Deleveraging Path,Problems And Countermeasures Research Of P State-Owned Coal Enterprise

After the outbreak of the economic crisis in 2008,China issued various policies to stimulate macroeconomic growth.Although they have achieved results,the imbalance between supply and demand among industries has been covered up,and a large number of enterprises bear heavy debts and become highly leveraged enterprises.In order to adjust China’s economic structure,China proposed the supply side structural reform in2015.The central economic conference of the next year defined the five tasks of "three deleveraging,one reduction and one compensation".Deleveraging is the primary task,and the coal industry is listed as the key implementation industry.The guiding opinions on strengthening the asset liability constraints of state-owned enterprises in May 2018 put forward specific requirements for reducing the asset liability ratio of state-owned enterprises,and further clarified the importance of deleveraging in the state-owned coal industry.The central economic conference in 2021 once again stressed the importance of preventing and resolving major financial risks,and made it clear that deleveraging of state-owned enterprises is an important work.After the end of the golden decade,the coal industry still expanded on a large scale,resulting in increasing debt pressure and financing pressure,rising asset liability ratio,and serious problems in the operation of coal enterprises,especially for state-owned coal enterprises.Therefore,this paper selects the leading enterprise P state-owned coal enterprise in Henan Province for analysis,in order to obtain valuable research results.This paper combs the relevant literature,theoretical basis and deleveraging policy,lays a research foundation,and then analyzes the current situation of leverage in the coal industry.On this basis,it focuses on the in-depth analysis of the case of P enterprise,and makes a horizontal and vertical comparative analysis of the leverage ratio of the enterprise from 2012 to 2020.It is found that the leverage ratio has indeed decreased since the enterprise actively responded to the national policy.Through further analysis,It is found that P enterprise actively adjusts the capital structure,reduces production capacity and reduces costs from different paths.Deleveraging of P enterprise does significantly improve the profitability and cash flow of the enterprise,but there are still problems such as weak solvency and single financing mode in the process of deleveraging.Based on the problems existing in deleveraging,this paper puts forward positive countermeasures from the aspects of the enterprise itself and macro policies.The research concludes that: through four deleveraging paths,P enterprise has a certain effect on the deleveraging of the enterprise.The capital structure of the enterprise has been optimized,the financial risk has been reduced,and the operating condition has improved.However,the leverage ratio of the enterprise has not been reduced to the ideal level,and the enterprise should continue to adhere to deleveraging in the future.Moreover,through the research on the deleveraging of P enterprise,we find some common problems in the industry and actively put forward countermeasures,which can provide some reference for the deleveraging of coal enterprises and the formulation of policies for the government.