8日，國(guo)家發(fa)展(zhan)改革委(wei)、人(ren)民銀(yin)行、財(cai)政部(bu)(bu)、銀(yin)保監(jian)會、國(guo)資(zi)委(wei)等(deng)五部(bu)(bu)委(wei)聯合(he)印發(fa)《2018年降(jiang)(jiang)低企(qi)業杠桿率工(gong)作(zuo)要(yao)(yao)點》（下(xia)稱《工(gong)作(zuo)要(yao)(yao)點》）的(de)通知(zhi)。對于國(guo)有企(qi)業這一降(jiang)(jiang)杠桿的(de)重要(yao)(yao)主體，《工(gong)作(zuo)要(yao)(yao)點》在建立國(guo)有企(qi)業資(zi)產(chan)負債(zhai)約束機制、完善“僵尸企(qi)業”債(zhai)務(wu)處置政策(ce)體系等(deng)方面(mian)作(zuo)出詳細部(bu)(bu)署(shu)。
國資(zi)委研(yan)究(jiu)中(zhong)心副研(yan)究(jiu)員周(zhou)麗(li)莎表示(shi)，有效落實國企降(jiang)杠桿任務，需(xu)通過(guo)兼并(bing)重組培(pei)育(yu)優質企業，推動混合所有制改革，鼓(gu)勵(li)國有企業通過(guo)出(chu)讓股(gu)份、增資(zi)擴(kuo)股(gu)、合資(zi)合作等(deng)方式引入民營資(zi)本。同時，要(yao)發揮好產業政策的引導作用，鼓(gu)勵(li)產能過(guo)剩(sheng)行(xing)業企業加大兼并(bing)重組力度(du)，有效化解過(guo)剩(sheng)產能，實現市場(chang)出(chu)清。
分行業分類型監管國企負債率
《工(gong)作要點(dian)》要求，根據風險大小程度分別列出重點(dian)關注和重點(dian)監(jian)管企業名(ming)單(dan)，并(bing)明(ming)確其降(jiang)低資產(chan)負債率的目標和時限。
據上證報(bao)了解，國(guo)資(zi)委此前(qian)已制(zhi)定《中央企(qi)(qi)(qi)(qi)業(ye)資(zi)產(chan)負(fu)債(zhai)率(lv)(lv)分類(lei)管(guan)(guan)控工作方(fang)案》，以資(zi)產(chan)負(fu)債(zhai)率(lv)(lv)為(wei)(wei)(wei)基礎(chu)控制(zhi)指標，對不同行(xing)業(ye)類(lei)型(xing)國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)業(ye)進(jin)行(xing)分類(lei)管(guan)(guan)理(li)，并實行(xing)動態調整(zheng)。根據去年(nian)的標準，國(guo)有(you)(you)(you)工業(ye)企(qi)(qi)(qi)(qi)業(ye)資(zi)產(chan)負(fu)債(zhai)率(lv)(lv)預警線(xian)為(wei)(wei)(wei)65%，重(zhong)點(dian)監管(guan)(guan)線(xian)為(wei)(wei)(wei)70%；國(guo)有(you)(you)(you)非工業(ye)企(qi)(qi)(qi)(qi)業(ye)資(zi)產(chan)負(fu)債(zhai)率(lv)(lv)預警線(xian)為(wei)(wei)(wei)70%，重(zhong)點(dian)監管(guan)(guan)線(xian)為(wei)(wei)(wei)75%；國(guo)有(you)(you)(you)科研技(ji)術企(qi)(qi)(qi)(qi)業(ye)資(zi)產(chan)負(fu)債(zhai)率(lv)(lv)預警線(xian)為(wei)(wei)(wei)60%，重(zhong)點(dian)監管(guan)(guan)線(xian)為(wei)(wei)(wei)65%。國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)業(ye)集團合并報(bao)表(biao)資(zi)產(chan)負(fu)債(zhai)率(lv)(lv)的預警線(xian)為(wei)(wei)(wei)65%，重(zhong)點(dian)監管(guan)(guan)線(xian)為(wei)(wei)(wei)70%。
今年初，國資(zi)委(wei)表示，2018年的(de)標準將(jiang)自上(shang)述水平下調5個百分點，同時要求各企業集團負主體責任(ren)，對所(suo)管(guan)控(kong)的(de)分子(zi)公司也要制定負債(zhai)管(guan)控(kong)指標，通過(guo)分類管(guan)控(kong)使(shi)總體負債(zhai)率在現有(you)水平上(shang)穩(wen)定下降。
