Selection Of Financing Mode For Iron And Steel Enterprises Under The Background Of Supply-Side Structural Reform

During the past forty years of reform and opening up,China’s economic and political system reform has been deepened,market economy and capital market have made great progress and rapid development,and economic achievements have attracted worldwide attention.Iron and steel industry as a typical basic industry and periodic industry,both from the scale of iron and steel enterprises or from the strength of the iron and steel industry has leapfrogging development,because of the long industrial chain and great driving effect.In the national economy occupies an important place.However,the iron and steel industry is facing serious overcapacity,fierce homogeneous competition,low economic benefits,high financial leverage,low concentration of capacity,and so on.The structural contradiction between the high-quality product rigid demand and the low-end supply capacity.Under the background of supply-side structural reform of "deproducing capacity,deleveraging,destocking,reducing cost and mending board",how can the steel industry choose an effective financing mode,improve the financing efficiency,and promote the healthy and sustainable development of the steel industry? Is the iron and steel industry at present needs to study the important topic.Based on this,this paper systematically combs the relevant theories and relations of supply-side structural reform and enterprise financing,and analyzes the current development environment,financing problems and their causes of iron and steel enterprises.The industrial policies adopted by the United States and Japan during the period of supply-side reform and their steel industry policies are compared internationally,and then the countermeasures and suggestions for innovative financing mode of iron and steel enterprises are put forward under the background of the current supply-side reform.It has certain reference significance for iron and steel enterprises to choose adaptive financing mode.Based on the financing practice of Shanghai and Shenzhen listed iron and steel enterprises,this paper puts forward that under the background of supply-side structural reform,listed iron and steel enterprises should combine with national industrial policy in the view of “capacity reduction,deleveraging,de-stocking,cost reduction and improving underdeveloped areas”to choose adaptive financing mode.In terms of“capacity reduction”,the paper suggests the comprehensive financing method of integrating superior resources,annexing and reorganizing;and in terms of deleveraging,it suggests the optimization of capital structure of iron and steel enterprises,and encourages to increase the intensity of equity financing.It puts foward that further optimization of financial market structure is needed to reduce leverage,rather than unilateral unlimited reduction of leverage by enterprises.From the perspective of“de-stocking”,it suggests to improve the level of combination of production and finance,integrate financial resources of supply chain,build a supply chain financing model with iron and steel enterprises as the core;To actively utilize fiscal and taxation policies from the perspective of “cost reduction”,and to expand the financing channels of domestic and foreign markets,it suggests to reduce the financing discrimination against high quality enterprises in overcapacity industries,give play to the decisive role of the market in pricing financing costs,rather than administrative intervention.From the perspective of “improving underdeveloped areas”,it proposes to encourage scientific and technological innovation and management innovation,strengthen the stock right incentive to the scientific and technological personnel,stimulate the enthusiasm and creativity of improving the supply quality of iron and steel products through technical means.