Taking the panel data of A-share listed companies from 2010 to 2019 as the initial sample and the manually collected 94 listed companies subject to policy intervention from 2016 to 2018 as the processing group, the PSM-DID method was used to study the net benefits of market-oriented debt-to-equity swaps on corporate performance and corporate leverage ratio.The results show that market-oriented debt-to-equity swap policies can effectively reduce corporate leverage and improve corporate performance. The implementation effect of debt-to-equity swap policies in high-market-oriented areas is significantly better than that in low-market-oriented areas, and the implementation effect of debt-to-equity swap policies in defensive industries is better than that in cyclical industries. Accordingly, the government should strengthen the construction of the market-based system，strengthen the corresponding supervision mechanisms, and provide a good market environment for companies implementing debt-to-equity swaps; the state should pay attention to balancing regional differences when formulating and adjusting tax incentives and other related policies. Enterprises should focus on improving the capital structure and governance structure, strengthening governance capabilities and self-development.