Research On The Impact Of Wintime Energy Diversification Strategy On Corporate Debt Crisis

In recent years,domestic economic growth has been declining and financing has tightened,and the cost of raising funds for companies has been rising.Coupled with the implementation of new regulations such as capacity reduction,deleveraging,and pledges,it has increased the difficulty of financing for enterprises.In the past,under the loosening of economic policies,enterprises that over-relied on loans,bond issuance,fixed increase,and equity pledges supported diversified expansion.It is difficult to adapt to the development of the new situation.The financing channels of enterprises are narrowed.Once excessive debts are borrowed,the debts will be redeemed intensively,and the pressure for repayment will double,and debt defaults are likely to occur.According to statistics,the amount of debt default of listed companies in 2018 was as high as 141.268 billion yuan,more than the sum of previous years.If enterprises do not have a strong capital flow and sufficient management capabilities before implementing their diversification strategy,they rely on debt funds for diversification and expansion,and enterprises are easily caught in a debt crisis.Wintime Energy is the only private listed company in the coal industry The outbreak of the huge debt crisis that broke out in 2018 has attracted the attention of all walks of life.This article selects Wintime Energy as the target case and uses case analysis method for analysis.First,it summarizes the relevant theories and literature on diversification strategy,debt crisis,and the impact of diversification strategy on debt crisis.Second,it further introduces the industry background,basic situation,diversification development process,and debt crisis outbreak process of Wintime Energy,Using a quantitative model to evaluate the diversification strategy,the degree of debt crisis and the market response;finally,the impact of the diversification strategy on the debt crisis is analyzed from the three aspects of the company's operating status,capital status and debt status,and Wintime Energy is obtained In the process of radical diversification and expansion,problems such as double operating risks,broken capital chains,and debt defaults have emerged,leading to the conclusion that the company is in a debt crisis,and proposed the sale of non-main business,integration of main business,debt restructuring,negotiation Debt-to-equity swaps,repayment of debts and other specific solutions.Through the research on the impact of Wintime Energy's diversification strategy on the debt crisis,this article draws several inspirations for preventing the debt crisis of enterprises.First,for companies,do not blindly diversify investment,rationally plan debt structure;second,for regulato-rs,improve rating technology and methods,improve supervision and legal systems;third,for investors,focus on investment enterprise development and financing structure.