The Case Study On The Influence Of Debt-to-equity Swap Of ST Chaori Solar On The Linkage Pattern Of Non-performing Asset

Over the past six years,influenced by the downward pressure on the economy and the deepening policy of structural reform,the scale of the non-performing asset market in China has been on the rise,and the main body of the non-performing asset industry has been expanding.Due to the last round of the outbreak of bad assets mainly concentrated in the Banks and state-owned enterprises,at the same time to discount the transferee,packaged as the main traditional disposal operation mode;Based on the development of this round of non-performing asset market,both the connotation of non-performing asset and the participants in the primary and secondary markets from the supply end to the demand end have been extended and enriched.Therefore,for the main body specialized in non-performing asset investment(such as the four asset management companies),it is faced with the need to reconstruct the business linkage model of non-performing asset that is in line with The Times.The four asset management companies,as the main body of the professional disposal of non-performing assets and the implementation of the last round of debt-for-equity swap,have accumulated a lot of experience in the previous practical operation process.With the process of marketization,in order to seize the opportunity in this market,asset management companies will use their own advantages as soon as possible to actively innovate under the premise of conforming to the regulatory principles,which includes the innovation of the existing non-performing asset business model.In addition,as the non-performing asset business involves not only the traditional nonperforming asset,the investment in the non-performing asset field emphasizes more on the professional operation ability rather than the business attribute,and the essence of the business linkage operation is to form the transaction strategy in specific fields.Therefore,the core of AMC’s current business development lies in the combination business model of credit,creditor’s rights,equity and other investment methods and apply them to multiple fields through linkage,so as to integrate resources and create value.Based on the professional advantages of China’s asset management companies in the disposal of non-performing assets,this paper selects the ST chaori debt-for-equity swap case led by Great Wall AMC as the research object,adopts the literature research method and case study method,and first through the complete complex asset companies how to carry out the operation process of ST chaori’s joint business based on the debt-for-equity principle.Secondly,the Great Wall AMC in this case how to reflect the non-performing asset business model launched a situational analysis,and on the basis of the above discussion of the specific link of the case how to form the nonperforming asset business interaction mechanism,and the impact analysis;Finally increased the investment of the before and after the AMC of measurement for comparison.The purpose of this paper is to explore how the non-performing asset management companies carry out business linkage under the new market-oriented environment and how the business linkage mode innovates with the change of the characteristics of non-performing asset through case analysis.These analyses will not only help to re-face the reasonable role of the traditional licensed AMC in operating the main business of non-performing assets,but also provide some reference for the FAIC subsidiaries of Banks to carry out the business operation of non-performing assets in the future.