党的十八大以后，我国全面推进供给侧结构性改革,将去杠杆列为供给侧结构性改革五大任务之一,发布《关于积极稳妥降低企业杠杆率的意见》等文件，与之同期发布的还有《关于市场化银行债权转股权的指导意见》(以下简称《指导意见》)等相关附件,由此正式开启了我国的市场化债转股阶段。与此同时，高新技术企业蓬勃发展，但受到行业特征、企业性质、资产结构及规模等诸多因素影响，高新技术企业普遍存在融资难、杠杆高等问题；从成长性角度来看，高新技术企业中不乏大量有价值的企业具有非常好的成长性，符合高质量发展的需求。华友钴业是民营高新技术企业，在企业发展扩张过程中同样面临高负债、流动性压力大等困境，为改善公司负债结构，缓解流动性危机，公司于2018年9月实施市场化债转股。 本文选取高新技术企业华友钴业作为案例进行研究，系统研究总结国内外学者对高新技术企业和市场化债转股的相关文献观点及相关理论基础。通过分析我国高新技术企业发展及融资现状，进一步对标市场化债转股关于标的企业的相关要求，总结一致性特征，梳理该类企业进行市场化债转股的可行性。重点围绕华友钴业市场化债转股案例展开，从其实施动因及实施模式进行分析，在相关理论的基础上，结合事件日前后市场反应、公司财务绩效指标变化、企业EVA价值等维度分析此次市场化债转股的实施效果。结合分析结果，华友钴业此次市场化债转股取得了一定的市场积极反应，在一定期间内改善了财务状况、对企业价值增值也产生了积极作用。 结合本文的相关分析，得出本文的研究结论：华友钴业作为高新技术企业，在其快速扩张阶段实施市场化债转股，具有一定的合理性和必要性，达到其预期目的，为其带来正向市场反应，助力其战略实施，市场占有率进一步提高。本文结合高新技术企业的特点，认为在实施高新技术企业市场化债转股过程中，应结合行业背景及企业成长周期选择核心价值进行投资，关注退出机制设计，同时应不断完善高新技术企业市场化债转股的配套制度。

After the 18th National Congress of the Communist Party of China, China comprehensively promoted the supply side structural reform, and deleveraging was listed as one of the five major tasks of supply side structural reform. Documents such as the "Opinions on Actively and Steadily Reducing Enterprise Leverage Ratio" were issued, along with relevant attachments such as the "Guiding Opinions on the Conversion of Debt to Equity in Market-based Banks" (hereinafter referred to as the "Guiding Opinions"). This officially opened the stage of market-oriented debt to equity conversion in China. At the same time, high-tech enterprises are flourishing, but due to various factors such as industry characteristics, enterprise nature, asset structure, and scale, high-tech enterprises generally face difficulties in financing and high leverage; From a growth perspective, there are many valuable enterprises in high-tech enterprises that have excellent growth potential and meet the needs of high-quality development. Huayou Cobalt Industry is a private high-tech enterprise that also faces difficulties such as high debt and high liquidity pressure during its development and expansion. In order to improve the company's debt structure and alleviate the liquidity crisis, the company implemented market-oriented debt to equity conversion in September 2018.

This article selects the high-tech enterprise Huayou Cobalt Industry as a case study to systematically study and summarize the relevant literature and theoretical foundations of domestic and foreign scholars on high-tech enterprises and market-oriented debt to equity swaps. And by analyzing the development and financing status of high-tech enterprises in China, further requirements for market-oriented debt to equity conversion of target enterprises are summarized, and consistency characteristics are summarized to clarify the feasibility of market-oriented debt to equity conversion for such enterprises. The focus is on the case of Huayou Cobalt Industry's market-oriented debt to equity conversion, analyzing its implementation reasons and models. Based on relevant theories, the economic effects of this market-oriented debt to equity conversion are evaluated and analyzed by combining market reactions before and after the event, changes in company financial performance indicators, and the value of enterprise EVA. Based on the analysis results, Huayou Cobalt Industry's market-oriented debt to equity conversion has achieved certain positive market reactions, improved its financial situation within a certain period of time, and also had a positive effect on the value appreciation of the enterprise.

Based on the relevant analysis of this article, the research conclusion is drawn that Huayou Cobalt Industry, as a high-tech enterprise, has a certain rationality and necessity to implement market-oriented debt to equity conversion during its rapid expansion stage, achieve its expected goals, bring positive market reactions to it, assist its strategic implementation, and further increase its market share. This article combines the characteristics of high-tech enterprises and believes that in the process of implementing market-oriented debt to equity conversion for high-tech enterprises, core values should be selected for investment based on industry background and enterprise growth cycle, attention should be paid to the design of exit mechanisms, and the supporting system for market-oriented debt to equity conversion for high-tech enterprises should be continuously improved.

After the 18th National Congress of the Communist Party of China, China comprehensively promoted the supply side structural reform, and deleveraging was listed as one of the five major tasks of supply side structural reform. Documents such as the "Opinions on Actively and Steadily Reducing Enterprise Leverage Ratio" were issued, along with relevant attachments such as the "Guiding Opinions on the Conversion of Debt to Equity in Market-based Banks" (hereinafter referred to as the "Guiding Opinions"). This officially opened the stage of market-oriented debt to equity conversion in China. At the same time, high-tech enterprises are flourishing, but due to various factors such as industry characteristics, enterprise nature, asset structure, and scale, high-tech enterprises generally face difficulties in financing and high leverage; From a growth perspective, there are many valuable enterprises in high-tech enterprises that have excellent growth potential and meet the needs of high-quality development. Huayou Cobalt Industry is a private high-tech enterprise that also faces difficulties such as high debt and high liquidity pressure during its development and expansion. In order to improve the company's debt structure and alleviate the liquidity crisis, the company implemented market-oriented debt to equity conversion in September 2018.

This article selects the high-tech enterprise Huayou Cobalt Industry as a case study to systematically study and summarize the relevant literature and theoretical foundations of domestic and foreign scholars on high-tech enterprises and market-oriented debt to equity swaps. And by analyzing the development and financing status of high-tech enterprises in China, further requirements for market-oriented debt to equity conversion of target enterprises are summarized, and consistency characteristics are summarized to clarify the feasibility of market-oriented debt to equity conversion for such enterprises. The focus is on the case of Huayou Cobalt Industry's market-oriented debt to equity conversion, analyzing its implementation reasons and models. Based on relevant theories, the economic effects of this market-oriented debt to equity conversion are evaluated and analyzed by combining market reactions before and after the event, changes in company financial performance indicators, and the value of enterprise EVA. Based on the analysis results, Huayou Cobalt Industry's market-oriented debt to equity conversion has achieved certain positive market reactions, improved its financial situation within a certain period of time, and also had a positive effect on the value appreciation of the enterprise.

Based on the relevant analysis of this article, the research conclusion is drawn that Huayou Cobalt Industry, as a high-tech enterprise, has a certain rationality and necessity to implement market-oriented debt to equity conversion during its rapid expansion stage, achieve its expected goals, bring positive market reactions to it, assist its strategic implementation, and further increase its market share. This article combines the characteristics of high-tech enterprises and believes that in the process of implementing market-oriented debt to equity conversion for high-tech enterprises, core values should be selected for investment based on industry background and enterprise growth cycle, attention should be paid to the design of exit mechanisms, and the supporting system for market-oriented debt to equity conversion for high-tech enterprises should be continuously improved.