To leverage and debt effect-seaway

To leverage and debt to equity fund Sina exposure table: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click [I want to complain], Sina help you expose them! To leverage and debt of Yin Jianfeng through debt and other means, to improve the enterprise financing structure from the liabilities side at the same time, efforts to improve the micro enterprises asset side of the macro economy and the supply side of the core, improve the basic economic system of our country is to leverage the state-owned enterprises at present, "the three to fall one up" the first is to leverage. However, compare with other countries Chinese leverage can be found (see Table 1), China’s leverage is only at the middle level, far less than Japan, Spain and other countries fall into stagnation and crisis; moreover, even if the leverage ratio is lower than that in China the "BRIC countries", such as Brazil and Russia, its economy it seems to is far better than china. Therefore, the leverage ratio is too high, of course, is not good, but the lower the leverage ratio is not the better. Three countries further leverage similar China, United States, South Korea can be found in our country is mainly the non-financial corporate sector leverage ratio is high, the household sector and government departments have the leverage ratio is much lower than that of the United States and South korea. In China’s non-financial corporate sector liabilities, state-owned enterprises accounted for the bulk of liabilities. Figure 1 shows that, although the 2000 through debt and other means of state-owned enterprises after deleveraging, SOE debt continued to decline in the proportion of non financial sector debt, but so far still accounted for as high as 50%. After deducting the liabilities of residents and government departments, state-owned enterprises in the non-financial corporate sector liabilities as high as 70%. Therefore, after the introduction of the "four trillion" in 2009 to support the policy of China’s leverage rate continues to rise, the essence of which is the continuous accumulation of state-owned liabilities. In other words, if deleveraging is the top priority, the core of deleveraging is the leverage of state-owned enterprises. It can be seen that the state-owned enterprises’ micro leverage rate – asset liability ratio has indeed reached the highest level in history. Figure 2 shows that since 2009, the total assets and liabilities of state-owned enterprises continued to rise, to the first half of 2016 has reached 67%, higher than the level of deleveraging in 2000. In all state-owned enterprises, the central state-owned enterprises to increase the speed of leverage much faster, compared with 2008, the central state-owned assets and liabilities ratio rose 8 percentage points to reach a record high of 68%. From 2011 onwards, the central state-owned asset liability ratio is more than the local state-owned enterprises; but also in debt, as of the first half of 2016, the central and local state-owned enterprise debt scale were 45 trillion yuan and 38 trillion yuan. Although the scale of state-owned enterprises is much higher than the previous round of non-performing assets disposal period, but with the development of China’s financial markets and institutions, the ability to dispose of non-performing assets is much higher than that period. In this regard, we can do a simple calculation. The disposal of non-performing assets in the period of 2000, the four major state-owned commercial banks have shed nearly 1 trillion and 400 billion yuan of bad assets to the four Asset Management Co, including 601 enterprises amounted to 459 billion 600 million yuan of debt. Total disposal of bad assets相关的主题文章: