Research On The Impact Of Market-Oriented Debt-to-Equity Swap On Enterprise Performance

Since the implementation of the market-oriented debt-to-equity swap,the leverage ratio of enterprises has been reduced to a certain extent and the financing environment of enterprises has been optimized,but due to market instability and imperfect legal supervision,it still faces some difficulties and needs to be optimized by policies.Based on this,this paper uses the literature classification method and empirical research method to construct a double differential DID model,and innovatively studies the impact of market-oriented debt-to-equity swap on firm performance from the perspective of agency cost intermediary.At the same time,the difference between state-owned and private enterprises in the role of agency cost intermediary in the impact of market-oriented debt-to-equity swap on enterprise performance is compared.The following conclusions are obtained: First,market-oriented debt-to-equity swap is positively correlated with enterprise performance,agency cost is negatively correlated with enterprise performance,and agency cost plays an intermediary role in the impact of market-oriented debt-to-equity swap on enterprise performance.Second,between state-owned and private enterprises,there are differences in the intermediary role of market-oriented debt-to-equity swaps in affecting agency costs in enterprise performance.In state-owned enterprises,market-oriented debt-to-equity swaps promote the improvement of enterprise performance by reducing agency costs;In private enterprises,agency costs obscure the role of market-oriented debt-to-equity swaps in promoting corporate performance.The reason is that the equity of private enterprises is dispersed,and the market-oriented debt-to-equity swap has limited effectiveness in the influence mechanism of improving the level of corporate governance and reducing the agency cost of enterprises by influencing the degree of equity checks and balances.In view of the above conclusions,this paper puts forward the following suggestions: First,improve the market-oriented debt-to-equity swap mechanism,optimize the process,clarify the supporting preferential policies,and organize professionals to participate in the improvement of the market-oriented debt-to-equity swap process.Second,state-owned enterprises can inject private capital through market-oriented debt-to-equity swaps,while improving their own governance level,rationally allocating state-owned assets,and establishing an open and transparent fund management system.Third,private enterprises should standardize financial data and improve information disclosure to improve corporate credit ratings,and at the same time deepen internal reforms and improve their own governance levels to reduce agency costs.