Research On The Implementation And Problem Of Marketization Debt Of Coal Enterprises

At present,the overall capacity of the international coal market is overcapacity,the fundamental contradiction of China's coal industry has not been solved,the hidden danger of market supply is still existing,and the balance of supply and demand is relatively fragile.On the one hand,the adjustment of energy structure and the demand for the green development of modern industry directly reduce the demand for coal.On the other hand,the continuous wilting of the world economy makes the survival of coal enterprises suffer a severe test,the leverage ratio is generally high,the ratio of assets and liabilities is high,and the development of coal enterprises is facing unprecedented challenges.The emergence of these problems directly hindered the steady and healthy development of China's economy and society.Under the background of China's economic downward pressure,a new round of debt to equity swap comes into being.The characteristics of this debt equity swap are marketization and legalization,following the will and principles of the market subject,and whether the enterprise can negotiate the debt to share the stock,and market the transfer price.Through the most direct and efficient debt to equity swap,it can reduce the high leverage ratio,the bank's bad loan balance and the financial risks of other enterprise creditors,so as to achieve mutual benefit and mutual benefit.This paper,taking the successful implementation of Shandong Energy Group Co.,Ltd.(hereinafter referred to as Shandong energy)market debt to equity swap,uses the method of theoretical analysis and case study to study the transfer of market debt to equity.In the background of the structural reform of the supply side,the coal enterprises will further promote the three to a reduction and supplement in order to achieve the goal of effective production capacity,inventory,deleveraging,high cost reduction of coal enterprises,and precision supplementation of short boards.First of all,by referring to a large number of relevant documents related to debt to equity swap,the concept and model of a new round of debt equity swap are combed,and then the current situation of the debt of coal enterprises is introduced,and the significance of coal enterprises to market debt to equity swap is highlighted,and the present situation of the market debt equity swap of coal enterprises under the supply side reform is presented.It further introduces the introduction of the market environment and operating conditions of Shandong's energy debt to equity swap,and illustrates the implementation of Shandong's energy debt to equity swap.This article focuses on the analysis of the effect of marketization of debt to equity in Shandong's energy market,and explains it through two parts,internal and external.This paper analyzes the successful implementation of market-based debt to equity swap and summarizes experience and problems.Finally,it gives suggestions and conclusions on the current round of marketization of debt to equity swap.At the same time,we should deepen the connotation of supply side structural reform and guide China's economic development with high quality.