| Debt-to-equity swap,that is,debt-to-equity swap,is one of the important ways of debt restructuring.It is also a way to solve the problem of excessive non-performing asset ratios and excessive leverage of commercial banks.It has been implemented in many countries.Market-oriented debt-to-equity swap refers to the commercial behavior in which the creditor and the debtor voluntarily convert the creditor’s rights into the equity of the target enterprise under the market-led balance for their respective interests.Since the supply-side reform in 2015,the state has proposed a request for reducing leverage,and the market-oriented debt-to-equity swap has begun.The research background of this paper is:Since the State Council issued the"Opinions on Actively and Firmly Reducing Enterprise Leverage Ratio" and its annex"Guidelines for Market-Based Bank Debt-to-Equity Swap",the policy has been continuously introduced to encourage state-owned enterprises to carry out market-oriented debt-to-equity swaps.Promoting the development of a state-owned enterprise with a mixed ownership economy has always been the focus of state-owned enterprise reform.This round of market-oriented debt-to-equity swaps introduces social capital to participate in market-oriented debt-to-equity swaps,and encourages social capital investment entities to participate in the restructuring of state-owned enterprises or the capital increase and share-up of listed companies in state-owned holding companies and business management.The high debt ratio of state-owned enterprises has always been an important issue for state-owned enterprises to deepen reform.The General Office of the State Council issued the "Guiding Opinions on Strengthening the Asset and Liability Constraints of State-Owned Enterprises",clearly stipulating that the average asset-liability ratio of state-owned enterprises will be reduced by 2%by the end of 2020 compared with the end of 2017.Reducing the asset-liability ratio has become an important task for SOE in the near future.The research question in this paper is:in the context of the state-owned enterprises’mixed ownership reform,lowering the high debt ratio,and defusing the bank’s non-performing loan ratio,what effects will be associated with the implementation of market-based debt-to-equity swaps?The research ideas and methods of this paper are as follows:Firstly,the understanding of the implementation of China’s aluminum market-based debt-to-equity swap;secondly,the case study is based on the implementation of market-based debt-to-equity swaps built by Aluminum Corporation of China Limited,which are implemented from debt-to-equity swaps to China.The impact of aluminum corporate governance,the reaction of the capital market to debt-to-equity swap of Aluminum Corporation of China Limited,the impact debt-to-equity swap on its financial performance,and the risks involved in the implementation process.The research objectives of this paper are:(1)to understand how the capital market reacts to the market-oriented debt-to-equity swap process by analyzing the implementation process of China’s aluminum market-based debt-to-equity swap;(2)The market-oriented debt-to-equity swap Does the implementation have a certain impact on the improvement of state-owned mixed ownership reform and corporate governance?(3)How does the implementation of market-oriented debt-to-equity swap affect financial performance?The innovations and practical implications of this paper are:combining the effects of market-based debt-to-equity swaps with corporate governance,capital market response and financial performance,and considering the impact of the risks on the market-oriented debt-to-equity swap process.Through the analysis of the effect of the implementation of the market-based debt-to-equity swaps,it will provide reference for the debt-to-equity swap enterprises that have not signed the contract,and consider what problems and risks may exist in the implementation process to better achieve market-oriented debt-to-debt The purpose of the stock. |
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