Research On The Ways And Effects Of Deleveraging Of State-owned Listed Companies Under The Background Of Supply-Side Reform ——Taking Shandong Iron And Steel Group As An Example

In 2016,the Party Central Committee proposed a new strategy for the structural reform of supply-side.As a significant mission of this reform,deleveraging directly affects the company’s development strategy,transformation and upgrading and sustainable development.Problems and conflicts accumulated for many years have also surfaced.The debt ratio has reached the "70%" warning line,which has seriously affected the entire steel industry.The development of industry also endangers the entire industrial chain and even the entire national economy.The deleveraging of steel enterprises is imminent.Taking Shandong Iron and Steel as a research case,this paper conducts a study on the deleveraging effect of state-owned listed companies,and explores the effect and path of deleveraging of state-owned listed companies in the iron and steel industry,aiming to provide realistic thinking and inspiration.First,sort out the research results at home and abroad,define the basic concepts of deleveraging,leverage ratio index and supply side reform。Then,it analyzes the ways and characteristics of state-owned listed companies’ deleveraging under the background of supply-side reform,and analyzes the deleveraging performance from the perspective of overall leverage ratio and industry leverage ratio.On this basis,investigate the current situation of Shandong Iron and Steel’s deleveraging,grasp the motivation and ways of Shandong Iron and Steel’s deleveraging,and use a combination of qualitative and quantitative methods to synthesize the leverage ratio,capital structure and financial performance of Shandong Iron and Steel under the background of supply-side reform.evaluate.Finally,combined with the experience of Shandong Iron and Steel’s deleveraging,the path of deleveraging of state-owned listed companies is proposed.found in study:（1）Under the background of supply-side structural reforms,the main deleveraging methods of state-owned listed companies include debt-to-equity swaps,mergers and acquisitions,direct debt reduction,debt repayment,and asset claims.（2）Through the overall analysis and industry analysis of the deleveraging performance of state-owned listed companies under the background of supply-side structural reform,the de-leveraging effect of overcapacity industries such as coal,steel,and chemical industry is obvious,but the asset-liability ratio of state-owned listed companies is still at a high level.（3）Shandong Iron ＆ Steel seized the opportunity of supply-side structural reform,took measures such as debt-to-equity swaps,capital structure adjustment,overall capital allocation,and improved efficiency in use and other deleveraging measures.The evaluation results show that Shandong Iron and Steel’s leverage ratio has gradually decreased,the capital structure has tended to be optimized,and the internal debt maturity structure has gradually improved.（3）Under the background of supply-side structural reform,state-owned listed companies should actively innovate financing channels,expand the proportion of direct financing,continue to promote debt-to-equity swaps,reduce leverage ratios in concert,implement cost reductions and increase efficiency,gradually improve resource allocation,and strengthen source of funds and improve the efficiency of capital utilization.The innovations of this paper are: first,the research theme is novel.Steel industry is the key industry of deleveraging,Using the case study method to explore the self rescue measures taken by highly leveraged enterprises and their effects can provide practical thinking and Enlightenment for the deleveraging of state-owned listed companies in the iron and steel industry 。 Second,the research content is comprehensive.Evaluating the deleveraging effect of Shandong Iron and steel under the background of supply side reform from multiple dimensions of financial structure,financial performance and financial risk can comprehensively and objectively reflect the actual effect of enterprise deleveraging,and has important guiding significance for promoting the research process of deleveraging of state-owned listed companies.