Original title: Local state-owned enterprise debt management and control overweight SASAC’s new regulations to help the market stabilize expectations
The State-owned Assets Supervision and Administration Commission of the State Council recently issued the “Guiding Opinions on Strengthening the Debt Risk Management and Control of Local State-owned Enterprises” to guide local SASACs to further strengthen the handling and prevention of debt risks of state-owned enterprises, and effectively prevent and resolve major corporate debt risks.
Last year, some local state-owned enterprises defaulted on bonds, which aroused market concern. The industry believes that the issuance of relevant guidance from the State-owned Assets Supervision and Administration Commission of the State Council this time will help strengthen the management and control of the debt risks of state-owned enterprises in various regions, demonstrate the determination to stabilize the financial market, and will also help promote state-owned enterprises to achieve higher quality, better efficiency, and better structure. development of.
The guiding opinions focus on the principles of implementing the main responsibilities of local governments, highlighting the problem orientation, and learning from the supervision experience of central enterprises, emphasizing the requirements in four aspects-
One is to establish a risk monitoring and identification mechanism. Comprehensive debt level, debt structure, profitability, cash guarantee, asset quality and hidden debt, etc., accurately identify enterprises with outstanding debt risks and incorporate them into the scope of key management and control.
The second is to establish a debt risk management and control mechanism. Relevant requirements have been put forward in terms of dual constraints on debt scale and asset-liability ratio, strict investment source management, strict control of hidden debt scale, and standardization of external guarantees.
The third is to establish a bond life cycle management mechanism. Guiding opinions were put forward for the whole process of bond management including bond issuance, capital use, redemption at maturity, and default risk disposal, emphasizing the need to properly resolve bond default risks in accordance with the principles of marketization, legalization, and internationalization.
The fourth is to establish a long-term mechanism for debt risk management. Through comprehensive deepening of reforms, we will solve the risk problems and effectively enhance the enterprise’s ability to resist risks.
inBank of ChinaAccording to Chen Weidong, Dean of the Research Institute, in terms of overall thinking, the guidance emphasizes that the “one enterprise, one policy” formulating plan based on local actual conditions is neither laissez-faire nor overcorrected, reflecting the scientific nature of debt risk management and control; In terms of specific practices, a risk management and control system of “preventing risks-plugging loopholes-clearing channels-penalizing violations” has been constructed.
“The current situation at home and abroad is severe and complex. Effective prevention of corporate debt risks requires efforts from both ends.” said Liu Xingguo, a researcher at the China Enterprise Confederation. The guidelines cover requirements for standardizing the use of debt funds and promoting deepening reforms. The logic behind it is to To curb the impulse of local state-owned enterprises to blindly borrow and expand, effectively control the source of risks, and at the same time promote high-quality development of enterprises through deepening reforms, and enhance risk-taking and response capabilities.
“Dispose of the risk of bond default in accordance with the law, and strictly prohibit malicious evasion of debts.” “For those who are unable to resolve risks and need bankruptcy, enterprises must be urged to perform bankruptcy procedures in compliance with laws and regulations.”… A series of formulations in the Guiding Opinions have attracted people’s attention.
According to industry insiders, it is the normal operating mechanism of the capital market to realize the survival of the fittest through risk clearing. The guidance clarifies that the above content means that the management and control of local state-owned enterprise debt risks will still adhere to the principles of marketization and rule of law. There are a large number of local state-owned enterprises, and the workload of establishing monitoring and early warning mechanisms, implementing classified management and control, and implementing bond life-cycle management is not small, and will gradually be implemented in the future.
Chen Weidong said that with the strengthening of local state-owned enterprise risk management and control, relevant work on local state-owned enterprise bond credit ratings, information disclosure, risk management and default handling will be accelerated. In the long run, as the potential risks of local state-owned enterprises’ defaults are gradually investigated and cleared,CreditThe allocation of resources will be more market-oriented and promote the healthy and stable development of my country’s bond market.
(Editor in charge: DF545)
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