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早在20世纪90年代，我国就已经实施了第一轮债转股，这次债转股主要由政府主导，国企参与，用以解决国有企业出现的大幅亏损、银行不良贷款率居高不下的问题。自党的十八大以来，我国经济发展呈现出速度变化、结构优化、动力转换等新的特点，部分能源行业和制造加工行业出现产能过剩等问题，企业的杠杆率在这时期不断上升，企业的债务负担加大，企业经营出现困难。这也使得企业的经营风险加剧，债务违约风险升高，银行不良贷款的情况越来越多见。基于此问题，国资委在2016年启动了新一轮债转股，本轮启动的债转股最明显的特点是突出市场的主导性作用，而不是以上一轮单纯以政府为主导的债转股。这也意味着大多数企业可以通过债转股减轻债务负担、提升盈利能力、实现可持续发展。这一政策于2016年开始实施，距今仅过去六年多时间，实施市场化债转股的企业在这段时间里究竟实现了怎样的效果还有待探究。

基于此背景下，本文研究对象美利纸业是一家以造纸为主营业务的国有控股上市公司，受国内宏观经济低迷，行业产能过剩的原因影响，美利纸业陷入了严峻的生产经营困局，2016年美利纸业通过非公开发行股份募资偿还债务方式完成市场化债转股工作同年更名为美利云，其债务风险也得到有效缓解，转型成为一家以造纸业、数据中心业、光伏产业三大支柱的多元化产业上市公司，在当时也成为市场化债转股的模范企业，但在2022年11月美利云通过资产重组告别造纸业务，“上车”新能源，这不禁使人开始质疑市场化债转股的实施效果。所以，本文将以美利云市场化债转股案例作为研究对象，综合运用文献研究法和案例分析法，首先对美利云公司发展历程、行业背景、债转股前财务与经营状况以及债转股的应用背景进行简要概述，深入解读市场化债转股的运行模式，探究市场化债转股的过程，阐释上市公司市场化债转股的行为逻辑。然后揭示了市场化债转股对市场表现效果、财务效果、公司治理效果、经营效果、社会效果的作用机理，综合应用事件研究法、因子分析法等方法衡量市场化债转股的应用效果并进行综合评价。最后，指出美利云市场化债转股实施效果存在的问题并提出进一步的优化建议和措施，为其他面临相似困境的企业提供借鉴和指导。

As early as the end of the last century, China launched the first round of debt to equity swap, which was mainly led by the government and participated by state-owned enterprises to solve the problems of large losses in state-owned enterprises and the high rate of non-performing loans in banks. Since the 18th National Congress of the Communist Party of China, China's economic development has shown new characteristics such as speed change, structural optimization, and power conversion. Some energy industries and manufacturing and processing industries have experienced overcapacity issues. During this period, the leverage ratio of enterprises has been rising, the debt burden of enterprises has increased, and the operation of enterprises has encountered difficulties. This has also exacerbated the operational risks of enterprises, increased the risk of debt default, and increased the incidence of non-performing loans by banks. Based on this issue, the government launched a new round of debt to equity swap in 2016. The most obvious feature of this round of debt to equity swap is to highlight the dominant role of the market, rather than the previous round of solely government led debt to equity swap. This also means that most enterprises can reduce the debt burden, improve profitability, and achieve sustainable development through debt to equity swaps. This policy was implemented in 2016, and it has only been over six years since then. It remains to be explored how effective enterprises implementing market-oriented debt to equity swaps have achieved during this period.

Based on this background, the research object of this article, Meili Paper Industry, is a state-owned listed company with paper making as its main business. Due to the domestic macroeconomic downturn and overcapacity in the industry, Meili Paper Industry has fallen into a severe production and operation dilemma. In 2016, Meili Paper Industry completed the market-oriented debt to equity swap work through non-public offering of shares to repay debts, and its name was changed to Meili Cloud in the same year. Its debt risk has also been effectively alleviated, Transformed into a diversified industry listed company with three pillars of paper manufacturing, data center industry, and photovoltaic industry, it also became a model enterprise for market-oriented debt to equity conversion at that time. However, in November 2022, Meili Cloud bid farewell to the paper business through asset restructuring and "embarked on a new energy project", which can not help but make people begin to question the implementation effect of market-oriented debt to equity conversion. Therefore, this topic will take the case of Meili Cloud's market-oriented debt to equity swap as the research object, comprehensively using the literature research method and case analysis method. Firstly, it will briefly summarize the development history, industry background, financial and operating conditions before debt to equity swap, and the application background of debt to equity swap of Meili Cloud, deeply understand the operation mode of market-oriented debt to equity swap, and explore the process of market-oriented debt to equity swap, Explain the behavioral logic of market-oriented debt to equity swap of listed companies. Then, it reveals the mechanism of the effect of market-oriented debt to equity swap on market performance, financial effect, corporate governance effect, business effect, and social effect. It comprehensively applies event research methods, factor analysis methods, and other methods to measure and comprehensively evaluate the application effect of market-oriented debt to equity swap. Finally, it points out the problems existing in the implementation of Meili Cloud's market-oriented debt to equity swap, and proposes further optimization suggestions and measures to provide reference and guidance for other enterprises facing similar difficulties.