The most popular state-owned enterprises' delevera

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Deleveraging accelerated debt ratio of state-owned enterprises is still at a high level

for the current round of state-owned enterprise reform, deleveraging of central enterprises and state-owned enterprises has always been an unavoidable problem to be solved. However, with the further promotion of reform, deleveraging of central enterprises and state-owned enterprises last year has achieved certain results. Take central enterprises as an example. As of the end of March this year, the average asset liability ratio of central enterprises was 65.9%, down 0.4 percentage points compared with the beginning of the year. The asset liability ratio of most enterprises decreased compared with the beginning of the year. Nearly one third of enterprises' asset liability ratio decreased by more than 1 percentage point compared with the beginning of the year

researchers from the research center of the state owned assets supervision and Administration Commission of the State Council frankly said to securities that although 0.4 percentage points seems small, it is not easy for central enterprises to reduce their average asset liability ratio by 0.4% due to their large scale

that will reduce the service life of the rubber film. It is reported that the SASAC of the State Council has formulated the guiding opinions on reducing leverage, reducing liabilities and controlling risks for central enterprises, and made it clear that the average asset liability ratio of central enterprises should be reduced by another 2 percentage points by 2020

the debt ratio is still at a high level

although the debt ratio of central enterprises and state-owned enterprises has decreased in the process of deleveraging, it is undeniable that the debt ratio of state-owned enterprises is still at a high level

according to the data released by the Ministry of finance, by the end of the first quarter of this year, the total assets of state-owned enterprises were about 164 trillion yuan, an increase of 9.6% year-on-year; Total liabilities amounted to billion yuan, an increase of 8.7% year-on-year. According to this calculation, the debt ratio of state-owned enterprises is about 65%

in this regard, Wuqi, senior researcher of Pangu think tank, pointed out in an interview with securities that this is because some endogenous and structural problems of state-owned enterprises are becoming increasingly prominent: first, state-owned enterprises shoulder the functions of Taxation, employment and investment at the same time. 7. Special synthetic rubber is vulnerable to the intervention of local government departments and the pressure of local protectionism in the process of deleveraging; Second, some state-owned enterprises are concentrated in iron and steel, coal, power and other industries. In these industries, deleveraging is intertwined with tasks such as deleveraging and making up for weaknesses, which further increases the pressure on enterprises to deleverage; Third, one of the key points of deleveraging is the disposal of state-owned assets. If there is no effective means or planning, it may cause the loss of state-owned assets. In addition, some innovative debt restructuring methods, such as asset securitization and market-oriented debt to equity swap, will also restrict the process and effect of debt restructuring of state-owned enterprises to a certain extent due to unclear policies and regulations and imperfect intermediary services. Under this background, the second meeting of the Central Committee for comprehensive deepening reform pointed out that it is necessary to strengthen the asset liability constraints of state-owned enterprises, adhere to the combination of full coverage and classified management, improve internal governance and strengthen external constraints, and strengthen supervision and management by establishing and improving the asset liability constraint mechanism of state-owned enterprises, so as to promote the asset liability ratio of highly indebted state-owned enterprises to return to a reasonable level as soon as possible

Wu Qi said that restricting the debt ratio of state-owned enterprises is, on the one hand, an inevitable requirement for promoting the high-quality development of state-owned enterprises and preventing and resolving major risks. On the other hand, from the perspective of state-owned assets supervision, it is also a major measure to maintain and increase the value of state-owned capital

deleveraging through multiple measures

as the main force in China's economic development, the market value of American auxiliary equipment orders in the fourth quarter of 2013 was US $101million. Whether it is a central enterprise or a state-owned enterprise, if the debt ratio remains high, it will lead to systemic financial risks if it is not well controlled. Therefore, the regulators pay special attention to its deleveraging process

in fact, in recent years, the regulatory authorities have introduced a number of measures to reduce the debt ratio of state-owned enterprises and central enterprises. For example, the state affairs C919 large aircraft development adheres to the airworthiness first principle. The SASAC of the Academy strengthens the management of foreign investment by central enterprises, strengthens the participation of central enterprises in PPP project management, promotes market-oriented debt to equity swap, and introduces strategic investors through capital increase, mixed reform, etc. Among them, what is particularly striking is that at the end of last year, the state owned assets supervision and Administration Commission of the State Council issued the notice on strengthening the risk control of PPP business of central enterprises, implementing the total amount control of PPP business of central enterprises and strictly setting the upper limit of PPP business scale

"in the PPP field, central enterprises do occupy a high market share." In an interview with securities, Chen Min, an expert of the national development and Reform Commission, the Ministry of Finance and the general manager of Beijing Rongbang Ruiming Investment Management Co., Ltd., said that because the investment link of PPP projects itself needs to be highly dependent on financing leverage, and at present, central enterprises are mainly concentrated in areas with large investment volume, such as transportation and large municipal projects, due to the long project cycle, This makes it necessary to support the rapid expansion of business scale through financing and advance in the early stage. However, due to the fierce competition in the engineering field, slow project settlement and low profit margin, it is difficult to fundamentally improve the asset liability ratio of such central enterprises, which also has a certain impact on the current deleveraging of central enterprises

Chen Min believes that the main purpose of the notice is to prevent the debt risk of pushing up the central enterprises

strictly controlling the increment also needs to dissolve the stock

Wu Qi believes that in the future, the state-owned enterprises should follow the general principle of "strictly controlling the increment and orderly dissolving the stock". On the one hand, taking the strengthening of capital management as the criterion, strictly control the incremental debt, and promote the state-owned enterprises to form a reasonable asset liability structure. On the other hand, taking the optimization of debt structure as the main line, we should resolve the existing debt in an orderly manner and promote the development quality and efficiency of state-owned enterprises

specifically, it is necessary to combine deleveraging with de capacity and de inventory, adapt to structural adjustment and demand management, revitalize the stock of state-owned capital through market-oriented debt to equity swap and asset securitization, actively and steadily promote the debt restructuring of enterprises, and promote the development, transformation and upgrading of enterprises

it is noteworthy that, according to the latest data released by the National Bureau of statistics, as of the end of April, the asset liability ratio of Industrial Enterprises above designated size was 56.5%, a year-on-year decrease of 0.7%. Among them, the asset liability ratio of state-owned holding enterprises was 59.5%, a year-on-year decrease of 1.5 percentage points, and the deleveraging effect of state-owned enterprises was even more remarkable

in this regard, zhoumaohua, chief macroeconomic researcher of Everbright Bank, believes that the deleveraging of state-owned enterprises needs to seize the time window for the recovery of industrial profits. From the perspective of development trend, the global economy will continue to expand in 2018, and bulk commodities are expected to remain at a high level. The ex factory price (PPI) of industrial products continued to increase year-on-year, and industrial enterprises maintained profits. State owned enterprises should seize this favorable "time window" to reduce leverage and lay a foundation for their long-term and healthy development

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