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A Case Study On Market-oriented Debt-to-equity Swap Of Shaanxi Coal And Chemical Industry Group

Posted on:2023-06-27Degree:MasterType:Thesis
Country:ChinaCandidate:J J CuiFull Text:PDF
GTID:2531306620469864Subject:Accounting
Abstract/Summary:PDF Full Text Request
In order to cope with the current situation that the leverage ratio of enterprises is too high and the scale of non-performing assets of banks is increasing,the state announced the opening of market-oriented debt to equity swap in 2016.At present,a large number of studies focus on the impact of market-oriented debt to equity swap,pointing out that this round of debt to equity swap has a positive effect on reducing the scale of enterprise liabilities.However,there are few studies on the operation scheme design and the selection of equity swap mode,which makes it difficult to fully understand the deficiencies and problems in the debt to equity swap process.Therefore,this thesis selects the representative coal enterprises in this round of debt to equity swap,combs their procedures of debt to equity swap,analyzes the deficiencies and puts forward targeted suggestions.This thesis uses the methods of literature research and case study to study the debt to equity swap of Shaanxi coal chemical industry group(hereinafter referred to as "Shaanxi coal group").Firstly,according to the industry characteristics,this thesis combs the background and progress of the case,and comprehensively analyzes the motivation of the implementation of debt to equity swap.Secondly,this thesis analyzes its operation mode and realization mechanism from the perspective of transaction structure,ownership structure and cooperative game of various stakeholders,and integrates the game behaviors and Strategies of different subjects.It is found that the whole process of debt to equity operation reflects the market-oriented characteristics and innovative design.Among them,due to the influence of enterprise operation status and capital market,it is very important for local AMCs to obtain enterprise control.Using the event research method and financial index analysis,this thesis analyzes the implementation effect from the three perspectives of market response,financial performance and financial risk.It is found that the asset liability ratio and financial risk of the enterprise are significantly reduced in the short term,but the effect is lack of sustainability in terms of some financial indicators,and the long-term financial risk of the enterprise is increased.Finally,based on the above analysis,it is found that the shortcomings of the case are mainly reflected in post transfer management,capital landing and government intervention,and put forward corresponding specific suggestions for all participants.It is considered that enterprises still need to strengthen post transfer corporate governance,the government should strengthen relevant policy guidance to promote capital landing,and local AMCs use professional platforms to flexibly design the debt to equity swap mode.This thesis creatively adopts a comprehensive perspective to study the debt to equity swap operation under the guidance of local AMC,makes a detailed analysis on the selection,development and subsequent exit of debt to equity swap companies,summarizes the characteristics,advantages and disadvantages of debt to equity swap operation under the guidance of local AMC,deeply analyzes the implementation effect from multiple angles and puts forward suggestions,in order to help the development of enterprises,It provides a good reference for the deleveraging of other large coal enterprises developing overseas and the formation of diversified financing mode.
Keywords/Search Tags:Market-oriented debt-for-equity swaps, Deleveraging, Shaanxi Coal Group, Financial performance
PDF Full Text Request
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