Since the late 1990s, Chinese enterprises have experienced two waves of debt-to-equity swap. Under this background, 79 convertible bond-to-equity swaps issued by non-financial industries with a cumulative share-to-equity ratio of more than 50% in the period 2000-2017 are selected as samples to analyze the reasons for the different effects of convertible bond-to-equity swaps between state-owned enterprises and private enterprises, and to examine the impact of convertible bond-to-equity swaps on corporate bond-to-equity swaps between state-owned enterprises and private enterprises from the persp...
