This year, the central enterprises’ steel production capacity was completed, and the debt ratios of metallurgical and power generation industries dropped significantly.
On the 12th, the State-owned Assets Supervision and Administration Commission of the State Council disclosed the transcripts of the central enterprises in the first half of the year. As the revenue of the revenues accelerated, the effectiveness of the supply-side structural reforms became more apparent.
Deputy Secretary-General of the State-owned Assets Supervision and Administration Commission (SASAC), spokesman Peng Huagang said at the press conference of the State Council Office on the 12th that market-based debt-to-equity swaps and mixed-ownership reforms are important measures to reduce leverage. Centralized enterprises have turned their stocks into more than 200 billion yuan. In the first half of the year, the newly added project was 20.2 billion yuan.
In terms of mixed reforms, Peng Huagang said that the third batch of pilot reforms of mixed ownership reform in key areas was actively promoted. In the first half of the year, central enterprises passed the property rights market, and the social capital introduced by the stock market exceeded 88 billion yuan.
From January to June, the central enterprises realized a total profit of 887.79 billion yuan, a year-on-year increase of 23%, and the growth rate was 2.1 percentage points faster than that of the first quarter. In June, the profit reached 201.88 billion yuan, a year-on-year increase of 26.4%, the highest level in history. .
Debt-to-equity swap project reached 20.2 billion yuan
The data shows that the average asset-liability ratio of central enterprises at the end of June was 66%, down 0.3 percentage points from the beginning of the year and down 0.5 percentage points year-on-year; the total interest-bearing liabilities increased by 4.9% year-on-year, a decrease of 2.3 percentage points from the beginning of the year, lower than the increase in equity. The rate is 3.9 percentage points.
Peng Huagang said that the overall liabilities of the central enterprises have been stable and declining, the debt structure has been continuously optimized, and key industries have been improved simultaneously. The debt ratios of the military and telecommunications industries have continued to improve. The debt ratios of these industries are not high at present; metallurgical and power generation liabilities are relatively high. The industry, the debt ratio also showed a significant decline.
Zhou Lisha, a researcher at the Research Center of the State-owned Assets Supervision and Administration Commission of the State Council, told the First Financial Reporter that the assets and liabilities of state-owned enterprises are mostly capital-intensive industries, which are highly leveraged. When demand is weak, they are prone to overcapacity. Therefore, it is necessary to classify and strengthen state-owned assets and liabilities. Constraint. Increase the intensity of de-capacity, promote the merger and reorganization of enterprises, improve the modern enterprise system, implement bankruptcy measures according to laws and regulations, and reduce the debt ratio in an orderly manner.
In the first half of this year, the asset-liability ratio of 59 enterprises in central enterprises decreased compared with the beginning of the year, 29 companies fell more than 1 percentage point; the asset-liability ratios of communications, military, air transport, machinery, construction, metallurgy, mining and other industries declined compared with the beginning of the year. More than 0.5 percentage points. In the first half of the year, the central government's market-oriented debt-to-equity swaps increased by 20.2 billion yuan. The asset-liability ratio of enterprises such as Angang and CSSC decreased significantly.
'The average debt ratio of enterprises under the control of the State-owned Assets Supervision and Administration Commission has dropped by 3.3 percentage points year-on-year. In addition, 18 companies have actively and steadily promoted market-oriented debt-to-equity swaps, signed a framework agreement of around 500 billion yuan, and now it has exceeded 200 billion yuan, which has also promoted liabilities. The rate dropped significantly. 'Peng Huagang said.
Peng Huagang said that the next step is to adjust and optimize the investment structure, optimize the internal resource allocation, and effectively change the concept of excessive dependence on debt investment; resolutely resolve excess capacity, strive to complete the 'reduction' task ahead of time, further optimize asset quality, and actively and steadily carry out Market-oriented debt-to-equity swaps and mixed ownership reforms, continue to promote quality and efficiency, reduce leverage and reduce liabilities through multiple channels; strengthen financial risks, bond risks, debt risk prevention and control, and resolutely hold the bottom line without major risks.
Liu Zhe, deputy dean of the Wanbo New Economic Research Institute, told the First Financial Reporter that for micro-enterprises, the leverage ratio depends on the difference between the return on investment and the financing cost. If the return on investment is greater than the financing cost, the enterprise itself There is incentive to increase profitability by expanding debt, thereby increasing total factor productivity. In the process of structural deleveraging, the government and the market should each be in place, allowing the market to play a decisive role in resource allocation.
Central enterprises have resolved the excess capacity of steel
In the first half of the year, the high-quality development of central enterprises has taken a solid step. While the revenue growth has accelerated, the supply-side structural reforms have become more effective.
The central enterprises continued to deepen their weight-loss and health, and continued to improve quality and efficiency. In-depth promotion of 'reduction and reduction' work, as of the end of June, the central enterprises have reduced the number of legal persons by 11,261, a reduction of 21.58%, and completed the set goal one year ahead of schedule. Central enterprise solution The task of excess capacity of steel has been completed. In the first half of the year, the excess capacity of coal was reduced to 3.4 million tons. It has completed the work of 1200 enterprises.
We steadily promoted the separation and transfer of social functions of enterprises. As of the end of June, the central enterprise 'three supply and one industry' completed the separation and handover or signed the separation and transfer agreement up to 94%.
Since the 18th National Congress of the Communist Party of China, the State-owned Assets Supervision and Administration Commission has steadily promoted the adjustment and restructuring of the central enterprises, and has reorganized and reorganized 20 groups of 38 enterprises. The number of central enterprises has been adjusted to 96 households, and the restructuring and integration have achieved positive results.
Peng Huagang said that in the next step, there are three aspects in the promotion of restructuring and integration. First, focus on the implementation of the national strategy and continue to promote group-level restructuring. In accordance with the principle of 'mature one, promote one household', accelerate implementation through restructuring and integration. 3. Supply side structural reform, promote industrial restructuring, transformation and upgrading.
Second, the focus is on improving the overall resource efficiency of central enterprises, and further promoting the professional integration between enterprises. The next step is to further increase efforts to break the boundaries of corporate boundaries by promoting free transfer, paid acquisitions, and joint-stock companies. Integration, the realization of resources to the dominant enterprises, the main business enterprises concentrated.
Thirdly, the focus will be on the synergy effect, and the internal integration and integration after the reorganization will be strengthened. By strengthening the special supervision and carrying out the evaluation of the reorganization effect, the company will promote the reorganization of enterprises to accelerate the horizontal integration of similar businesses, vertically integrate the upstream and downstream of the industrial chain, and accelerate the divestiture. Main business, non-dominant business.
Li Jin, chief researcher of China Enterprise Research Institute, told the First Financial Reporter that the central enterprises have experienced several reorganizations and have begun to enter the era of large enterprises. Restructuring as the main part of economic layout and structural adjustment, 2018 is the reorganization of the big year, which is in line with To strengthen and expand the state-owned capital, the goal of building a world-class enterprise.
