Research On The Delevering Effect Of Coal Enterprises Under The Background Of Supply Side Reform ——Take Shanxi Coking Coal As An Example

China attaches great importance to the development of the real economy,and the coal industry,as the pillar of China's economic development,has an obvious position.However,the development of the coal industry is also extremely vulnerable to the impact of the macro environment.Before 2011,the overall economy turned better and experienced a high-speed development stage.However,with the downturn of the global economy and the deterioration of the overall environment,the situation also went down sharply and overcapacity appeared.Under the background of China's supply side reform,the coal industry should also take advantage of the favorable economic policy to change the downturn.In 2017,the Coking Coal Group vigorously implemented the deleveraging strategy,completed the set target of decapacity,and steadily promoted the national "decapacity" work.However,only decapacity can not effectively reduce the high financial leverage of coking coal group.How to effectively "deleverage" is still the key and difficult point for the future development of coking coal group,and it is also the key point for coking coal group to keep up with the pace of national development and achieve high quality The key step of quantity development is also an urgent problem.In this paper,through the combination of theory and case,combing the relevant literature of supply side reform and coal industry deleveraging,and taking Shanxi Coking Coal Group,a large coal enterprise,as the research object,combined with the financial data such as annual report to analyze the effect of deleveraging.It is found that the effect of deleverage of coking coal group is not as expected.Although it is effective,there is still some gap compared with other enterprises in the industry.For the reason that the effect of deleveraging is not ideal,we find that it is not only because of excessive debt,but also more problems.Coking coal group's cost control ability is not strong,the management level is not high,the lack of investment in scientific research in the early stage,the high production cost are the reasons for its high leverage ratio,as well as the impact of the overall macro environment in the early stage.The comprehensive effect of various factors makes coking coal group's leverage ratio high and difficult to decline.Based on the above conclusions,this paper puts forward more targeted suggestions,relying on the opportunity of deepening the supply side reform,starting from many aspects,from the inside out,and taking a variety of effective measures to reduce the leverage level.First of all,for the external environment,the country has a policy bias,and should improve its credit level and make use of policy advantages.For coking coal group itself,in order to fundamentally and effectively deleverage,we must take the road of transformation and upgrading,and also effectively control all kinds of production and management costs of enterprises.At the same time,we should explore new development paths,find new economic growth points,actively cooperate with all kinds of enterprises,explore foreign markets,and fundamentally improve profitability.At the same time of internal reform,we should make rational use of new financial instruments and capitalization market,develop new financing channels,effectively use debt to equity and other means,and then carry out merger and reorganization in combination with our own development,so as to steadily promote the effective deleveraging of enterprises.