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From the beginning of 2015 to the present, due to factors such as the continuous downward trend of the economy, the debt environment of enterprises in some regions has been deteriorating, and a number of new “triangular debts†have once again become severely severe. The trust between enterprises is falling into a “freezing pointâ€. The reporter recently found in Henan, Anhui, Gansu, Shaanxi and other central and western provinces that some enterprises have difficulty in survival, and the financial environment in some areas has deteriorated, which has caused a great negative impact on economic transformation.
The new "triangular debt" problem is grim
The reporter found that at present, some enterprises in Henan, Anhui, Gansu, Shaanxi and other places have more and more debts, and the situation is deteriorating. Three obvious trends have emerged.
First, the debt is getting bigger and bigger. Whether it is a state-owned enterprise or a private enterprise, a heavy chemical enterprise, a light textile enterprise, a large enterprise or a small and medium-sized enterprise, there are cases of mutual debts. In some areas, most enterprises are involved in a chain of mutual debts.
The reporter learned from an interview with a heavy industry county in Henan Province that this industrial county, which has been a “top ten county†in Henan Province for many years, has become a national surplus in recent years due to the leading industries such as coal, aluminum, cement and glass. In the capacity industry, the county's economy has deteriorated rapidly, and most of the accounts receivable have surged, and the amount of debts owed to each other has expanded rapidly. The reporter's investigation found that the enterprises here are in arrears with each other's debts. Some enterprises owe hundreds of millions of debts to others, and they are still losing money. The days of small and medium-sized enterprises are generally sad. There is a company that produces aluminum tubes. The annual output value is more than 20 million yuan. Others owe him 14 million yuan. He owes 12 million yuan to others. The company has not paid wages for several months.
Second, the period of debt repayment is getting longer and longer. In the past, it was common for companies to owe each other debts, but the period of debt repayment was generally very short, and they could be repaid within the agreed time limit. However, since 2015, it has been very different. In some areas, the period of debt repayment of enterprises has been continuously extended, the proportion of payment has been decreasing, and the market trust between enterprises is falling into a "freezing point."
The financial director of a company in Pingdingshan City, Henan Province told reporters that the company has not received more than 20 million yuan in goods. According to the agreement, from the beginning of 2015, the debtor should pay back 10% of the monthly, but from the debtor after the Spring Festival in 2015 But I don’t make any money, and I still don’t come back. Since then, the debtor still faxed the processing order to the company, but the company has not dared to pick up his life.
The reporter learned from the financial management department of Anhui that the current period of accounts receivable in some areas of Anhui is increasing. For example, it used to be 30 days, and now it is 3 months. At the same time, the bank's non-performing loan ratio is also rising. By the end of June 2015, the balance of non-performing loans of Anhui banking financial institutions was 43 billion yuan, an increase of 7.4 billion yuan from the beginning of the year, and the non-performing loan ratio was 1.73%, up 0.17 percentage points from the beginning of the year. Some experts predict that the collection of non-performing loans in 2016 will be a key task for banks, mainly in manufacturing.
Third, cash returns are becoming less and less, and most of them are paid by acceptance bills. The cash flow of enterprises is tightening. When the economy is going down, the characteristics of “cash is king†are very prominent. With the surge in mutual debts, companies are increasingly valued in cash flow, and repayments are often paid by acceptance bills. In the middle of the energy industry with an annual output value of over 100 billion yuan, the accounts receivable since the beginning of 2015 increased month by month, accounting for half of the sales, and in the accounts received, cash only accounted for 10%, and the acceptance bills were as high as 90%.
Enterprises have fallen into a crisis of survival . The deterioration of the corporate debt environment has made it difficult for a considerable number of enterprises to survive, and the financial environment in some areas has also deteriorated.
Meixian County of Baoji City is a famous textile industry county in Shaanxi. The county is not only the largest textile base in Guanzhong, Shaanxi, but also a brick production base in the country. From the beginning of 2015 to the present, the development of the company here is very difficult, and the accounts receivable are increasing. Founded in 1982, the oldest qualified private enterprise in Meixian County, Wang Sheng, deputy general manager of Shaanxi Baoshen Machinery (Group) Co., Ltd. told reporters that many years have not seen such a depressed economic situation, as the leader of the national brick machine production "Yang", the history of the company only appeared in 1997 and 2008, and the third time in 2015, the situation is more serious than before.
