【作者】 李思佳；

【导师】 翟立宏；

【作者基本信息】 西南财经大学 ， 金融， 2022， 硕士

【摘要】 近年来,全球宏观经济环境日渐复杂,中国经济发展进入新常态,杠杆率不断攀升、债务违约频发是部分企业面临亟待解决的经营发展困境,严重抑制了国内实体经济的正常发展。2016年10月,国务院办公厅发布了《关于积极稳妥降低企业杠杆率的意见》,拉开了中国第二轮市场化债转股的序幕,本轮债转股坚持市场化、法治化原则,根据法律法规有序开展,符合条件的目标企业对投资机构进行筛选,资本市场参与主体充分衡量协商,确定转股价格、筹集资金等事项。中金黄金是资本市场首单综合性创新优化方案,在支持配套融资的同时,为促进持续发展将优质资产注入上市平台,具有较强的示范作用。本文希望对该方案中的关键步骤和后续影响深入分析,为后续采用市场化债转股的企业提供经验教训。本文先梳理了国内外学者对债转股的研究成果,政策发布以来的签约企业总数、累计签约金额,债转股的发展历程,以及现行的债转股模式。接着介绍了本次债转股各参与主体的基本情况、政策背景和流程步骤,其次进行收益与风险分析、估值与定价分析,采用事件研究法深入剖析本次市场化债转股的市场反应,对比分析债转股前后的财务效应,并总结了该种模式的优缺点,最后针对性地提出了优化建议、实践启示。通过本文研究分析,得出如下结论:(1)本次市场化债转股是资本市场首单综合性创新优化方案,在支持配套融资的同时,为促进持续发展将优质资产注入上市平台。(2)事件日当天的超额收益率与累计超额收益率都达到该段时间的峰值,说明12月26日公告发出,市场反应迅速。但是,事件日之后累计超额收益率始终为负,说明投资者与市场较为理性,对中金黄金债转股对公司负债的改善持观望态度,债转股事件对公司价值产生的正向效益影响有限。(3)分析财务效应,市场化债转股为中金黄金注入了新活力,公司资产负债状况改善,资本结构优化;债务风险显著降低,偿债能力提升;资金运营周转情况得到改善,盈利能力增强,公司总体发展向好。本文提出以下启示:坚持市场化、法制化原则;机构投资者参与经营管理;创新债转股模式;丰富融资渠道;完善退出机制。更多还原

【Abstract】 In recent years,the global macroeconomic environment has become increasingly complex,and the development of our country’s economy has entered a new normal.With the frequent debt defaults and rising leverage ratio,Some enterprises are facing urgent difficulties to be solved,which seriously inhibit the normal development of the domestic real economy.In October 2016,General Office of the State Council issued the opinions on actively yet prudently reduce enterprise leverage ratio,opened the second round of marketization debt into China,the debt-to-equity adhere to the principle of marketization,the rule of law,in accordance with the laws and relevant regulations,qualified target enterprises screening investment institutions,capital market participants fully measure consultation,determine the conversion price,raise funds.CICC Gold innovatively adopts the market-oriented debt-for-equity swap+high-quality asset injection and supporting financing scheme.This case is widely identified as the first single innovative comprehensive optimization scheme in the capital market,and has a strong demonstration role.This paper wants to conduct an in-depth analysis of the key steps and subsequent impacts in the program,so as to provide lessons for enterprises that adopt market-oriented debt-to-equity swaps.This paper first combs and summarizes the current development situation of market-oriented debt-equity swap and domestic and foreign research results,and on this basis,it deeply analyzes the case of CICC gold market-oriented debt-equity swap.First introduces the basic situation of the debt,the policy background and process steps,followed by income and risk analysis,valuation and pricing analysis,further analysis of the market debt market reaction,comparison analysis of financial effect before and after the debt for equity,and summarizes the strengths and weaknesses of the model,finally put forward targeted optimization Suggestions,practice.The conclusions are as follows:(1)This case is an innovative practice of the debt-to-equity swap scheme.On the one hand,institutional investors are introduced to increase capital and reduce debt,and then,high-quality assets are injected into the gold plat form of listed companies.(2)On the day of the incident,CICC Gold’s cumulative excess return and excess return both reached their peaks during this period,indicating that the announcement was issued on December 26 th,and the market responded rapidly.However,the cumulative excess return rate after the event date is always negative,indicating that investors and the market are relatively rational,and hold a wait-and-see attitude towards the improvement of the company’s debt.The positive impact of the debt-to-equity swap of the event on the company’value is limited.(3)Market-oriented debt-for-equity swap has injected new vitality into CICC Gold,improved assets and liabilities,optimized capital structure,significantly reduced debt risk,debt repayment,improved solvency,capital operation turnover improved,enhanced profitability,and improved overall development.The following enlightenment is proposed for the future market-oriented debt-for-equity swap: institutional investors are involved in operation and management;innovate the debt-for-equity swap model;enrich the financing channels;and improve the exit mechanism.更多还原