How to adjust the high asset-liability ratio

1, establish and improve the capital system of investment projects, and put an end to the institutional conditions for enterprises to bear tantalum risks.

The capital of an enterprise includes its own capital and borrowed capital. The capital invested by the owner constitutes the legal capital of the enterprise. If an enterprise can't make full use of its own capital to meet its expansion motives, it can implement debt management.

However, only when the capital owner bears the risk of investment decision, will he actively restrain the debt behavior according to the income and risk of debt management, and control the asset-liability ratio of the enterprise within a moderate range.

Therefore, the key to restructuring corporate debt is to improve the capital system of state-owned enterprises through the reform of property rights system, harden the budget constraints of enterprises, clarify the ownership of property rights and risk-taking subjects on the basis of assets verification, change the status quo of no one taking risks, and put an end to the institutional conditions of excessive debt of enterprises.

2. Carry out debt restructuring on the basis of improving enterprise capital and optimizing capital structure.

On the basis of perfecting the enterprise capital system, we will comprehensively clean up and reorganize the debts of enterprises. Debt restructuring includes two meanings: first, write off debts that cannot be repaid; The second is to improve the structure of assets and liabilities and change the relationship between creditor's rights and debts.

When restructuring corporate debt, we should choose different debt restructuring methods according to the specific situation. Enterprises that are seriously insolvent, have no hope of restructuring, and have low importance in their industries go bankrupt according to the provisions of the bankruptcy law; For enterprises with high asset-liability ratio, low management level and insufficient solvency, they can be reorganized through mergers and joint ventures;

Enterprises with average or good operating conditions and high asset-liability ratio should optimize their capital structure through debt-to-equity swap, loan-to-investment swap and employee stock ownership swap.

3. Broaden financing channels and increase enterprise choices.

In the case of insufficient government investment and heavy bank loan burden, the state should create a more relaxed financing environment for enterprises from a macro perspective, reduce the restrictions on enterprises' listing and encourage more enterprises to form joint-stock companies for direct financing on the premise of strengthening financial monitoring and ensuring the capital quality of enterprises.

At the same time, vigorously develop financial intermediaries, expand financing channels for enterprises, and avoid enterprises having to turn to the government and banks when they need funds.

4. Strengthen the internal management of enterprises, change the operating mechanism and improve profitability.

Judging from the current situation in China, it is impossible for the government to meet the capital needs of all enterprises. In order to reduce the asset-liability ratio, enterprises should not only absorb funds from other channels, but also strengthen internal management and have certain profitability.

Only in this way can we accumulate ourselves. Whether it is asset restructuring or debt-to-equity swap, it is only an expedient measure to solve the high asset-liability ratio of enterprises.

Fundamentally speaking, only when state-owned enterprises are put into the market as independent and self-financing economic entities can the optimization of their capital structure be completed in a fully competitive capital market.

Therefore, it is necessary to further transform the enterprise management mechanism, strengthen the market awareness of enterprise operators and do a good job in management, so as to completely solve the situation of high asset-liability ratio and improve the economic benefits of enterprises.

Extended data:

Reason:

1. External reasons leading to insufficient self-owned funds and excessive liabilities of enterprises:

After the economic transition, enterprises have changed from government grants to bank loans, which has turned the funds injected into enterprises into corporate liabilities. Although the country has expanded the direct financing market and developed the stock market, it has been unable to keep up because of the expansion demand of enterprises for funds, the underdeveloped capital market and the restrictions of policy factors.

It is difficult for enterprises to increase capital through direct financing channels; Government funds are limited, the burden is heavy, and the investment is insufficient, so it is difficult to ensure the capital demand of state-owned enterprises; The heavy social burden of enterprises has also aggravated the high debt of enterprises.

1. Poor enterprise management and poor profitability are the internal reasons for the high asset-liability ratio;

In order to survive and develop in the fierce market competition, it is not enough to rely solely on policies and external environment. It is more important to solve the problems of the enterprise itself, start with internal management, shape the risk-taking subject, strengthen the restraint mechanism and improve the overall quality of the enterprise, otherwise it is difficult to grasp the best opportunities and policies.

Generally speaking, state-owned enterprises have low efficiency, poor profitability, little or no accumulated funds, unclear property rights, lack of supervision over managers, and serious loss of state-owned assets, which reduces the originally limited self-owned funds and forms a highly indebted capital structure.

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