Research On The Application Of Market-oriented Debt-to-equity Swap In The Bankruptcy Reorganization Of Lifan Technolog

Due to the slowdown in China’s economic growth and the poor operation of private enterprises in recent years,more and more private enterprises have experienced excessive asset-liability ratios,excessive debts,and even fallen into debt crisis.At present,bankruptcy reorganization has become the most powerful means to regenerate private enterprises,and among them,market-oriented debt-to-equity swap has become the most effective way for enterprises to reduce their debt burden in the process of bankruptcy reorganization,which has received extensive attention from the industry and academia.Theoretically,there are few studies on the combination of bankruptcy reorganization and market-oriented debt-to-equity swaps,and the existing discussions on the combination of the two mainly focus on legal and financial aspects,and rarely analyze them from a financial perspective.In addition,the research on market-oriented debt-to-equity swaps generally mainly focuses on state-owned enterprises and central enterprises,and according to statistics,private enterprises of listed companies in bankruptcy reorganization account for the majority of total listed companies.Therefore,according to the current market background,it is of extremely important theoretical and practical significance to apply the market-oriented debt-to-equity swap to the relevant analysis of the bankruptcy reorganization of listed companies and private enterprises.This study first sorts out the relevant literature on bankruptcy reorganization and market-oriented debt-to-equity swap,and finds that the current research on bankruptcy reorganization combined with market-oriented debt-to-equity swap by domestic scholars is relatively lacking,and the research direction and content are proposed accordingly.Subsequently,the relevant concepts of bankruptcy reorganization and market-oriented debt-to-equity swap are introduced to provide theoretical support for subsequent analysis.Next,the industry situation of the case enterprise is analyzed in detail,and then the operation situation and debt situation of the enterprise before the equity conversion are analyzed,and the motivation of the market-oriented debt-to-equity swap and the operation process and rationality of the share-to-equity swap plan of the enterprise are discussed,and then the effect of the market-oriented debt-to-equity swap and the impact on its stakeholders are analyzed more completely from five dimensions.Finally,it is concluded that the scientific and reasonable design of market-oriented debt-to-equity swap scheme is a necessary prerequisite for the success of bankruptcy reorganization,market-oriented debt-to-equity swap promotes the adjustment of enterprise capital structure and brings positive impact to corporate governance,the successful introduction of industrial investors can promote the improvement of enterprise innovation performance,and at the same time,it is necessary to balance the interests of all stakeholders in the process of equity conversion to achieve sustainable development.Most of the existing literature on the effect of market-oriented debt-to-equity swap only involves the analysis of market response,capital structure and financial performance,this paper broadens the research angle and innovatively adds innovative performance indicators,because the implementation of market-oriented debt-to-equity swap will have an impact on the R&D input and output of enterprises to a certain extent,and evaluate its actual effect from five dimensions: short-term stock price response,capital structure,financial indicators,non-financial indicators and innovation performance.A more comprehensive exploration of the impact of market-oriented debt-to-equity swaps on the efficiency of bankruptcy reorganization is explored,and it provides reference for other enterprises trying to carry out market-oriented debt-to-equity swaps.