The Asset liquidity of Nonferrous Metals Companies after Debt-to-equity Swap Is A New Shining Point of Capital Restructure And Investment

摘要

Since China's reform and opening up, the nonferrous metals industry enjoyed a flourishing development. The annual output of nonferrous metals increased to more than 10 million tons in 2002 and 2003 from dozen tons. This sector plays a more and more important role in the national economy and people's life. From the tradition point of view, nonferrous metals industry is an industry of raw materials and the products lack high added value. Since the aspects of geology, mines, smelting, processing, science and technology research all show the characteristics of traditional industry. The industry structure is unbalanced compared with foreign companies. It will be a forever work for the planning department of the state government or companies to do adjustment of the industrial structure. The nonferrous metals industry is an investment-intensive and labor-intensive industry. There are peeled off debt-to-equity assets in the backbone nonferrous metals companies from the four big banks. The assets turn out to be shares and owned by four big asset companies. At present, most nonferrous metals enterprises have undertaken modern company mechanism rebuild, their equity capital is enjoying liquidity. So it has important meaning in particular to the investment structure adjustment and capital restructure of nonferrous metals companies.