| In recent years,China’s economic growth has slowed down,overcapacity in some industries,enterprises have significantly increased debt scale,and leverage has increased year by year.Due to the serious debt crisis of enterprises,it not only affects the business development of enterprises,but also causes the non-performing loan ratio of banks to increase year by year,and at the same time,it has an adverse impact on the development of our economy.Against this background,market-oriented debt-to-equity swaps have emerged in response to calls for supply-side structural reforms,reducing corporate debt scale,and accelerating corporate transformation and upgrading.Market-oriented debt-to-equity swaps,as a new type of debt restructuring,have had an important impact on the development of Chinese enterprises.This paper studies the market-oriented debt-to-equity swap of China Shipbuilding Industry Company Limited.First,it introduces enterprise profile,shareholding structure,financial status and operating capabilities of China Shipbuilding Industry Company Limited,and analyze the implementation motivations from four aspects: enterprises,creditors,investment institutions,and national policies.Through detailed introduction of the specific content and operation process,it is found that China Shipbuilding Industry Company Limited.market-oriented debt-to-equity swaps can help it get out of financial difficulties,improve its operating capabilities,and improve its cash flow.At the same time,the company’s internal capital structure has been significantly improved,and its equity structure has been more diversified;market-oriented debt-to-equity swaps have also promoted strategic planning.However,The market value brought by this market-oriented debt-to-equity swap is very limited.In the end,it is concluded that companies need to control the scale of liabilities,improve their operating capabilities and accelerate transformation,and adhere to the market-oriented principle of debt-to-equity swaps in order to be conducive to the long-term stable development of enterprises.As a solution under the new normal,this market-oriented debt-to-equity swap still faces many challenges,and we need to continue to explore based on our existing experience. |
