Ten billion debt resolution path

Economic Observation Network reporter Wang Yajie has not completely disappeared under the current macroeconomic background, including corporate debt crisis, including local state -owned enterprises.

Taking local state -owned enterprises as an example, companies with the background of state -owned assets from Tianjin Property, Sichuan Coal, and Qinghai Investment, and even the happiness of Chinese China, once encountered problems.

CICC (China International Financial Co., Ltd.) has participated in a series of large -scale corporate debt reorganizations such as salt lake potassium, Bohai Iron and Steel, and Chongqing Lifan, involving tens of trillions of debt scale, and introducing incremental funds exceeding 100 billion yuan. The employment of employees of millions of dilemma companies is not a small number of local state -owned enterprises and private enterprise projects.

The establishment of the CICC's debt restructuring team was in 2018. At that time, financial deleveraging continued to advance, and debt risk was released to various industries.

Relevant sources of CICC said: "Since 2012, due to the excess supply of coal and steel industries, the price of product prices continued to decline. As the supply -side reforms continued to deepen, some companies with weak competitiveness and poor operation and management continued to lose money, debt risks Gradually exposed. "

In 2018, the global economic pressure was under pressure, the domestic financial deleveraging work continued to advance. In the face of the slowdown in economic growth and the tightening of credit policies, all walks of life facing unprecedented economic transformation and management optimization pressure.

During the period, while individual state -owned enterprises have absorbed a large number of bank credit for industrial expansion, they have gradually formed a large amount of inefficient assets. It is difficult to support the overall credit volume of high -quality assets, which eventually leads to a crisis of enterprises. Some private enterprises are enthusiastic about diversified operations, poor management, or in -depth related financial institutions, blind investment and financing, which eventually leads to leverage imbalances. "The situation of private enterprises is more complicated than state -owned enterprises." Chen Dehai said.

In the process of trillions of debt risk disposal, CICC gradually explored the solution path.

In Chen Dehai's opinion, with the principle of marketization and rule of law, give full discovering the potential value of enterprises, separate the good or bad assets, and introduce the external industrial ecology, capital resources, and management systems through the asset reorganization. Corporations to reduce debt burden and get rid of their lives are common means for intermediaries to help enterprises resolve debt risks.

The solution of a corporate debt problem is only the first step. Establishing an early warning mechanism for corporate debt risks, balanced assets and liabilities, and optimizing debt structure will be the long -term homework of the market.

Chen Dehai said: "According to the total economic amount of China, the total economy of stock is huge. Do not activate, do not reorganize, and actually form a large development trap. Now the capital market must be keen on the development of 'new economy', It is also necessary to pay attention to the activation of the stock economy. Once the stock economy is activated, the economic vitality released is inestimable. "

Where does the debt come from?

Salt Lake shares are representative cases of local state -owned enterprise reorganization.

Salt Lake shares located in Golmud, Qinghai, have the mine -level right to salt mine in Chalhan Salt Lake, one of the world's largest salt lakes, and is the production base of potassium fertilizer industry in my country, which has undertaken 70%of my country's potassium fertilizer supply. It is also a pillar enterprise in Qinghai Province, a leading corporate company in the National Chandam Circular Economic Pilot Zone. In 2008, the market value of Yanhu shares exceeded 100 billion yuan, which was once called "Qinghai Maotai" by shareholders.

In 2010, in order to comprehensively use the salt lake resources, the salt lake Co., Ltd. was integrated into the Martyrs metal magnesium. Due to the insufficient estimation of the funds and engineering construction required by the project in the early stage, the company was dragged into the quagmire.

On May 22, 2020, salt lake shares were suspended from listing, and its debt was huge. The subject of the debt was involved in many financial institutions in Qinghai Province.

An important way to accumulate the accumulation of Yanhu Co., Ltd. is bank credit. The relevant person in charge said that at that time, in order to solve the problem of weak competitiveness of magnesium technology, a large number of salt lakes borrowed from banks and began to invest in metal magnesium projects. Due to the extension of the construction period, the management fee and capitalization interest of engineering construction continued to rise, debt continued to increase.

State -owned enterprise debt reorganization is an important sector in CICC's debt restructuring business. There are some common reasons that have caused imbalances in assets and debts of state -owned enterprises.

First, some state -owned enterprises have poor operating capabilities and are affected by the "three goes, one drop and one supplement", and the production capacity is further limited. Second, some local state -owned enterprises have made some invalid investment in the above process, which can not produce Cash flow cannot bear financial costs and formed more debt. Third, some local financing platforms are used as local governments' financing channels. Especially under the condition of local finance tightness, it may push up the debt ratio of local financing platforms.

Relevant professionals stated to the Economic Observer that local state -owned enterprises need to take care of social benefits while pursuing economic benefits, and sometimes they will bear some public welfare properties that are not significant in economic benefits, including road repair and bridge, people's livelihood improvement projects, etc. With heavy burdens and difficult operations, losses may be more serious.

