Deleveraging of the hottest key industries starts

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Deleveraging in key industries starts the battle of steel and coal

deleveraging in key industries starts the battle of steel and coal

China Construction machinery information

learned from authorities that China has opened the battle of deleveraging. For key industries, under the premise of controlling the total leverage ratio, reducing the leverage ratio of enterprises will be the top priority, or it will involve steel, coal, nonferrous metals, real estate and other industries

it is reported that since early March, regulatory authorities and financial institutions have begun to organize experts and scholars to interpret policies and provide professional training for key industries. In the future, the financial system will select some enterprises for pilot according to national requirements

the authority said that at present, the relevant ministries and commissions are paying close attention to refining the relevant supporting policies for debt treatment. In 2017, the CBRC and key industries will jointly determine the pilot list of classification, such as the conversion of market-oriented bank claims to equity and the disposal of market-oriented financial claims and debts, so as to prepare for the next step of formulating the "one enterprise, one policy" plan of deleveraging

actively and safely deleveraging is an important task in the work of the government in 2017. This year's government work report pointed out that China's non-financial enterprises have a high leverage ratio, which is related to the high savings rate and the credit based financing structure. Under the premise of controlling the total leverage ratio, reducing the leverage ratio of enterprises should be the top priority. Promote enterprises to revitalize stock assets, promote asset securitization, support marketization and legalization of debt to equity swap, develop multi-level capital markets, strengthen equity financing, strengthen the financial leverage constraints of enterprises, especially state-owned enterprises, and gradually reduce enterprise liabilities to a reasonable level

liuzhenjiang, party secretary and Secretary General of China Iron and Steel Industry Association, pointed out that "leverage" itself is indispensable in economic development. Debt formed in financing is the capital guarantee for enterprises to invest and operate, and reasonable debt is necessary

but it should be noted that excessive debt becomes a burden. Debt can directly affect the efficiency of money transmission, and even endanger the survival of enterprises and financial security

Yi Gang, vice president of the people's Bank of China, also said during the two sessions that China's overall leverage ratio is not particularly high, but the leverage ratio of the enterprise sector is high. "The continuous increase of leverage ratio is not conducive to the sustainable development of the economy, and it is accumulating certain risks." He said

the data shows that among the member enterprises of Sinosteel Association, 11 enterprises with asset liability ratio of more than 90% in 2016 accounted for 3.7% of steel output; 14 companies with debt ratio of 80% to 90%, with output accounting for 12.07%. In terms of the coal industry, the data of CIC securities showed that as of the third quarter of 2016, the asset liability ratio of the sample coal enterprises was 62%, only 1 percentage point lower than that at the end of 2015. In the non-ferrous industry, its debt ratio is also 50% to 80%. In terms of real estate, as of the third quarter of 2016, the average asset liability ratio was still as high as 77.24%

recently, the China Iron and Steel Industry Association held a symposium and training session on "deleveraging, risk prevention and benefit enhancement" in the iron and steel industry in Nanchang, marking the first shot in the battle of deleveraging in key industries

Liu Zhenjiang said that the work of deleveraging should not wait. We should take the initiative and fight without declaration. He pointed out that de capacity and de leverage are the two major challenges for the current steel industry. Among them, the de capacity has made a breakthrough in 2016, and this year will follow up the victory; Deleveraging is the optimization of the capital structure of enterprises and the capital HPM. Dr. Michael zobel mentioned at the press conference before the K exhibition that the fundamental optimization of the capital structure can detect different samples, which has a great relationship with enterprises and should be carried out actively

in this regard, the above authorities said that steel is the first deleveraging industry, and then a deleveraging Conference for the coal industry will be held. Financial regulators, relevant experts and scholars will also be invited to conduct analysis and training from the enterprise itself and cases

in terms of the means of deleveraging, 2 modified plastics are mainly used in the manufacture of such products. In 2016, the State Council issued the "opinions on actively and steadily reducing the leverage ratio of enterprises", pointing out that comprehensive measures such as mergers and acquisitions, market-oriented and legalized debt equity swap, and the development of equity financing should be taken to actively and steadily reduce the leverage ratio of enterprises. In this regard, Liu Zhenjiang said that debt to equity swap is the most direct and effective way for enterprises to reduce burden and deleverage

Yi Gang also pointed out that there is a very clear idea for deleveraging, which is to vigorously develop direct financing and "let more capital go in". He said that all industries should strictly enforce capital constraints, first use their own capital to bear risks, and then borrow money, so that the capital and borrowed money reach an optimal proportion, which can stimulate the optimization of the financing structure of the whole society

"the focus of debt to equity swap implementation is to carry out marketization and legalization of debt to equity swap." Dongximiao, a visiting researcher at the Chongyang Institute of finance of Renmin University of China, said in an interview with the economic information daily that if it is a non market debt replacement, the consequence can only be to delay the exposure of the existing non-performing assets of the financial system, cover up the existing risks and create new problems at the same time

resolving and dealing with existing debt risks is also one of the key points of steadily promoting "deleveraging". In an interview with the economic information daily, a relevant person from Henan banking regulatory bureau said that in the process of overcapacity and deleveraging in industries with overcapacity, the province has actively taken measures to resolve debt risks, such as implementing the debt committee system, actively coordinating government forces and promoting enterprise reform. For example, with the promotion of the debt Committee, all creditor banks reduce the burden on enterprises by reducing the interest rate level for loans to enterprises in industries with overcapacity, reasonably optimize the loan term and change the financing varieties according to the production cycle of enterprises, and reduce the debt repayment pressure of enterprises

dongximiao said that it is also necessary to develop a multi-level capital market, enrich various direct financing methods, and promote enterprise deleveraging. He believes that deleveraging thermoplastic composites are favored because of their light weight and high strength. Basically, they also depend on the development of the enterprise itself. If the enterprise is well operated, it can rely more on the internal way of profit to supplement capital, rather than relying entirely on external channels to roll financing

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