Financial Performance Evaluation Of State-owned Listed Iron And Steel Enterprises Based On Supply-side Reform

In 2012,China's economy went down,and the economic growth rate slowed down,which marked that China's economy entered a new normal.The supply of the st-eel industry has entered the mature and aging stage.The capacity utilization rate of the steel industry decreased from 81.2% to 72.5% in 2011-2015.The steel composite price index dropped from 135.93% at the end of 2011 to 74.13% at the end of 2015.In January 2016,the 12 th central financial and economic conference was held in Beijing,and the reform plan of state-owned steel enterprises was put on the agenda.The meet-ing pointed out that the steel industry is facing overcapacity,environmental pollution,low efficiency,low-end products,serious losses and other problems,seriously restrict-ing the economic development,the steel industry as China's pillar industry,shoulder the mission of The Times,the steel industry is imperative to reform the supply side.Premier Li Keqiang pointed out that state-owned steel enterprises should play a leading role in the supply-side reform,strive to change the status quo of the industry,and promote the smooth implementation of the supply-side reform.Since the supply-side reform of state-owned steel enterprises began in 2016,it has been more than three years.A series of problems,such as the financial performance achievements and deficiencies of the steel industry after the supply-side reform,as well as how to promote the supply-side reform and improve the financial performance in the future,are worth in-depth study.In this paper,from the whole steel industry to specific case companies,the modified wall scoring method is used to conduct a more comprehensive study on the financial performance of the steel industry by combining horizontal and vertical analysis.Firstly,this paper defines the theoretical concepts related to supply-side reform and financial performance evaluation.Secondly,selecting Shanghai and Shenzhen A shares the main board listing 18 state-owned iron and steel enterprises as samples,according to the state-owned assets supervision and administration by the business performance of documents,from the profit ability,debt risk,asset quality,growth,development and give weights are four aspects: the selection,established A grading index system of Cornwall,to evaluate the status quo of the whole financial industry,and makes A horizontal comparative analysis at different levels of enterprise;Then,this paper selected Anshan iron & steel as the case study object,and used financial analysis and wall scoring method to analyze the financial performance achievements and deficiencies of Anshan iron & steel.Finally,based on the task and connotation of supply-side reform,combined with the analysis and evaluation of financial performance,this paper gives feasible Suggestions for improving the financial performance of an gang iron & steel.The results show that the financial performance of the steel industry has been significantly improved after the supply-side reform,and the profitability,growth and development capacity have been generally enhanced.However,the debt risk is still high,and the adjustment of debt capital structure should be strengthened in the future.As a model enterprise in the industry performance,Anshan iron & steel still has deficiencies in asset liquidity,cost control and market share.