at present, the domestic monetary policy is tightening, and the financing cost of the real economy is rising. in particular, the financing cost of large state-owned enterprises and listed companies will continue to rise in the coming years. at the same time, the domestic capital market is affected by multiple factors such as stock market adjustment and rising corporate debt default rate, resulting in increased uncertainty. the promulgation of various laws and regulations also put forward higher requirements for the production and operation environment of enterprises. capital pressure continues to increase, high debt ratio of enterprises will face a more severe test.
there are many reasons for the high asset-liability ratio of large state-owned enterprises and listed companies. for a long time, state-owned enterprises have few restrictions on their assets and liabilities, and the problems of excessive financing and scale impulsivity are relatively serious, resulting in ineffective expansion of debt scale and cross-contagion of various debt risks. however, due to the tightening of the overall investment in the domestic capital market and the rising cost of capital, the asset-liability ratio of listed companies has been rising accordingly.
in order to solve the problem of high debt ratio of large state-owned enterprises and listed companies, the state has successively issued relevant laws and regulations to encourage enterprises to utilize their existing assets and optimize their debt structure through the multi-level capital market. after years of implementation and verification, the debt reduction financing drf asset management plan that breaks financing barriers has become one of the most favored financial solutions for soes and listed companies to reduce debt ratio.
debt reduction financing drf asset management plan completely breaks the limitation of financing channels. the fund management plan is not limited to domestic capital markets, but will expand the scope of financing overseas and into international markets where the cost of capital is more favorable. in order to alleviate the pressure of enterprise financing cost, expand the financing channels of enterprises, optimize the allocation of resources in the global scope, and effectively improve the value of enterprise assets.
the drf asset management plan has changed the traditional unitary financing structure. for the financing needs of large state-owned enterprises and listed companies, the drf asset management has integrated a series of implementation plans that can effectively reduce the debt ratio, including cross-border factoring, cross-border leasing, capital and equity increase, debt-for-equity swap, and spv project financing. financing enterprises can participate in one or more schemes according to their own conditions, and achieve the financing effect of 1 1>2.
the debt reduction financing drf asset management plan effectively curbed the vicious circle of high debt ratio and financing difficulties. flexible implementation programs have the dual effect of low cost financing and lower debt ratios. for example, cross-border factoring and cross-border leasing schemes refer to commercial factoring or finance leasing business based on receivables jointly carried out in the mainland, hong kong and macao respectively. the financing enterprises can use the available working capital to repay debts to reduce the asset-liability ratio. the plan of capital increase and share expansion can help enterprises introduce investors as new shareholders, increase the registered capital of enterprises, and achieve the purpose of financing without increasing liabilities. in addition, the enterprise can also choose the debt-for-equity scheme, through which the legitimate creditor's rights enjoyed by the creditor to the financing enterprise (debtor) are converted into equity rights to the financing enterprise, so as to increase the registered capital of the financing enterprise, realize financing and reduce liabilities. enterprises can also set up spv project companies together with investors, and invest in designated projects through spv project companies, so as to achieve low-cost financing without increasing liabilities, and reduce the asset-liability ratio under the condition of project profits.
driven by the demand of enterprises to increase capital and reduce debt, drf asset management plan for debt reduction financing has become an important financing method for many large state-owned enterprises and listed companies, and has played a unique operational advantage in reducing debt risk and optimizing debt structure. it is believed that in the next few years, the drf asset management plan for debt reduction financing will introduce more capital dividends to more and more financing enterprises, helping them to achieve sound operation with low debt ratio.