Case Study On The Marketed-oriented Debt For Equity Swap Of Chinese Ship

In recent years,from the perspective of macroeconomic analysis,the global economy has shown a trend of slow recovery and gradually diverged in different financial systems.On the one hand,the slow recovery and development of the world economy have improved the external conditions for China's economic development to some extent.However,on the other hand,China's domestic economic structure problems,economic downward pressure increased significantly.At present,there are several problems in the process of China's economic development.Second,the non-performing loan ratio of China's commercial Banks has risen sharply.Therefore,the country restarted a new round of debt-for-equity swap in 2016,which is different from the policy-oriented debt-for-equity swap in 1999.This paper will make a specific analysis of the case of Chinese ships' debt-for-equity swap.This paper analyzes the ship industry,the motivation of China's ship debt-to-equity swap and the operation mode of China's ship debt-to-equity swap,and compares the changes of China's ship related indicators before and after the debt-to-equity swap,finds out the risks and problems in the process of China's ship debt-to-equity swap and puts forward relevant suggestions.Finally,according to the analysis of the case of Chinese ships,it is concluded that the implementation of debt-for-equity swap is of great help to reduce corporate leverage and improve corporate governance structure.It is particularly important for Banks to select debt-for-equity enterprises correctly and avoid debt-for-equity swaps of zombie enterprises as far as possible.For the main body of debt-to-equity swap,,the key to the effective implementation of debt-to-equity swap is to choose the appropriate debt-to-equity swap mode.At the same time,investors and major shareholders of enterprises must have a deep understanding of the rights of shareholders after the debt-to-equity swap to prevent negative management.For debt-for-equity projects with poor equity exit,the method of exiting equity can first choose the more commonly used share repurchase,transfer or high-level repurchase of the company.These traditional equity exit methods are simpler than the exit of the secondary market after the company is listed.Secondly,the New Third Board market is also an option.The debt-to-equity swap can not only exit on the Main Board and the Growth Enterprise Market,but also encourage the completion of the equity exit through the New Third Board.Finally,China's private equity is growing rapidly and can encourage the use of private equity.