Research On The Synergetic Effect Of The Market-oriented Debt-to-equity Swap Of State-owned Enterprise Groups

In recent years,China’s economy has been developing steadily,gradually moving from high-speed growth to the medium-and high-speed growth.At the same time,it highlights the structural contradictions in economic field,and the development of enterprises are facing new challenges.In 2015,the state began to vigorously promote supply-side structural reforms to stimulate corporate vitality.In the same period,in response to the weak development of state-owned enterprises,the State Council vigorously promoted the reform of mixed ownership,and encouraged state-owned enterprises to change from a single state-owned capital entity to multi-capital cross-shareholding.In October 2016,the State Council formally announced the "Opinions on Actively and Prudently Reducing Corporate Leverage" and its Annex,which proposed the promotion of market-oriented debtto-equity swaps as suggestions to reduce leverage and advance the reform of stateowned enterprises,emphasized that debt-to-equity swaps should be carried out in a market-oriented manner in accordance with law.The case of the CSIC is the first debt-to-equity swap project in the military industry.Under the premise of marketization of the whole process,the internal and external resources were fully coordinated,and on the basis of giving play to the advantages of each participant,the project was implemented and positive synergy was achieved.By studying this case,the analysis of the implementation path and mechanism of market-oriented debt-to-equity swaps is of great significance to the expansion and innovation of the theoretical research,and provides the continuous promotion of market-oriented debt-to-equity swaps practice a useful reference.Based on this,starting from theoretical research,the article takes the CSIC as an example to carry out research on the application of market-oriented debt-toequity swaps in state-owned enterprise groups,and makes an in-depth analysis of the implementation model and synergy effects.Firstly,the article introduces the research background and significance to expound the theoretical basis of this study.Secondly,a basic analysis of market-oriented debt-to-equity swaps of state-owned enterprises is carried out from the perspective of synergy concept,synergy model and synergy effect aspects.Thirdly,the case of the CSIC is introduced in detail from the perspectives of participating subjects,implementation drivers and program design,then analyzes the internal and external synergy effects of the implementation and makes a comprehensive evaluation.Finally,by combing and analyzing the case of the CSIC,the experience in implementing market-oriented debt-to-equity swaps is summarized.The main point of this article is: In theory,when the core companies face risks,the group jointly includes the inside and outside participants to join the implementation of market-oriented debt swaps.It is not only conducive to giving play to the advantages of internal coordination and integration of resources,but also conducive to the introduction of external resources,and ultimately achieves a synergistic effect,forming a win-win situation for all parties.In practice,the project implemented by the CSIC has innovated the swap model and achieved internal and external synergies.Enterprises should continue to promote system reform on the basis of market-based debt-to-equity swaps,and build a long-term risk mitigation mechanism to better consolidate the effect of market-oriented debt-to-equity swap.The research contributions of this article are as follows: First,on the basis of sorting out the relevant theories,it has enriched the theoretical achievements of market-oriented debt-to-equity swaps of state-owned enterprise groups,and analyzed those swaps based on a collaborative perspective.The implementation path and function mechanism of stocks in state-owned enterprise groups,so as to broaden the theoretical research ideas of market-oriented debt-to-equity swaps.Second,the CSIC’s market-oriented debt-to-equity swap project is one of the first cases to be applied and implemented in state-owned enterprise groups,reflecting the concept of marketization and win-win cooperation.Analyzing the design ideas and implementation performance of the program can more fully show the economic consequences of the market-oriented debt-to-equity swaps of state-owned enterprise groups,and provide ideas and methods for future case studies.