| In the 1990 s,most of our state-owned enterprises are in financial crisis.And banks are also facing a high rate of bad loans.In order to resolve this dilemma to effectively invigorate assets,by the Government led the establishment of asset management companies to buy bad loans Debt for Equity Swap was formally proposed and implemented.17 years later,due to the impact of the post-financial crisis,China's economy showed a downward trend.In addition,the shortcomings of overcapacity caused by the rapid development of the previous period of the economy have gradually become prominent.Enterprises once again faced excessive leverage and suffered debt crisis,restricting the development of enterprises.2016,in order to adapt to the new environment to respond to the national supply-side structural reform of the "deleveraging" task requirements,China once again restart Debt for Equity Swap and highlight the marketization and legalization,emphasizing that banks and other investment institutions and markets to take the lead,in the gradual establishment of a sound legal system under the independent completion of debt-to-equity operations,The administration no longer intervenes too much and is no longer bottom the project.In this context,this paper selects in line with the current market-oriented debt-to-equity policy to mention and encourage participation in the temporary financial predicament,but the development prospects of a better type of high-quality enterprise-Aluminum Corporation of China Limited as a case study object.Aluminum Corporation of China Limited is not only the only domestic non-ferrous metal industry with a variety of aluminum products from production to sales of the entire industrial chain,with firepower and new energy generation in one of the leading enterprises,and its comprehensive strength is also among the top in the all-aluminum industry.This paper first introduces the market environment and policy background of the research,and explains the logic and significance of the research.After that,according to the theoretical basis at home and abroad,starting from the background of China's two rounds of debt-to-equity conversion,this paper reviews the difference between the two rounds of debt-to-equity swaps.The case part focuses on the analysis of the effect of market-oriented Debt for Equity Swap about Aluminum Corporation of China Limited through the aspects of operation,finance,internal governance structure and exit mechanism.The study found that the market-oriented debt to equity emphasis on marketization and legalization,in compliance with these two requirements,this measure can indeed reduce the size of debt,help enterprises to optimize the internal governance structure,and promote the healthy and sustainable development of enterprises,but there are still a lot of uncertainty and potential risks in this process.Finally,the conclusion and enlightenment are drawn on the basis of case study.The case of market-oriented Debt for Equity Swap of Aluminum Corporation of China Limited selected in this paper is planned and implemented after the relevant policies have been introduced successively,and the timeliness is strong.In addition,Aluminum Corporation of China Limited is a market-oriented Debt for Equity Swap policy debt Enterprise selection requirements specifically expanded and encouraged to participate in the temporary debt crisis but has a better development prospects of high-quality enterprises,with a strong representative.The policy of marketization debt conversion has just been introduced and is in the stage of continuous improvement,while domestic scholars mainly focus on the theoretical aspects of current relevant policies,and there is relatively little research on the specific operation of marketization debt to equity and the effect and risk of implementation.This paper selects the actual case to carry on the related research to enrich the policy theory in the practice Aspect application research has certain practical significance. |
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