同時(shi)，國(guo)資(zi)委針(zhen)對(dui)警(jing)戒(jie)線(xian)和償債能力，把98家中央企(qi)(qi)業進(jin)(jin)行(xing)業務(wu)分(fen)類(lei)(lei)，將超(chao)過(guo)了警(jing)戒(jie)線(xian)，且償債能力較弱的(de)(de)企(qi)(qi)業納入重點(dian)(dian)管(guan)(guan)控。對(dui)納入重點(dian)(dian)管(guan)(guan)控的(de)(de)企(qi)(qi)業又進(jin)(jin)行(xing)分(fen)類(lei)(lei)管(guan)(guan)控，再分(fen)為三大(da)類(lei)(lei)：第(di)一(yi)類(lei)(lei)是(shi)重點(dian)(dian)關注的(de)(de)，指負債水平超(chao)過(guo)警(jing)戒(jie)線(xian)，但償債能力、流動性、盈利能力還可以的(de)(de)企(qi)(qi)業；第(di)二類(lei)(lei)是(shi)重點(dian)(dian)監控類(lei)(lei)，指比重點(dian)(dian)關注類(lei)(lei)企(qi)(qi)業杠桿水平更(geng)高一(yi)些的(de)(de)企(qi)(qi)業；第(di)三類(lei)(lei)是(shi)特別監管(guan)(guan)類(lei)(lei)，是(shi)一(yi)些必須采(cai)取(qu)嚴(yan)格管(guan)(guan)理措(cuo)施的(de)(de)企(qi)(qi)業。對(dui)這三類(lei)(lei)企(qi)(qi)業，采(cai)取(qu)不(bu)同程度的(de)(de)管(guan)(guan)控措(cuo)施，包括對(dui)開(kai)支(zhi)規模、投資(zi)規模、薪(xin)酬、成本費用（招待(dai)費、管(guan)(guan)理費等）的(de)(de)從嚴(yan)控制。
數據顯示(shi)，截至(zhi)2017年底，中央企(qi)業平均資產負債率(lv)已降至(zhi)66.3%，較(jiao)2013年下降0.4個百分(fen)點(dian)。其中，62家企(qi)業的資產負債率(lv)較(jiao)2016年實現下降，中國航發、東方電氣集團、中鋁公司(si)等(deng)40家企(qi)業的降幅甚至(zhi)超過1個百分(fen)點(dian)。
截(jie)至2018年6月末(mo)，央(yang)企(qi)平均資產負(fu)(fu)債率(lv)為66%，較(jiao)年初又下(xia)(xia)降(jiang)0.3個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，同比(bi)則下(xia)(xia)降(jiang)了0.5個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)；帶息負(fu)(fu)債總額(e)同比(bi)增(zeng)長4.9%，增(zeng)速較(jiao)年初下(xia)(xia)降(jiang)2.3個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，低(di)于權(quan)益增(zeng)速3.9個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)。有59家企(qi)業(ye)的資產負(fu)(fu)債率(lv)比(bi)年初有所下(xia)(xia)降(jiang)，其中29家企(qi)業(ye)的降(jiang)幅(fu)超過(guo)(guo)1個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)。分(fen)(fen)行(xing)業(ye)看，通信、軍工(gong)、航空(kong)運(yun)輸(shu)、機械、建筑(zhu)、冶金、礦業(ye)等(deng)行(xing)業(ye)企(qi)業(ye)的資產負(fu)(fu)債率(lv)較(jiao)年初下(xia)(xia)降(jiang)超過(guo)(guo)0.5個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)。
支持混改債轉股等多渠道籌資
《工作要點》還提出(chu)，要“完善(shan)國(guo)(guo)有企(qi)(qi)業資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)管(guan)理機制”。進一步夯實(shi)(shi)(shi)國(guo)(guo)有資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)，明確國(guo)(guo)有企(qi)(qi)業資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)補充的(de)條件、標準(zhun)和資(zi)(zi)(zi)(zi)(zi)金渠(qu)道(dao)，支持國(guo)(guo)有企(qi)(qi)業通過增(zeng)加資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)積累、增(zeng)資(zi)(zi)(zi)(zi)(zi)擴(kuo)股、引入戰(zhan)略投資(zi)(zi)(zi)(zi)(zi)者、市場化債轉(zhuan)股等方式多渠(qu)道(dao)籌集資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)、充實(shi)(shi)(shi)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)實(shi)(shi)(shi)力(li)、降(jiang)低企(qi)(qi)業資(zi)(zi)(zi)(zi)(zi)產負債率。加強國(guo)(guo)有企(qi)(qi)業資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)真(zhen)(zhen)實(shi)(shi)(shi)性管(guan)理，提高財務真(zhen)(zhen)實(shi)(shi)(shi)性。規(gui)范使用混合型權益融資(zi)(zi)(zi)(zi)(zi)工具，防止虛假降(jiang)杠桿。