In the period when fiscal revenue was better, local governments have great support for local state -owned enterprises. In recent years, they have been affected by various aspects of economic growth. The decline in fiscal revenue of local governments has also affected support to a certain extent.

Compared with state -owned enterprises, the debt crisis of private enterprises shows different characteristics.

Chen Dehai said: "Unlike state -owned enterprises, shareholders of private enterprises are diversified and industrial diversified. For example, enterprises that were originally processed and produced, and they have done other industries such as real estate, and they have made the overall leverage too high. In addition, some private enterprises, industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and industries and The financial interrelated connection is too deep, too much financing through the financial end, too much expansion, the use of funds and even the source of the source, at this time, leverage will be out of control.

Yanhu shares have a large inefficient asset before the reorganization, which is very difficult to deal with. It has promoted the two -year debt restructuring and resolving risks in the early stage, but there is no major breakthrough.

After a long period of comprehensive demonstration, a new idea put it on the table: classify the good assets and bad assets of salt lake shares. Good assets such as potassium fertilizer and lithium mines are put aside. On the one hand, using the "broken wrist" reform, concentrate the power to do the first piece.

Under the leadership of the relevant departments of Qinghai, Salt Lake shares clarified the ideas of peeling inefficient non -core assets and focusing on the main business. Before the reorganization, the fixed assets of Salt Lake and the construction project contained a large amount of inefficient and ineffective assets, which generated large -scale depreciation or impairment losses each year. Through judicial reorganization, Salt Lake shares stripped the magnesium industry, Hainan Chemical and Chemical Branch of Salt Lake, and successfully blocked the "bleeding point". pay.

As a result, Yanhu shares throw away the baggage and light up. Before the reorganization, the total liabilities of the enterprise exceeded 50 billion yuan. After the reorganization, the total liability scale dropped to 14.8 billion yuan, the asset -liability ratio dropped to about 70%, the annual depreciation fee decreased significantly, the total asset yield and turnover rate indicators were significantly improved. Reached a more stable level.

Discovering the potential value of business and isolation of good or bad assets is a restructuring debt path explored by CICC.

With the assets setting up a trust plan, the risk of slow -release debt rights, avoiding the value loss caused by the rapid disposal of assets; the use of mixed reform models, debt -to -equity swaps are also a way to resolve the debt. Uniqueness, Chen Dehai said.

Debt resolution is only the first step. Its deeper content is to help enterprises improve their business aspects and improve their ability to make blood.

For creditors who settle debts or debt -to -equity replacement methods, to revitalize existing assets and enhance corporate hematopoietic capabilities, it has a positive effect on improving the actual settlement rate.

In Chen Dehai's opinion, if the company does not conduct business transformation and optimization of business, it will continue to borrow new and old in a snowball, and become a zombie company, nor the situation that all parties want to see. Value value.

Window and risk

Resolving debt risks is opening a new window for the Chinese economy.

In Chen Dehai's view, debt reorganization is not only a reduction in burden, but also the revitalization industry in an innovation mechanism. In the context of the current economic downturn, it is necessary to properly solve the debt problems of state -owned enterprises and private enterprises as soon as possible.

What exactly is the amount of survival?

Market practice has proposed three paths. The first is the activation of inefficient assets, and clearing the inefficient assets formed by investment formation. Generally speaking, what causes inefficient assets during the reorganization process will be found. The reason is the cause of the industry, or the reason for the personnel, so you must solve these problems when dealing with inefficient assets and improve the efficiency of asset utilization. The second is that there are some precipitated assets. As a result, the value of assets cannot be released, and the liquidity can be injected through the reorganization to make these assets be valuable again; the third is that some high -quality assets do not achieve capitalization and securitization, lack of liquidity and capital market recognition. During the reorganization process, you can first disassemble the peeling, and then securitize it through the IPO and other methods.

For the Chinese economy, solving the debt problem is to keep a large number of employment and the market entity. If the debt problem is not resolved, the market entity will disappear after bankruptcy and liquidation.

Debt reorganization can also stabilize finance. Chen Dehai said: "No debt reorganization, corporate bankruptcy and liquidation, risks will be transmitted quickly to financial institutions, which will have a greater impact. With the resolution of debt risks It is expected that it is also good for optimizing the business environment and promoting local investment investment. This is also the significance of properly dealing with debt issues. "

In the future, the risk of debt crisis will not completely disappear.

As of now, the debt restructuring project completed by CICC has involved tens of trillions of debt scale, the introduction of incremental funds exceeding 100 billion yuan, and ensuring that employees employed by companies with difficulties exceed one million.

Chen Dehai said that in the future, it is still necessary to pay attention to the relationship between stock and increment. Resolving debts is to solve the problem of stock, but it is still necessary to do the development of incremental. I simply only look at the debt and the development of industrial development.

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