| Since the 1970 s and 1980 s,the world has witnessed a new round of economic development opportunities.Many countries have actively utilized credit leverage to serve economic construction and social development.At the same time,the proportion of non-performing loans in banks has risen rapidly.Poland,the United States,Japan,South Korea and other countries have tried to eliminate non-performing loans through the operation of debt-to-equity swap.It was not until 1999 that China promulgated the operational procedures and program auditing of Debt-to-Equity Swap Based on separation of government and enterprise and divestiture of assets.In 2016,China put forward new suggestions on the implementation of debt-to-equity swap scheme,and completed two leaps from policy guidance to market promotion.Since the outbreak of the financial crisis in the United States in 2008,the economic development environment of many Asian countries(regions)has been seriously deteriorated.It is not difficult to find that financial non-performing assets not only bring considerable impact and impact on the financial market,but also directly lead to the uncontrolled development of the financial market,which leads to the instability of the state and society.In order to ensure the healthy and stable development of China’s financial market,achieving the maximum recovery of non-performing assets and properly handling non-performing financial assets has become one of the key issues that major financial institutions need to solve urgently.In the past 20 years since the new century,China’s commercial banks have carried out diversified operation through restructuring and reorganization,which has not only become an important supplement to the main business of the four major state-owned banks,but also made use of their own institutional and institutional advantages to expand rapidly throughout the country.Under this background,HF banks have developed rapidly.One of the commercial banks.At the same time,the HF Bank takes Xi’an as the center and gradually forms and improves its network layout and business expansion in Shaanxi.During this period,it has experienced the rapid development stage of energy and mining industry,and is also facing the difficulties of capacity removal,leverage reduction,bankruptcy reorganization and accumulation of bad assets in the process of structural reform on the supply side.Bureau.With the increasing non-performing loan rate of HF bank,in order to reduce the risk of asset loss and change the way of liquidation,the non-performing loan debt-to-equity swap scheme of coal enterprises has become an alternative.In recent years,HF Bank has actively promoted the listing through various business expansion,but there are still a lot of left-over work in dealing with non-performing loans of coal enterprises with regional characteristics.With the development and growth of enterprises,it is of far-reaching significance to effectively control and resolve non-performing loans and to study their countermeasures for dealing with non-performing loans.The main purpose of this paper is to explore the problem of non-performing loan debt-to-equity swap of HF Bank coal enterprises under the background of market-oriented debt-to-equity swap,in order to provide theoretical and practical reference for the current market-oriented debt-to-equity swap of coal enterprises in China.This paper using the methods of literature,field investigation,comparative analysis and SWOT analysis,makes a comprehensive review of the historical significance,practical experience and summary of the debt to equity swap from the current situation of the implementation of the two round of debt equity swap in China.Taking the HF bank as the main research object,the research aim is to dissolve the non-performing loans of coal enterprises,and the necessity,feasibility and possibility of the scheme of debt equity transfer are studied.It is based on the theory of risk management,M-M financing theory,optimal order financing theory,principal-agent theory,loan risk and collection and so on.From the perspective of risk management,as the logical starting point of the problem,the SWOT model is used as the logical point of analysis,and the SCP model is used as a logical node to solve the problem,and under the premise of the internal and external environment of the implementation of the debt equity swap scheme,the application of the typical sample of foreign debt to equity swap is considered.The influencing factors are preliminarily designed for the HF bank coal enterprise’s non-performing loan debt to equity swap program,and specific targeted safeguard measures are put forward.The research holds that:(1)The current situation of HF bank’s non-performing loans increases and the internal control system is not perfect.The non-performing loan rate of HF bank has been gradually improved.It is affected by the national policies,the moral risk of the borrowing enterprises,the management of the supervision companies,the awareness of the risk prevention of the banks and the asymmetric information between banks and enterprises,and the financial risks are urgently to be resolved.(2)The coal industry of QL company has encountered difficulties,and the debt burden has become a great threat to its sustainable development.In order to effectively reduce the risk of asset loss and change the way of collection,it is very necessary and feasible to use market debt to transfer shares to alleviate the debt problem of coal enterprises.(3)The internal and external environment of the non-performing loan equity swap in China’s commercial banks is more favorable.The HF bank should strictly comply with the relevant laws and regulations,and design the scheme of debt to equity swap according to the business and development of the banks and enterprises.On the basis of the combination of the government and enterprise silver,on the basis of dissolving the overcapacity of the coal enterprises,the supervision and management of the target enterprises will be carried out strictly,and the design and implementation of the scheme for the transfer of non-performing loans to the coal enterprises of the HF bank is promoted.(4)The debt to equity swap scheme designed,to a certain extent,has enhanced the bank’s active utilization of assets,gradually dispelled the HF bank’s bad loan rate and dropped 14%of the loan bad rate of the QL company,and the operating liability rate of QL company decreased by 16%,and the debt pressure of QL company was reduced moderately to promote its continuous improvement.To achieve a good development.(5)Under the principles of protecting the interests of all parties,resolving excess capacity,third party intervention,proper recovery of equity and gradual and steady withdrawal,asset management subsidiaries can be set up in order to steadily advance the process of debt equity transfer.(6)The formation and improvement of the guarantee measures system for the transfer of debt to equity in the present round still needs the government to take the lead,the social and market participants are actively involved,and the government,enterprises and silver cooperate closely to ensure the smooth completion of the design and implementation of the debt equity swap scheme. |
