scheme of “debt-to-equity swap + indirect debt-toequity swap” and its advantages.Firstly,from the perspective of market reaction,using the event study method to analyze the changes in stock volatility and excess returns of Aecc Aviation Power during the event window,the study found that the market reflected well on the implementation of this market-oriented debt-to-equity swap,showing a positive effect in the short term.Secondly,the financial effects were analyzed in conjunction with relevant financial indicators,and it was found that the implementation of market-oriented debt-to-equity swap could effectively reduce the company’s debt size,effectively improve the company’s solvency,and improve its profitability,thereby improving the company’s operational stability,anti-risk ability and core competitiveness.Finally,from the perspective of the realization path of the effect of the market-oriented debt-to-equity swap,Aecc Aviation Power has optimized the capital structure of the subject company and itself by using this market-oriented debt-to-equity swap,transforming short-term debt funds into long-term equity funds,influencing the investment of the enterprise’s capital,increasing the company’s investment in research and development,accelerating the pace of technological transformation and product transformation and upgrading;improving the operation management system,strengthening financial management and cost control,and enhancing the operating efficiency of the enterprise;the diversified and market-oriented characteristics of the participating implementing institutions are obvious,and the optimization of the equity structure has improved the corporate governance structure.After a comprehensive analysis of the market-oriented debt-to-equity swap cases of Aecc Aviation Power,this thesis concludes that improving the quality of operation is the main motivation of the debt-to-equity swap;market-oriented debt-to-equity swaps will help Aecc Aviation Power quickly reduce corporate leverage;and market-oriented debt-to-equity swap helps to promote the high-quality development of Aecc Aviation Power.On this basis,summarizing the experience and coming up with a few suggestions,hoping to provide reference for the enterprises that will carry out market-oriented debt-to-equity swap in the future,and also provide some reference ideas for the improvement of the relevant system and the construction of long-term mechanism in the current round of market-oriented debt-to-equity swaps. |
