The Scheme Design Of A Company's Debt To Stock Exchange

At present,the world economy continues to grow moderately,but the real economy is fragile and the downturn in market demand is difficult to improve.For the Chinese economy,the excess capacity and the serious mismatch between the supply side and the demand side are the two main areas that hinder its development.The problem of enterprise's high leverage rate and high non-performing loan rate of commercial banks has been affecting the growth of China's economy.Therefore,in order to promote the successful reform of state-owned enterprises,resolve the bank's non-performing loans,through the approval of SASAC and other units,on the basis of supply-side reform,Debt-to-Stock Exchange as an effective policy to reduce leverage has once again been the practice of state-owned enterprises to explore.This paper uses literature research method,case analysis method and comparative analysis method to write articles.Based on the current research situation at home and abroad,firstly,this paper expounds the basic concept of Debt-to-Stock Exchange,and explains the motivation of debt-to-Stock Exchange from three angles of state,creditor and enterprise and the main mode of operation of Debt-to-Stock Exchange.Secondly,taking company A as the research object,this paper analysis the basic situation of company A through the company brief introduction,financial situation,asset evaluation situation and debt situation,and carry out background analysis of A corporate to Debt-to-Stock Exchange according to the policy support and industry environment,at the same time analysis the Debt-to-Stock Exchange necessity and feasibility in three angles of enterprise,creditors,the country.Moreover,this paper emphatically expounds the purpose and principle of the design of A company's Debt-to-Stock Exchange scheme,generally describes its basic framework for the implementation of Debt-to-Stock Exchange,and emphatically describes the specific scheme design,that is,the choice of A company's Debt-to-Stock Exchange model,the use of B-S model pricing design,exit program design and so on.At the end of the paper,a simple effect prediction is carried out,and the implementation guarantee is put forward from the aspects of internal management,sustainable development,society,operation and Law.The implementation of Debt-to-Stock Exchange can resolve the temporary financial crisis of enterprises,for enterprises to win time to change space,improve the present situation of corporate governance structure,promote the restructuring of state-owned enterprises,while safeguarding the interests of banks and other creditors,in order to defuse financial risks opened up a new way.However,the implementation of Debt-to-Stock Exchange is not the only way for enterprises and banks to avoid risk,nor will it necessarily solve the development problems of all enterprises.But it is not the only way,nor is easy to succeed,But it is a new opportunity for the State to support enterprises and provide a reduction in the burden of enterprise development.Whether an enterprise can seize the opportunity and gain the real success of Debt-to-Stock Exchange lies in the extent of its own efforts.Only by fully understanding the mechanism of debt-to-equity conversion,actively promoting internal reform and constructing a new system of modernization can enterprises fundamentally improve the operating conditions of enterprises,form a virtuous circle of operating capital,obtain more profits,realize the maximization of benefits,and become the operating subjects with market competitiveness.The implement of Company A to Debt-to-Stock Exchange can also provide reference for other enterprises,arouse the thinking and inspiration of related enterprises,and actively promote the implementation of Debt-to-Stock Exchange has a strong practical significance.