| At present,China has become the world’s largest producer and consumer of non-ferrous metals.The rapid development of non-ferrous metals industry has greatly improved the speed of China’s economic and social development and international competitiveness.But at the same time,along with the rapid economic growth of industrial structure and debt risk and other problems,in 2012,China’s economic development into the "new normal" stage gradually exposed.At the end of 2015,China officially started the supply-side structural reform,and the deleveraging policy has become the focus of the reform.The non-ferrous metal industry has begun to actively implement the policy of deleveraging.Although the leverage ratio has been declining year by year,the decline is very limited,and the "deleveraging" pressure is still large.Export a difficult task,greening,intelligent enterprise reform environment of international trade cooperation is complicated and link more cumbersome,consumer market still stay further development,and expand enterprise also need to actively develop the rationalization of deleveraging development strategy,strengthen the other more markets,more comprehensive advantages of the core competitiveness of the export products,continue to deepen the structural reform of the supply side.On the supply side of the structural reform background,to leverage policy is the real meaning of the enterprise should be reduced to effectively leverage risk threshold,the asset-liability ratio(enterprise financial leverage)as an enterprise to leverage the implementation of specific measures,in order to achieve lower debt risk,improve the enterprise’s financial performance,promote industrial optimization purpose.This paper reviews the relevant theoretical research,and combines agency theory,tradeoff theory,hierarchical financing theory and relevant literature at home and abroad.It is found that high financial leverage is likely to have a negative impact on the operation and management of enterprises.Combined with the industrial development characteristics of non-ferrous metal enterprises in China at the present stage,it is believed that for the non-ferrous metal industry,high financial leverage ratio means the increase of financial risk.Therefore,it is assumed that the leverage ratio of non-ferrous metal enterprises has a negative impact on their financial performance.Taking the financial statement data from 2015 to 2019 as the sample,this paper conducts an empirical study on the relationship between financial leverage and enterprise financial performance in China’s nonferrous metal smelting and rolling processing industry.After obtaining the comprehensive evaluation function and comprehensive score of the financial performance of non-ferrous metal enterprises in China by using the factor analysis method,the regression analysis shows that the decline of financial leverage can significantly promote the improvement of the financial performance of non-ferrous metal enterprises.After the robustness test,the hypothesis remained valid.On the basis of empirical evidence,this paper selects the case of the market-oriented debt-for-equity deleveraging of Aluminum Corporation of China,which innovatively adopts the "two-step" strategy,and proves that the implementation of debt-for-equity deleveraging can effectively improve the financial performance of enterprises in terms of profitability,operation,debt repayment and development.However,at the same time,enterprises in this process,need to pay attention to financial and operational risks,equity withdrawal channels selection,put forward the enterprise need to build risk prevention and control mechanism,improve the equity withdrawal mechanism and other suggestions. |
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