Research On Deleveraging Strategy Of J Company Of State-owned Enterprises

In recent years,the social and economic situation of domestic and foreign is complex,and China's economic development has entered a new normal,a period of reform,a deep-water area of development,economic downward pressure is greater.Under this background,some enterprises are facing more difficulties in operation,the scale of debt is growing too fast,and the risk of debt is rising.The problem of leverage ratio of state-owned enterprises is particularly obvious,and the deleveraging of state-owned enterprises is imminent.Based on many domestic and foreign research results on deleveraging,and on the basis of related theories such as state-owned enterprise reform,financial deleveraging,risk management,this paper analyses the current situation of the leverage rate of state-owned enterprises,the reasons for the high leverage rate,the significance of deleveraging,and the relevant central to local deleveraging policies.At the same time,taking J Company of state-owned enterprise as the case study object,through the analysis of the present situation of leverage ratio,the causes of high leverage ratio and the process of de-leverage of J Company,this paper puts forward some strategic choices for de-leverage of J Company,such as debt-to-equity swap,mixed ownership reform,enterprise internal reform,core stakeholder shareholding,and explores ways to activate stock assets,withdraw excess capacity and promote the separating and transferring,perfecting the system and mechanism,preventing risk management and other corresponding safeguards.At present,J Company is facing the systemic risk of high debt,high leverage and shortage of funds,which seriously affects the process of enterprise reform and development.Faced with the complicated domestic and foreign economic situation and the ever-changing market environment,along with the continuous strengthening of the requirements of environmental protection and safety production of enterprises,how to effectively de-leverage,adjust and improve the industrial structure,accelerate the transformation and upgrading,and achieve high-quality development is a new issue facing J Company.Faced with all kinds of difficulties and challenges,J company should firmly hold the responsibility and mission of state-owned enterprises unshakable,pragmatically work out new ideas,strategies and goals of reform and development of J company,earnestly sum up the experience and lessons of J company since its history,follow the market-oriented economic law and the development law of enterprises,and earnestly analyze the causes of high leverage rate with courage to overcome difficulties and take on the spirit of practical work.At the same time,compared with the asset-liability ratio of relevant enterprises and industries,we can form a comprehensive and objective understanding of the urgency of enterprise deleveraging.On this basis,drawing lessons from the successful cases of deleveraging in other enterprises,we should choose the suitable ways for the development of enterprises,such as debt-to-equity swap,mixed ownership reform,enterprise internal reform and core stakeholders' shareholding,and activate the stock assets,withdraw excess capacity,promote the separating and transferring,improve the system mechanism,and prevent risk management.Throughout the whole process of deleveraging,we should really reduce the leverage rate to a reasonable level.However,the current research is limited to the following three factors: firstly,the relevant policies of state-owned enterprises'-leverage are still continuing to extend and refine,and the policy trend needs to be further followed up;secondly,the time of debt-to-equity swap of state-owned enterprises is relatively short,and there are not many classic cases of successful implementation at the national level;thirdly,the current market reason is J company's high bars.One of the important reasons for the emergence of pole ratio is that when the industry is in an upward stage of development,the influence of market price factors on enterprises may be eliminated.The problem of deleveraging of state-owned company J needs to be further studied and analyzed in the future.