本文關(guān)鍵詞：供給側(cè)結(jié)構(gòu)性改革視角下我國鋼鐵行業(yè)債務(wù)問題研究　出處：《上海社會科學(xué)院》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著我國鋼鐵行業(yè)景氣程度的下滑以及杠桿率的不斷加大,鋼鐵行業(yè)債務(wù)償還壓力逐步增加,債務(wù)風(fēng)險開始不斷積累。2016年以來,為推動鋼鐵行業(yè)供給側(cè)結(jié)構(gòu)性改革,國務(wù)院發(fā)布《國務(wù)院關(guān)于鋼鐵行業(yè)化解過剩產(chǎn)能實(shí)現(xiàn)脫困發(fā)展的意見》為鋼鐵行業(yè)脫困發(fā)展給予政策性支持。央行、發(fā)改委、銀監(jiān)會等8部委聯(lián)合發(fā)布《關(guān)于金融支持工業(yè)穩(wěn)增長調(diào)結(jié)構(gòu)增效益的若干意見》,以應(yīng)對企業(yè)長期虧損、償債能力不足等問題,并堅決減少或退出相關(guān)企業(yè)的貸款,實(shí)現(xiàn)鋼鐵行業(yè)債務(wù)問題的化解。基于此,本文以鋼鐵行業(yè)債務(wù)問題為出發(fā)點(diǎn),探究了在供給側(cè)結(jié)構(gòu)性改革產(chǎn)業(yè)政策的視角下,鋼鐵行業(yè)債務(wù)總體的現(xiàn)狀、深層次原因以及化解的方法。首先,從宏觀角度分析,鋼鐵行業(yè)是供給側(cè)結(jié)構(gòu)性改革中的重點(diǎn)行業(yè),并以"去產(chǎn)能"和"去杠桿"為主要任務(wù);從中觀角度分析,鋼鐵行業(yè)已經(jīng)從微利演變?yōu)樘潛p的狀況;從微觀角度分析,渤鋼集團(tuán)、中鋼集團(tuán)、東北特鋼集團(tuán)等先后出現(xiàn)債務(wù)違約現(xiàn)象。鋼鐵行業(yè)債務(wù)總量持續(xù)增長、債務(wù)來源單一、債務(wù)結(jié)構(gòu)趨向于短期化,對鋼鐵行業(yè)的長期發(fā)展以及金融體系的穩(wěn)定都造成了不良影響。其次,本文從鋼鐵行業(yè)自身角度的變化和外部環(huán)境角度的轉(zhuǎn)變切入,分別分析鋼鐵行業(yè)債務(wù)問題形成的原因:一方面,從行業(yè)自身角度分析,在預(yù)算軟約束下,鋼鐵企業(yè)存在著非理性投資。鋼鐵行業(yè)投資回報率的下降,削弱了鋼鐵企業(yè)的償付能力。鋼鐵行業(yè)供給端結(jié)構(gòu)性過剩,致使鋼鐵企業(yè)間出現(xiàn)惡性競爭;另一方面,從鋼鐵行業(yè)外部環(huán)境分析,固定資產(chǎn)投資形成的投資周期與鋼鐵行業(yè)產(chǎn)能周期之間形成了結(jié)構(gòu)錯位,激化了鋼鐵行業(yè)債務(wù)問題的矛盾。銀行信貸體系的錯配,對鋼鐵行業(yè)債務(wù)起到了推波助瀾的作用。地方政府逐漸減少了對產(chǎn)能過剩行業(yè)的債務(wù)兜底,加大了鋼鐵行業(yè)融資難度,提高了鋼鐵行業(yè)融資的成本。再者,本文采用主成分因子分析法對2015年鋼鐵行業(yè)債務(wù)的償還能力進(jìn)行評估,選取上市鋼鐵企業(yè)和已經(jīng)債務(wù)違約的東北特鋼集團(tuán)作為樣本,通過償債能力比較,論證了 2015年鋼鐵行業(yè)債務(wù)償還能力上存在問題。最后,根據(jù)實(shí)證結(jié)果,本文在鋼鐵行業(yè)債務(wù)問題的化解方法上結(jié)合供給側(cè)結(jié)構(gòu)性改革進(jìn)行了詳細(xì)的歸納及分類,分為短期和長期的解決方法,短期方法上,要堅持實(shí)施差異化的信貸政策、鼓勵鋼鐵企業(yè)債務(wù)重組、拓寬融資渠道、完善鋼鐵企業(yè)退出機(jī)制。長期方法上要對鋼鐵行業(yè)產(chǎn)能的出清做到長期的監(jiān)管、調(diào)整并優(yōu)化鋼鐵行業(yè)產(chǎn)業(yè)結(jié)構(gòu)以及引導(dǎo)行業(yè)內(nèi)實(shí)施兼并重組�；谝陨涎芯炕A(chǔ)上,本文提出了相關(guān)的政策性建議。
[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.
【學(xué)位授予單位】：上海社會科學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.31

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