Original title: The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the Guiding Opinions on Strengthening the Restriction of Assets and Liabilities of State-owned Enterprises
Xinhua News Agency, Beijing, September 13 (Xinhua) - The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the Guiding Opinions on Strengthening the Restriction of Assets and Liabilities of State-owned Enterprises and issued a circular urging all departments in various regions to implement them conscientiously in light of actual conditions.
The guiding opinions on strengthening the balance of assets and liabilities of state-owned enterprises are as follows:
In order to carry out the socialist thought with Chinese characteristics and the spirit of the Nineteenth National Congress of the CPC in the new era of Jinping, implement the arrangement of the Central Economic Work Conference, the National Financial Work Conference and the First Meeting of the Central Financial and Economic Committee, strengthen the restraint of assets and liabilities of state-owned enterprises, reduce the leverage ratio of state-owned enterprises, and promote the strengthening of state-owned capital The following guiding opinions are put forward as follows: to be bigger and bigger, to enhance the resilience of economic development and to improve the quality of economic development.
I. General requirements
(1) overall objectives. Strengthening the assets and liabilities of state-owned enterprises is an important measure to prevent and resolve major risks. We should establish and improve the restraint mechanism of assets and liabilities of state-owned enterprises, strengthen supervision and management, promote the return of the ratio of assets and liabilities of state-owned enterprises with high liabilities to a reasonable level as soon as possible, and push the average ratio of assets and liabilities of state-owned enterprises to be reduced by about 2 percentage points at the end of 2020 compared with that at the end of 2017. After that, the ratio of assets and LIA The average level in the same industry and large scale enterprises.
(two) basic principles
- adhere to the combination of comprehensive coverage and classified management. All industries and all types of state-owned enterprises are included in the asset liability constraint management system. At the same time, according to the characteristics of assets and liabilities of different industries, the assets and liabilities restraint index standards of state-owned enterprises are set up in different industries. Emphasis should be laid on supervision. For state-owned enterprises that exceed the criteria of restrictive indicators, appropriate control measures should be taken according to the risk level on the basis of comprehensive evaluation of various financial indicators and business development prospects of the enterprises in the development stage. We should strictly control the ratio of assets and liabilities of state-owned enterprises in industries with excess capacity, and appropriately and flexibly grasp the ratio of assets and liabilities of state-owned enterprises in areas such as strategic emerging industries, innovation and entrepreneurship, which are conducive to promoting economic transformation and upgrading.
- adhere to the combination of internal governance and external constraints. Strengthening the restraint of assets and liabilities of state-owned enterprises should be combined with deepening the reform of state-owned enterprises, establishing a modern enterprise system, optimizing the corporate governance structure, and establishing and improving a long-term mechanism. At the same time, the external restraints on assets and liabilities of state-owned enterprises should be strengthened by strengthening assessment, enhancing the financial authenticity and transparency of enterprises, and reasonably restricting debt financing and investment.
Adhere to the combination of quality improvement and efficiency and policy support. All relevant parties should take the initiative to further clarify the objectives, steps and methods of reducing the ratio of assets to liabilities of state-owned enterprises with high liabilities according to the overall objectives and requirements, and complete them within a time limit. State-owned enterprises should insist on improving quality and efficiency, train hard internal skills, strengthen enterprise capital strength by expanding operation and accumulation, and constantly reduce the ratio of assets and liabilities on the premise of strictly preventing the loss of state-owned assets. At the same time, we should create a good policy and institutional environment for the state-owned enterprises with high liabilities to reduce the ratio of assets to liabilities, improve the capital supplementary mechanism, expand equity financing, support the revitalization of stock assets, and carry out debt restructuring and market-oriented debt-to-equity swap in a sound and orderly manner.
Two. Classification and determination of asset liability constraint criteria for state-owned enterprises.
