The Second Debt to equity swap Research in Mainland China

• Main Authors: Hsueh-chun Lee, 李學淳
• Other Authors: Chi-Keung Li
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/4jnn8j

碩士 === 淡江大學 === 中國大陸研究所碩士在職專班 === 106 === China’s economic development in the 12th Five-Year plan has changed into a slowdown of growth as new normality, and it is also going through a very complex and critical period after the highly economic growth finished. Affected by the financial crisis in the second half of 2008, exports in China decreased sharply, and exports in 2009 even had negative growth. Facing the international economic crisis in 2008, China government put forward a four-trillion-RMB plan in order to stabilize the economy. However, the plan also caused the inflation from 2010 to 2011. Funds for expanding domestic demand programs actually went to real estate, local Financing Platforms and Overcapacity Industries which not only caused huge local debt, but made funds idle in the financial system without going into real economy. Economic growth declined year by year to 6.9% in 2016, which led to excess capacity, labor market instability, and financial crisis. The reform of debt companies is very important. In view of the effectiveness and limitations of the first debt to equity swap, China government proposed second debt to equity conversion plan and added “Guidance on market-based bank debt-to-equity swap” under the operational mechanism. In addition to equity issues, how to implement and establish exit mechanism is also the focus of this thesis. The purpose of implementing debt to equity swaps again is mainly able to activate the real economy, to reform corporations, and to improve operations so as to generate new economic momentum, upgrade China’s industries, and innovate industries. Under China''s 13th Five-Year Plan Economic Policy,collected data is analyzed in order to speculate on the future of China''s economy and to observe if China''s Economy will be successfully transformed again.