Research On The Path And Effect Of Mixed Reform Of State-owned Enterprises Based On Private Equitable Exchangeable Bonds

In 1997,the 15 th National Congress report first proposed the concept of “mixed ownership”.Over the years,China has been actively promoting the reform of mixed ownership of state-owned enterprises.In today’s "new normal" economic situation,in April2018,the SASAC Research Center launched the China Enterprise Reform and Development Forum,during which the "2018 China State-owned Enterprises Reform and Development Report" was issued.The "Report" pointed out that in 2018,the reform of mixed ownership will continue to expand from subsidiaries to group companies.The strategic restructuring of the state-owned economy in the future will present new features and will continue to actively promote mixed ownership reform.Therefore,actively exploring the path of the implementation of the mixed ownership reform of state-owned groups and subsidiaries in China will still be the current mainstream issue.In addition,since the launch of the first “13 Fuxing Debt” in China in 2013,exchangeable bonds have sprung up.According to statistics,as of December 31,2018,China has issued more than220 exchangeable bonds,raising funds of more than 260 billion yuan.As a new type of financing tool,exchangeable bonds are favored by many major shareholders of listed companies because of their low financing cost and exchangeability for other company stocks.In this context,based on private equity exchangeable bonds,this paper selects “15 Xingang EB” as the case study object to explore the path and effect of the state-owned new steel company’s mixed ownership reform under privately-receivable bonds.First of all,the article begins with the background,significance,methods,content and innovations of this paper.Secondly,it explains and analyzes the relevant literature and theoretical basis of the article at home and abroad.The literature reviews the reform of exchangeable bonds and mixed ownership in domestic and foreign scholars.Theories mainly include information asymmetry theory,principal-agent theory,and optimal capital structure theory.Thirdly,the article expounds the implementation path and risk of state-owned enterprise mixed reform under privately-receivable bonds,including the concept,classification,advantages,clauses of the exchangeable bonds,and the overview of the state-owned enterprise mixed ownership reform.Detailed explanation.Finally,the paper analyzes the implementation path and risk of the state-owned enterprises under the private-sector exchangeable bonds.The implementation of the mixed-reform implementation is mainly reflected in the three stages of the issuance of private-equity exchangeable bonds,the use of funds raised by issuing bonds,and the transfer of debt-to-equity to promote the reform of state-owned enterprises..In the case analysis section,the article uses "15 New Steel EB" as an example to analyze the implementation path and effect of the private equity exchangeable bonds issued by the new steel company on the state-owned enterprise mixed ownership reform.Among them,the effect of the new steel company’s mixed ownership reform background,the issuance of exchangeable bond programs and the use of funds,and the exchangeable bonds to stocks were analyzed.Then,analyze the risk management strategy under the mixed path.Finally,draw the conclusions of the article and draw targeted inspiration.The conclusions show that: First,the issuer can achieve a premium reduction by issuing privately-receivable exchangeable bonds.Second,using bonds to raise funds can improve the performance of state-owned enterprises.Third,diversification of equity after debt-to-equity swaps can promote the mixed reform of state-owned enterprises.