State-owned enterprises' "debt-to-equity swap" and capital structure optimization

Author: Hu Yuancheng (Compiler)
Publisher:
Publish Date: 2004-01-01
Features: This book is the final outcome of the National Social Science Fund Project "Research on the Debt-to-Equity Conversion of State-Owned Enterprises and Capital Structure Optimization" (00BJY052) and the preliminary of the National Natural Science Foundation Project "Research on the Capital Structure and Risk Control of Enterprises in China" (70262001). It combines theoretical analysis with empirical research, making it an ideal reference for both theoretical researchers and practitioners. The book consists of eleven chapters. It provides a profound and clear analysis of the major initiative of debt-to-equity conversion for China's state-owned enterprises and its mechanisms, revealing the implicit financial system risks. The book explores the relationship between capital structure and economic efficiency as well as operational efficiency, finding a significant causal relationship between the economic efficiency of Chinese enterprises and their capital structure. This book investigates the objectives and pathways for optimizing corporate capital structure, arguing that capital structure optimization is a dynamic concept, and its goal should be a region. Establishing the objectives of capital structure optimization should be linked to finding the region of maximum enterprise value.