國資委副秘書長、新(xin)聞發言人彭華(hua)崗今年7月在(zai)國新(xin)辦發布會上曾表示，已有(you)18家國有(you)企業(ye)積(ji)極穩妥推進市(shi)場化債(zhai)轉(zhuan)股，簽(qian)訂框架(jia)協議5000億(yi)元(yuan)左右，已落地逾2000億(yi)元(yuan)，推動了(le)負債(zhai)率的(de)明顯(xian)下(xia)降。
如在海工(gong)(gong)(gong)(gong)裝備行業，今年(nian)(nian)3月，中(zhong)(zhong)國船(chuan)(chuan)(chuan)舶(bo)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)集團(tuan)有(you)限(xian)公司(si)（簡稱“中(zhong)(zhong)船(chuan)(chuan)(chuan)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)集團(tuan)”）下屬上市公司(si)中(zhong)(zhong)國重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)完成(cheng)了(le)百億規(gui)模的市場(chang)化債(zhai)(zhai)轉(zhuan)股(gu)(gu)，成(cheng)為(wei)(wei)首家成(cheng)功實施市場(chang)化債(zhai)(zhai)轉(zhuan)股(gu)(gu)的央企上市公司(si)。據悉，本次債(zhai)(zhai)轉(zhuan)股(gu)(gu)前，中(zhong)(zhong)船(chuan)(chuan)(chuan)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)集團(tuan)旗(qi)下大船(chuan)(chuan)(chuan)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)、武船(chuan)(chuan)(chuan)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)負(fu)債(zhai)(zhai)合計高達1000億元，中(zhong)(zhong)船(chuan)(chuan)(chuan)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)集團(tuan)的資產負(fu)債(zhai)(zhai)率也接近65%的警戒線，迫切需要去杠桿(gan)減負(fu)債(zhai)(zhai)。于是(shi)，中(zhong)(zhong)船(chuan)(chuan)(chuan)重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)集團(tuan)于2017年(nian)(nian)初啟動了(le)以中(zhong)(zhong)國重(zhong)(zhong)(zhong)工(gong)(gong)(gong)(gong)為(wei)(wei)平臺的市場(chang)化債(zhai)(zhai)轉(zhuan)股(gu)(gu)項(xiang)目。
同行業(ye)的中(zhong)(zhong)國船舶工業(ye)集(ji)團(tuan)（簡稱(cheng)“中(zhong)(zhong)船集(ji)團(tuan)”）也(ye)在(zai)2017年(nian)12月與建設銀行、中(zhong)(zhong)國人壽(shou)保險集(ji)團(tuan)共同發(fa)起設立(li)“中(zhong)(zhong)船降(jiang)本增效私募投資(zi)基(ji)金”，探索市場化(hua)法(fa)治化(hua)債轉股(gu)創(chuang)新。近期(qi)，原航天科技集(ji)團(tuan)董事長雷(lei)凡培(pei)調(diao)任中(zhong)(zhong)船集(ji)團(tuan)一把手的消息令“南(nan)北船”合并預(yu)期(qi)再次升溫。業(ye)內人士表示，推(tui)進兼并重(zhong)組、優化(hua)債務(wu)結(jie)構、發(fa)展股(gu)權融資(zi)已成(cheng)為國企降(jiang)杠(gang)桿(gan)的重(zhong)要途徑。
除(chu)市場(chang)化債(zhai)轉股，混(hun)改(gai)（定增(zeng)引(yin)入(ru)戰投）也(ye)是降低杠桿率的重要手段。近期，騰(teng)訊、吉利參與中國鐵路總公(gong)(gong)司混(hun)改(gai)第一(yi)單，以及東(dong)方航空(kong)百億級定增(zeng)引(yin)入(ru)戰投都有為企業降杠桿的考慮。例如，東(dong)方航空(kong)在本(ben)次(ci)定增(zeng)前的負債(zhai)總額為1685.02億元，資(zi)產負債(zhai)率達74.08%，此次(ci)百億定增(zeng)將(jiang)明(ming)顯提升公(gong)(gong)司償(chang)債(zhai)能力，降低負債(zhai)率。
