| At the time of serious economic downturn in China,in an important speech of the central finance and economics leading group in November 2015,General Secretary Xi mentioned "supply side structure reform",then put forward five work priorities of "de capacity,de inventory,de leverage,de cost and making up for weaknesses",and required that the reform focus on improving production quality,reducing ineffective supply,expanding effective supply and optimizing allocation,Comprehensively improve the quality and efficiency of the supply system.The deepening and critical stage of "supply side structural reform" has had a profound impact on the development of some important fields,especially the development of iron and steel industry.Firstly,this paper briefly introduces the research background and significance of this subject,and then summarizes the research status at home and abroad in this field by combing the relevant literature.Secondly,it expounds the main contents and relevant theories of China’s supply side reform in detail.On this basis,it expounds the advantages and disadvantages of four different financial performance evaluation methods,and gives the reasons for using factor analysis.Taking XT iron and steel company as an example,this paper discusses the measures taken by XT iron and steel company in the supply side reform,constructs the financial performance evaluation index system,and selects the factor analysis method to evaluate the financial performance of XT iron and steel company.This paper makes an empirical analysis on the financial performance of XT steel company.The results show that:(1)the overall performance of XT Steel Company decreased from-0.11 in January 2014 to-0.59 in November 2016,and then gradually increased to a positive value.The score in May2018 was 0.98.Overall,its performance level showed a downward trend from 2014 to2016,increased year by year after 2017,and fluctuated slightly in the past two years.(2)XT iron and steel company has strong profitability and cost reduction ability,and relatively weak ability to remove inventory,make up weaknesses and remove production capacity.(3)The profitability of XT iron and steel company has the greatest impact on its financial performance.The profitability of XT iron and steel company shows an increasing development and change year by year in 2016,which is due to the better benefits after the supply side reform of XT iron and steel company.(4)From the perspective of deleveraging analysis,the financing cost of XT iron and steel company has increased after the reform of self supply side,but the score is not very good.(5)from further analysis,there are still problems: there is a lot of room for internal potential tapping and index improvement,the adjustment of sales structure is not enough,and the profitability needs to be further improved;The inventory of finished products is high,and the de inventory needs to be improved;The current ratio and quick ratio are still low.Finally,combined with factor analysis,financial performance evaluation method and deleveraging analysis,this paper gives some suggestions to improve the financial performance of XT iron and steel company,which are:(1)deeply tap the potential of benchmarking and highlight the cost reduction and efficiency of the system;(2)optimize the product structure and improve the operating efficiency;(3)improve the production management level and reduce the enterprise inventory,including implementing the three system strategies,Improve the management level,strengthen internal control and improve the delivery rate on schedule(4)strengthen the implementation of the task of "de capacity" and promote the balanced development of supply and demand(4)develop the information system to realize the "digital,information and intelligent" company(5)adjust the capital structure and reduce enterprise liabilities(6)continue to implement the task of de capacity and strengthen the goal of energy conservation and emission reduction... |
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