State-owned enterprises'assets and liabilities constraints are based on the ratio of assets and liabilities, and classified management and dynamic adjustment are carried out for different industries and different types of state-owned enterprises. In principle, the average asset-liability ratio of all enterprises above the scale of the industry last year is taken as the baseline, the baseline plus 5 percentage points is the early warning line of this year's asset-liability ratio, and the baseline plus 10 percentage points is the key supervision line of this year's asset-liability ratio. The early warning line and the key supervision line of the assets-liabilities ratio in the consolidated statements of state-owned enterprise groups can be determined by the relevant state-owned assets management departments according to the composition of the main business, the level of development and the requirements of classified supervision. The early warning line and key supervision line of the assets and liabilities ratio of enterprises in special industries such as postal, railway and other industries that are unable to obtain statistical data shall be determined by the relevant state-owned assets management departments according to the national policy orientation, industry conditions and referring to international experience.
In the central enterprises, which are responsible for the investors by the SASAC of the State Council, the work of controlling the ratio of assets to liabilities will continue to implement the current requirements and be readjusted and perfected in practice. Asset liability constraints of financial state enterprises are implemented in accordance with existing management systems and standards.
Three, improve the self constraint mechanism of state-owned assets and liabilities.
(1) reasonably set the level of asset liability ratio and the structure of assets and liabilities. State-owned enterprises should strengthen capital structure planning and management, rationally set up assets-liabilities ratio and assets-liabilities structure, and maintain financial soundness and competitiveness, taking into account market prospects, capital costs, profitability, asset liquidity and other factors, according to the corresponding assets-liabilities ratio warning line and key supervision line.
(two) strengthen the daily management of assets and liabilities. The management of state-owned enterprises should faithfully and diligently perform their duties, prudently carry out debt financing, investment, expenditure, external guarantee and other business activities, prevent excessive accumulation of interest-bearing liabilities and contingent liabilities, and ensure that the asset-liability ratio remains at a reasonable level. In the annual meeting of the board of directors or shareholders (general meeting), it is necessary to make special explanations on the status of assets and liabilities and future plans for assets and liabilities, and to submit them to the board of directors or shareholders (general meeting) for consideration in accordance with the normative corporate governance procedures. When an enterprise may or has actually fallen into financial distress, it shall timely and proactively notify the relevant creditors of the relevant situation, negotiate with the relevant creditors according to the regulations, and deal with the relevant debts in a safe and classified manner.
(three) to strengthen the assets and liabilities of state-owned enterprise groups to their subsidiaries. State-owned enterprise group companies should reasonably determine the level of the assets and liabilities ratio of their subsidiaries according to the requirements of the assets and liabilities ratio control index of the state-owned enterprises, and incorporate the assets and liabilities restraints of the subsidiaries into the assessment system of the group companies to ensure the strict implementation of the subsidiaries. State-owned enterprise group companies should further strengthen the independence of sub-enterprises in assets, finance and business, and reduce the risk contagion between parent-child enterprises, sub-enterprises and sub-enterprises.
(four) enhance endogenous capital accumulation capacity. State-owned enterprises should firmly establish a new concept of development, focus on improving the quality and efficiency of development, focus on improving the management level, further clarify and focus on the main business of slimming and fitness, through innovation-driven to improve productivity, enhance the profitability of enterprises, improve enterprise assets and capital returns, and provide sustainable development for enterprises. Endogenous capital.
Four, strengthen the external constraint mechanism of state assets and liabilities.
(1) establish a scientific and standardized system for monitoring and warning assets and liabilities of enterprises. Relevant state-owned assets management departments should establish an enterprise assets and liabilities monitoring and early warning system with assets and liabilities ratio as the core and growth, efficiency, solvency and other indicators as the auxiliary. For state-owned enterprises whose asset-liability ratio exceeds the warning line and the key supervision line, the relevant state-owned asset management departments should comprehensively analyze the characteristics of the industry in which the enterprise is located, the development stage, the structure of debt types such as interest-bearing liabilities and operating liabilities, the debt maturity structure such as short-term liabilities and medium-term and long-term liabilities, as well as the pre-tax profit and interest insurance. Obstacle multiple, liquidity ratio, quick ratio, net cash flow of operating activities and other indicators, scientifically assess the debt risk situation, and according to the magnitude of the risk, list the key concern and key supervision enterprises, and continuously monitor the debt risk situation.
