Research On The Financial Effect Of China’s Nuclear Construction Market-oriented Debt-to-equity Swap

In recent years,China’s macroeconomy is facing a downturn,the pole ratio is rising,and many companies have fallen into financial difficulties,making the development of enterprises into bottlenecks,bringing opportunities and challenges to enterprises.In this context,in order to enable enterprises to better reduce the asset-liability ratio of enterprises,fully implement the "three to one reduction and one supplement",and promote healthy economic development,the state has introduced a series of feasible policies,market-oriented debt-to-equity swap is one of them.The main role of market-oriented debt-to-equity swap is to help troubled enterprises,reduce the pressure of debt and debt,and enable enterprises to operate normally and achieve sustainable development.The market-oriented debt-to-equity swap introduced in 2016 is different from the previous round of policy debt-to-equity swap,which is characterized by legalization and marketization,while the government no longer dominates,but is more determined by the market.As a leading infrastructure company,it is important for China Nuclear Construction to reduce the problem of high leverage.In 2019,China National Nuclear Construction implemented a market-oriented debt-to-equity swap,and the company’s asset-liability ratio decreased.Therefore,by combining with the macro environment and other factors,the motivation and operation mode of the debt-to-equity swap were analyzed,focusing on the financial impact of the market-oriented debt-to-equity swap on China’s nuclear construction from five perspectives,including financial status,market response,capital structure,financial risk and company value,and the financial effect was analyzed using financial index evaluation,event research method,Z-SCORE model,EVA and other methods.Through the analysis of the market-oriented debt-to-equity swap process of China’s nuclear construction,the existing problems were found,and corresponding countermeasures and suggestions were put forward for this.Through the results of this thesis,it is found that the market-oriented debt-to-equity swap has brought relatively positive and positive impact on the financial effect of China Nuclear Construction,and through the debt-to-equity swap,China Nuclear Construction has successfully overcome the development downturn caused by the high debt ratio and promoted the steady and good development of the company.In addition,and give suggestions for China’s implementation of market-oriented debt-to-equity swaps,we should optimize the governance system,strengthen the control of enterprise risks,and formulate reasonable implementation plans and improve the long-term mechanism of enterprise risks,hoping to enlighten other enterprises that want to implement market-oriented debt-to-equity swaps.