供给侧结构性改革视角下我国钢铁行业债务问题研究

发布时间：2018-01-12 22:11

本文关键词：供给侧结构性改革视角下我国钢铁行业债务问题研究　出处：《上海社会科学院》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国钢铁行业景气程度的下滑以及杠杆率的不断加大,钢铁行业债务偿还压力逐步增加,债务风险开始不断积累。2016年以来,为推动钢铁行业供给侧结构性改革,国务院发布《国务院关于钢铁行业化解过剩产能实现脱困发展的意见》为钢铁行业脱困发展给予政策性支持。央行、发改委、银监会等8部委联合发布《关于金融支持工业稳增长调结构增效益的若干意见》,以应对企业长期亏损、偿债能力不足等问题,并坚决减少或退出相关企业的贷款,实现钢铁行业债务问题的化解。基于此,本文以钢铁行业债务问题为出发点,探究了在供给侧结构性改革产业政策的视角下,钢铁行业债务总体的现状、深层次原因以及化解的方法。首先,从宏观角度分析,钢铁行业是供给侧结构性改革中的重点行业,并以"去产能"和"去杠杆"为主要任务;从中观角度分析,钢铁行业已经从微利演变为亏损的状况;从微观角度分析,渤钢集团、中钢集团、东北特钢集团等先后出现债务违约现象。钢铁行业债务总量持续增长、债务来源单一、债务结构趋向于短期化,对钢铁行业的长期发展以及金融体系的稳定都造成了不良影响。其次,本文从钢铁行业自身角度的变化和外部环境角度的转变切入,分别分析钢铁行业债务问题形成的原因:一方面,从行业自身角度分析,在预算软约束下,钢铁企业存在着非理性投资。钢铁行业投资回报率的下降,削弱了钢铁企业的偿付能力。钢铁行业供给端结构性过剩,致使钢铁企业间出现恶性竞争;另一方面,从钢铁行业外部环境分析,固定资产投资形成的投资周期与钢铁行业产能周期之间形成了结构错位,激化了钢铁行业债务问题的矛盾。银行信贷体系的错配,对钢铁行业债务起到了推波助澜的作用。地方政府逐渐减少了对产能过剩行业的债务兜底,加大了钢铁行业融资难度,提高了钢铁行业融资的成本。再者,本文采用主成分因子分析法对2015年钢铁行业债务的偿还能力进行评估,选取上市钢铁企业和已经债务违约的东北特钢集团作为样本,通过偿债能力比较,论证了 2015年钢铁行业债务偿还能力上存在问题。最后,根据实证结果,本文在钢铁行业债务问题的化解方法上结合供给侧结构性改革进行了详细的归纳及分类,分为短期和长期的解决方法,短期方法上,要坚持实施差异化的信贷政策、鼓励钢铁企业债务重组、拓宽融资渠道、完善钢铁企业退出机制。长期方法上要对钢铁行业产能的出清做到长期的监管、调整并优化钢铁行业产业结构以及引导行业内实施兼并重组。基于以上研究基础上,本文提出了相关的政策性建议。
[Abstract]:With the decline of China's steel industry and the increasing leverage ratio, the debt repayment pressure of steel industry is gradually increasing, and the debt risk is beginning to accumulate. Since 2016. In order to promote the supply-side structural reform of the steel industry, the State Council has issued the State Council's opinions on the solution of excess capacity to achieve the development of extricating the steel industry from difficulties. The central bank has given policy support to the development of iron and steel industry. The National Development and Reform Commission, the Banking Regulatory Commission, and other eight ministries and commissions jointly issued "some opinions on improving the efficiency of the stable growth and Adjustment structure of Financial support Industries," in order to deal with the problems of long-term losses and insufficient solvency of enterprises. And resolutely reduce or withdraw from the relevant enterprises loans to achieve the solution of the steel industry debt problem. Based on this, this paper takes the steel industry debt problem as the starting point. In the perspective of supply-side structural reform of industrial policy, the overall status of steel industry debt, deep-seated causes and solutions. First, from a macro perspective. The iron and steel industry is the key industry in the supply-side structural reform, and the main task is "deproductivity" and "deleveraging". From the perspective of meso analysis, the steel industry has evolved from a small profit to a loss; From the microscopic point of view, Bogang Group, China Steel Group, Northeast Special Steel Group and other debt default phenomenon occurred successively. The total debt of steel industry continued to grow, debt source is single, debt structure tends to short-term. The long-term development of the iron and steel industry and the stability of the financial system have caused a negative impact. Secondly, this paper from the perspective of the steel industry and the external environment changes. On the one hand, from the perspective of the industry itself, under the soft budget constraints, iron and steel enterprises have irrational investment. It weakens the solvency of iron and steel enterprises. On the other hand, from the external environment analysis of the steel industry, the investment cycle formed by the fixed asset investment and the production capacity cycle of the steel industry formed a structural dislocation. The mismatch of the bank credit system has contributed to the debt of the steel industry. Local governments have gradually reduced their debt to overcapacity industries. It increases the financing difficulty of the steel industry and raises the financing cost of the steel industry. Furthermore, this paper uses principal component factor analysis to evaluate the debt repayment ability of the steel industry in 2015. Select listed iron and steel enterprises and the Northeast Special Steel Group which has defaulted debt as a sample, through the comparison of debt repayment ability, demonstrated the steel industry debt repayment ability in 2015 problems. Finally. According to the empirical results, this paper combined with the supply-side structural reform to sum up and classify the debt problem in iron and steel industry in detail, divided into short-term and long-term solutions, short-term methods. We should persist in the implementation of differentiated credit policies, encourage debt restructuring of iron and steel enterprises, broaden financing channels, and improve the exit mechanism of iron and steel enterprises. In the long run, we should ensure long-term supervision over the clearing of capacity in the steel industry. To adjust and optimize the industrial structure of iron and steel industry and to guide the implementation of merger and reorganization in the industry, based on the above research, this paper puts forward the relevant policy recommendations.
【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31

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