| The report of the Nineteenth National Congress of the Communist Party of China points out that socialism with Chinese characteristics has entered a new era,and the main contradictions in our society have been transformed into the contradictions between the people’s growing need for a better life and the unbalanced and inadequate development.China’s economy is in the critical period of transforming its development mode,optimizing its economic structure and transforming its growth power.As an important basic industry of the national economy,iron and steel industry is confronted with the contradictions between industrial structure and market competition demand,green development level and ecological environment demand.The serious overcapacity has led to increased competition,the steel market prices have continued to fall,and the entire steel industry has fallen into a loss.At the 11 th meeting of the Central Leading Group of Finance and Economics in the past 15 years,The first time was to "focus on strengthening the structural reform of the supply side".In December of the same year,the Central Economic Work Conference took "capacity removal,inventory removal,leverage removal,cost reduction and shortage compensation" as the five major tasks to promote the structural reform of the supply side in 2016.In recent years,many iron and steel enterprises have improved their performance due to capacity adjustment,structural adjustment and environmental protection.As a local leading steel enterprise in Xinjiang,Bayi Iron and Steel has a typical performance.This paper intends to study the adjustment of Bayi Steel’s financial strategy,that is,through a series of financial strategies such as asset restructuring and debt restructuring,to achieve many changes in enterprise transformation,property rights restructuring,and product structure adjustment.Observing enterprises to continuously adjust the financial structure of enterprises according to the supply-side reform needs,and have reference significance for the reform of state-owned enterprises and the reform of steel supply side.Under the background of supply-side reform,Bayi Iron & Steel Co.,Ltd.implemented the “three-to-one-down” strategy based on the reform orientation,and used debt restructuring and asset restructuring to achieve the goal.Bayi Iron & Steel Co.,Ltd.actively reformed,applied a number of financial strategies,and in-depth reforms,and achieved remarkable results.Firstly,paper expounds the definition and theoretical basis of the supply-side reform,financial strategy,and then analyzes the state of the financial strategy of the national steel industry,detailing the achievements of the supply-side reform in Xinjiang.Then compare and analyze the changes in the financial performance of Bayi Iron & Steel Co.,Ltd.before and after the supply-side reform,and summarize the problems and gains.The next step,it analyzes the changes in the financial strategy of Bayi Iron and Steel Co.,Ltd.and the implementation of supply-side reforms,which leads to the enlightenment to domestic enterprises.Based on the theory of supply-side reform and the application of financial strategy,this paper introduces the implementation of financial strategy in detail,analyzes the financial data changes in asset replacement,asset restructuring and debt restructuring under the background of supply-side structural reform,and concludes that financial strategy is implemented effectively.Enhance the company’s value,optimize the asset structure,and influence the direction of the company’s development.Finally,the problems arising from B Bayi Iron & Steel Co.,Ltd.after the redistribution of assets were discussed,and specific suggestions were made in combination with the actual situation of Bayi Iron & Steel Co.,Ltd.It is also hoped that this case can be used for reference to the implementation of other state-owned assets reform under supply-side structural reform. |
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