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Guan Xiyou: achievements and suggestions of Shenyang Machine Tool marketization and legalization "debt to equity swap"

Guan Xiyou: achievements and suggestions of Shenyang Machine Tool marketization and legalization "debt to equity swap"

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original title: Guan Xiyou: achievements and suggestions of Shenyang Machine Tool marketization and legalization "debt to equity swap"

Article | Guan Xiyou

party secretary of Shenyang Machine Tool (Group) Co., Ltd.


I have different ideas from you about reducing leverage. Who is this lever for? Leverage is for enterprises, and enterprises use leverage to create value

so my first conclusion is that if you want to reduce leverage, you must use it well, increase it, and then reduce it

let me tell you where the lever comes from first? It is exactly 30 years since I graduated from university in 1988, and I have experienced two large-scale deleveraging

first of all, the planned economy was originally allocated by the state to enterprises. Later, the allocation was officially changed into loans, which was the first lever

second, I'm an enterprise from Northeast China, and it's a basic industry. If individual enterprises in society don't operate well, they will give us the historical burden

after the reform and opening up, our enterprises voluntarily increased leverage. What is the use? After the reform and opening up, we suddenly opened the door to the country and found that our industry was very backward. At that time, I went to the United States and Germany to see, and to Japan to see, to what extent did our machine tools lag behind? At that time, I thought I couldn't catch up with it after spending my whole life

beyond opening the door of the country, the enterprise is equivalent to a captive goat suddenly competing with tigers and leopards. What should we do if we are not competitive? Enterprises can only increase leverage. Enterprises want to use this method to catch up with the world's leading level in the short term

Shenyang Machine Tool Group has increased leverage since 2000. Why? Because Shenyang machine tool has insisted on technological research and development for 10 years

at that time, we were debating whether the Chinese people could catch up with or even surpass the world's top level in technology in the real economy in the short term, and whether they could do it

at that time, we made a great determination. Anyway, we would do machine tools instead of sidelines. Machine tools are industrial machine tools. If a person can't achieve world leadership in one thing with his whole life, such a life is meaningless

but as the number increases, I'll tell you how Shenyang machine tool uses levers. We reduce leverage and turn debt into debt. This is mainly considering that the structure will not repay the bank debt under the action of external forces. Our approach accounts for more than 80% of the main business cost: introduce strategic investors with the excellent results of research and development over the past 10 years and the value of the business

China Construction Bank and other investment institutions are shareholders of our high-tech enterprises. Why are they so willing to participate? Because they believe that the indication error caused by it is negative; Its characteristic is that the relative error of all levels of dial decreases with the increase of load. It is believed that these inputs will create more value in the future. What are the benefits of our conversion

since enterprises borrow money and are in debt, they have to do business. Shenyang machine tool has always insisted on only making machine tools. I told all the executives of the company that before surpassing the world leading level, even if the real estate industry can earn 800billion, Shenyang machine tool will not do it

if an enterprise uses leverage to do nothing, it is useless to use leverage. Due to the persistence of enterprises and the creation of core values, the capital market can be seen. Therefore, financial institutions are very supportive of our debt to equity swap

finally, I have two suggestions:


first, it is very difficult to promote the market-oriented debt to equity swap. Why is it difficult? I think it may be the motivation of the interest mechanism. If the interest mechanism is smoothed out, it may be pushed faster

CCB supports us very much, because CCB's research on this industry is very thorough. If the whole debt to equity swap is not endogenous, the bank will not have enthusiasm


second, I personally believe that pure debt to equity swap does not solve the fundamental problem of enterprises. Just now president Yang said very clearly, what are we lacking? Lack of enterprise capital entry mechanism

in the past, Shenyang Machine Tool Co., Ltd. was a central enterprise, which was decentralized to the local government, and then went through the process of loan allocation, which made the enterprise bear a heavy burden, but the enterprise has not been increased in capital. How can the enterprise develop? Where does the money come from

if we borrow money from banks to repay interest, there will be no fundamental solution to the problem of enterprise capital replenishment mechanism, so my final suggestion is -

our country should establish the systems and market mechanisms of various enterprise capital replenishment just mentioned by President Yang; Establish a multi-level, multi-agent and multi-purpose capital market

another point is that compared with Japan and Germany, our country lacks an institution called industrial finance, and we are more commercial banks. So what do industrial financial institutions do? They give more support and give birth to new business models. Industrial Finance seeks financial returns in the innovation of the whole value chain

today, I listened to the opinions of many experts and talked about a lot of macroeconomic issues, but I have a fundamental experience in the front line. I think this is not a risk. The real risk is the change of market and customer demand in the future. This involves the financial policy, industrial policy and how to transform and upgrade the real economy of our whole country. It should be said that it is a huge challenge for us

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