The Analysis Of Marketized And Legalized Debt-for-equity Swaps Of Yunnan Ti Group(holding)Company Holding

Debt-to-equity swaps,as the way of disposing of debt,have been adopted in China since the end of the last century.After the 2008 financial crisis,the government and the private large-scale economic stimulus plan caused another round of high corporate debt.Debt-to-equity swaps were re-proposed to solve the problem of high debt.From "policy-oriented" to the concept of "marketized and legalized" to implement debt-to-equity swaps,this change represents the change of the decision-making level to the civil society's awareness of China's economic development,and the efforts to promote China's market-oriented reforms.Actively implement the determination of the Party Central Committee to let the market play a key role in resource allocation.The content of this paper includes comparing the foreign debt-to-equity swap models and the difference between China's two-round debt-to-equity swaps,exploring foreign and domestic legislation on debt-to-equity swaps,analyzing debt-to-equity swap schemes,summarizing the characteristics of the cases and existing problems,and giving suggestions for solutions.Debt-to-equity swaps are only the means of resolving corporate debt dilemmas but cannot eradicate corporate problems.In addition to the agreement between the creditor and the debtor,the implementation of debt-to-equity swaps also requires institutional construction to regulate the operation of debt-to-equity swaps and protect the rights of both sides.This paper believes that it is necessary to use a comprehensive program to carry out debt-to-equity swaps and play a leading role in the capital advantages of state-owned financial institutions.The debt dilemma is fundamentally a business problem of the enterprise.Therefore,enterprises must build a modern enterprise management system and carry out scientific management to prevent enterprises from falling into operational difficulties.Finally,this paper emphasizes that the legal system and supervision system are the key hands for the implementation of debt-to-equity swaps.At present,China's "Commercial Banking Law","Company Law","Guarantee Law" and other laws have defects,which hinder to some extent.In the process of debt-to-equity swaps,existing laws and regulations must be revised to adapt to changes in the market.Finally,I hope that by analyzing this case,we will find out the problem of China's market-oriented and legalized debt-for-equity swaps and propose solutions.We will be inspiredby the smooth implementation of this round of debt-to-equity swaps,helping high-quality enterprises to strengthen their capital strength and get out of debt.Promote the "three go,one reduction and one supplement" to improve the national economy.