(two) establish a mechanism for reducing debt to assets ratio in a highly indebted enterprise within a specified period. For state-owned enterprises listed as key supervisory enterprises, the relevant state-owned assets management departments should clarify their objectives and time limits for reducing the ratio of assets and liabilities, and be responsible for supervision and implementation. Domestic and foreign investments that push up the ratio of assets to liabilities must not be implemented. Major investments must be subject to special examination and approval procedures, strict management of high-risk businesses and substantial reduction of expenses. According to the principle of market-oriented legalization, combining with business restructuring, improving quality and efficiency, the debt level of enterprises can be effectively reduced by optimizing debt structure, developing equity financing, implementing market-oriented debt-to-equity swap and bankruptcy according to law.
(three) improve the assessment and guidance of assets and liabilities. Relevant state-owned assets management departments should strengthen process supervision and inspection, and take the effect of reducing leverage and debt reduction as an important content of enterprise assessment and evaluation. For enterprises listed in the list of enterprises with key attention and supervision, the ratio of assets and liabilities should be included in the scope of annual operating performance assessment, giving full play to the role of assessment and guidance, and urging enterprises to implement the requirements of assets and liabilities management and control.
(four) strengthen financial institutions' synergy constraints on highly indebted enterprises. For state-owned enterprises whose asset-liability ratio exceeds the warning line, relevant financial institutions should strengthen the sharing of loan information, find out the situation of off-balance-sheet financing, external guarantees and other hidden liabilities, comprehensively and carefully assess their credit risks, and reasonably determine the loan conditions such as interest rates, pledges and guarantees according to the risk situation. For SOEs listed on the list of enterprises or whose assets-liabilities ratio exceeds the key supervision line, the new debt financing should be carried out in principle by means of joint credit granting by financial institutions, and the credit quota of enterprises should be determined jointly by financial institutions, so as to avoid disorderly competition and excessive credit granting by financial institutions and strictly control the new debt financing. For state-owned enterprises listed as key supervisory enterprises, financial institutions are prohibited in principle from financing new debts.
(five) strengthen the Joint Disciplinary Mechanism of corporate financial dishonesty. Strengthen the audit and supervision of financial authenticity and transparency of enterprises. The person in charge of the state-owned enterprise is fully responsible for the financial authenticity of the enterprise. It is necessary to ensure that the enterprise does not misrepresent assets and concealed debts and that the financial information is authentic and reliable. Professional intermediaries such as accounting firms should issue audit reports in strict accordance with accounting standards to objectively and accurately reflect the assets and liabilities of enterprises. Strengthen the construction of social credit system, improve the joint punishment mechanism for financial dishonesty of enterprises, incorporate illegal enterprises, intermediaries and relevant responsible persons into the list of dishonest persons, and strictly investigate the responsibility according to the law and regulations, and intensify the punishment.
Five, strengthen the supporting measures of state-owned enterprises' assets and liabilities constraints.
(1) clarify the boundary between government debt and corporate debt. Resolutely curb local governments in the form of corporate debt to increase implicit debt. It is strictly forbidden for local governments and their departments to illegally or in disguise borrow debts through state-owned enterprises; it is forbidden for state-owned enterprises to illegally provide financing to local governments or cooperate with local governments in disguised borrowing; state-owned enterprises that illegally provide financing or cooperate with local governments in disguised borrowing shall bear corresponding responsibilities according to law. Activate all kinds of funds and assets through various channels, actively and steadily resolve the hidden debt of local government in the form of enterprise debt, and protect the legitimate rights and interests of state-owned enterprises. We will further improve the protection mechanism for the legitimate rights and interests of state-owned enterprises in participating in national or local development strategies and undertaking public services. Governments and social organizations at all levels should strictly implement policies to lighten the burden on enterprises. Generally speaking, state-owned enterprises should not be required to bear the responsibility of public welfare expenditure that should be borne by the government or social organizations. Voluntarily undertaken by state owned enterprises,
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