“The days of textile companies are not too good.†The production director of a local textile company told reporters that her company is not too small in Meixian. The development momentum in the past few years is very good, but the current situation is very worrying. Accounts receivable rose very quickly. In the past, customers used to pay for the money. Now it is sold off, and the money will not come back. “At present, companies rely on loans to solve liquidity.â€
Among the negative impacts of the deterioration of corporate debt environment, the first problem is the survival of enterprises. Especially after SMEs are in debt crisis, they often cause fatal blows. Even for large enterprises, due to the sharp increase in debt ratio, the available funds of enterprises are coming. The more nervous, the obvious decline in employee income.
The deputy secretary of the party committee of a large domestic coal mining enterprise told reporters that the debt ratio of enterprises has reached 78% in 2015 and 65% in 2014. The cash flow of enterprises has become tighter and the survival has become more and more difficult. The income of all employees of the company has experienced a large-scale decline. The income of the leadership is cut down. The monthly income of non-mining workers is very common. If the family members do not work, it is very difficult to support the family.
The red building in the old factory area is still the same, but it has been inaccessible; people in the bustling streets have gone to the empty space, and there are advertisements for renting houses everywhere. Thousands of local residents have gone to other places to look for work. Already absent. The reporter recently saw such scenes in Guizhou, Gansu, Henan, Sichuan, Anhui, Inner Mongolia and other provinces and regions. Due to the widespread losses in traditional industries such as coal, steel and building materials, and the deterioration of corporate debt environment, many companies can only reduce their employees. The salary reduction is a means of increasing efficiency, and some of the wages of employees have been in arrears, and some have not received wages for more than three months.
The transformation and upgrading into the expectation of the deterioration of the corporate debt environment has caused some entrepreneurs to lose confidence in the market, and safety and life-saving have become the biggest choice, and transformation and upgrading have been ignored. Some entrepreneurs told reporters that since corporate debt can not be successfully returned, the business has now fully retreated, with life-saving count as the top priority. The transformation and upgrading will use a lot of money, and the debts around the world will not be repaid. Enterprises are afraid to spend their limited funds. The industrial transformation in the environment of increasing debts to each other is too great for the company.
In resource-based cities, entrepreneurs have put the maintenance of social stability at the forefront, especially for large-scale resource-based enterprises. How to maintain the normal production and life of the workforce in the case of a sharp decline in income has become a business. The most important job. A person in charge of a state-owned large-scale enterprise producing aluminum in Guizhou said in an interview that my psychological pressure is very large. In order to stabilize the workforce, we have made a commitment to provide more than 2,000 employees with difficulties. Archives, not letting one employee live without it, the organization does not abandon, employees do not give up, and cultivate new jobs.
Due to the unstable mood of the employees, a coal-fired power company in the northwest continued to report two emergency stabilization reports to the provincial SASAC in July and August 2015, stating that “there is a possibility of large-scale group petitions from the workforceâ€. According to the report, in August, due to the continued extension of wage arrears for two months, the extremely unstable phenomenon of the mining area and the workforce was highlighted. The employees were not confident enough to rely on their own efforts to get out of the predicament and to realize the loss of trouble.
In addition, the large amount of mutual debt owed by enterprises in some regions has caused the rapid deterioration of the financial environment in these areas, and the decline in the enthusiasm of private financing and the increase in the non-performing loan ratio of banks. A deputy magistrate of the central province told the reporter that after the economic downturn and the large amount of debts owed by enterprises, the private lending in the county has basically stopped. The people are afraid that the money will not be borrowed. This objectively causes the enterprise to fail. Private financing is used for transformational development.
At the same time, bank loans have also tightened. The reporters have seen in many provinces in the central and western regions that since the beginning of last year, the corporate debt environment has deteriorated, bank loans have been significantly tightened, and many companies have been very tightly funded, making transition and development extremely difficult. In the interview, some people in the financial circles in Sichuan bluntly said that many banks are competing to lend when the business is good. Once the difficulties are encountered and they are rushing to lend, this financial ecological chain is becoming a "fire" for more and more corporate crises. Cable."
Abstract : Some large steel mills have arrears of up to 2 billion yuan, of which the important part is the arrears of equipment manufacturers such as coal machinery; the large coal mines are also owed a few billion yuan, of which Part of it is a steel mill; a large coal machinery enterprise...
"Some large steel mills have arrears of up to 2 billion yuan, of which important parts are the arrears of equipment manufacturers such as coal machinery; large coal mines are also owed a few billion yuan, a large part of which It is a steel mill; a large part of the large coal machinery enterprises are owed by coal mining companies."