Research On The Effect Of Market-oriented Debt-to-equity Swaps On Shaanxi Coal And Chemical Industry Group Co.,Ltd.

In 2016,debt-to-equity swaps were re-launched as a powerful means of “deleveraging”.The difference between this debt-to-equity swap and the previous round is that the debt-to-equity swap emphasizes market-oriented and legal-based methods,so it is called “market-oriented debt-to-equity swap”.Since the implementation of market-oriented debt-to-equity swaps,it has played a significant role in “de-leveraging” and has effectively reduced the possibility of triggering financial risks.This paper takes the market-oriented debt-to-equity swap of Shaanxi Coal and Chemical Industry Group as the research object,and explores the future implementation path of marketoriented debt-to-equity swap.This paper mainly uses the literature research method,comparative analysis method and case study method.Firstly,the thesis explains the research background and research significance of the thesis in the introduction chapter,and summarizes the research status at home and abroad.Then the second part of the thesis explains the meaning of debt-to-equity swap,and uses the comparative analysis method to point out the two debts in China.The similarities and differences of the conversion of shares,and the theoretical basis of market-oriented debt-to-equity swaps from game theory,agency theory,capital structure theory and enterprise control theory;the third and fourth parts of the paper use case study to analyze the motivation and implementation process of Shaanxi Coal and Chemical Industry Group 's debt-to-equity swaps pointed out the difficulties and problems encountered in the implementation of debt-to-equity swaps,and analyzed the market-oriented debt-to-equity swaps from three perspectives: capital structure,financial status and corporate risk.The impact of the coalification group;finally draws the conclusions of this paper,and gives appropriate suggestions for the implementation of market-oriented debt-to-equity swaps from the perspective of enterprises and countries.Through research and analysis,this paper mainly draws the following conclusions: market-oriented debt-to-equity swaps can indeed improve the corporate governance by improving the capital structure of enterprises,improve the efficiency of enterprises,and reduce the risks of enterprises;Some difficulties and problems were encountered in the process,such as the adverse selection of the conversion target,the pricing difficulty of equity and credit,the risk of equity management tearing and the equity exit problem.The innovation of this paper lies in the fact that China's research on marketoriented debt-to-equity swaps mainly focuses on legal risks,and there are few studies on the impact of specific enterprises.This paper carefully studies market-oriented debtto-equity swaps through cases,supplementing the lack of China's research results,and the study of this article in the context of the domestic "de-leverage" highlights the significance of timeliness.