The Upgrading Of The Whole Shoe Industry Chain Is Directly Affected By The "Triangle Debt".

"In addition to small and medium-sized enterprises, some large state-owned enterprises and joint-stock enterprises have also been caught in the trend of triangle debts."

In September 1st, a government financial executive in the central province described the financing situation of enterprises in the area.

Large enterprises often play a leading role in the market. If the funds of large enterprises are tight, the small and medium-sized enterprises that are parasitic around them will have no source of water, and they will start to default on each other. The situation of triangular debts will aggravate.

Reporters interviewed found that the industrial chain between the upper and lower reaches the most likely to form a triangle debt.

The upstream industry chain is often large enterprises, they are relatively strong, occupy downstream funds, can drag on, so accounts payable and accounts receivable increased significantly.

Big businesses are dragging down small businesses.

It is difficult for small businesses to raise funds before they all focus on commercial banks.

What is unknown is that large enterprises are often the main culprits for small businesses to get into trouble.

Jiangsu I

The financial executives said that large enterprises are generally in debt to SMEs.

Now the financing of large enterprises is also difficult, and the approval of issuing bonds is stricter, and the refinancing of listed companies is also blocked.

Some large enterprises expect that the funds will be tight and the payments will not be paid, which will lead to the normal flow of funds between enterprises.

The hard days of the big business

Triangle debt now has the tendency to drag big enterprises down.

The above government finance office told reporters that their departments recently conducted a survey on the enterprises in the area, and found that the phenomenon of direct capital obstruction on the upstream and downstream of the industrial chain was very prominent, mainly because the upstream enterprises of the industrial chain often occupied the funds of the downstream enterprises and could drag on.

This person is very worried about this situation: "often accounts receivable increased in large enterprises, small businesses receivable more money, which is the triangle debt in the industrial chain upstream and downstream of an obvious trend."

But he said that it seems to be just a "trend" at the moment.

The universality of the above research questions can be seen from the interim performance report of listed companies this year. Accounts receivable and accounts payable of many industries and listed companies have increased considerably.

The most obvious one is the construction machinery industry.

It is understood that Sany accounts receivable net amount of 13 billion 355 million yuan, a substantial increase of 133.16% compared with the beginning of the year, Xugong machinery accounts receivable balance in the first half of last year increased by 5 billion 836 million yuan, an increase of 148.33%.

Statistics show that the accounts receivable of the 11 major construction machinery enterprises at the end of the two quarter totaled 33 billion 277 million yuan, an increase of 7 billion 854 million yuan compared with the same period last year, much higher than the 54.51% increase in operating income of the same period.

According to statistics, the total accounts receivable of Listed Companies in the first half of this year amounted to 1 trillion and 490 billion yuan, an increase of more than 30% compared with the same period last year.

Among them, the top ten enterprises of accounts receivable are all large enterprises such as China Railway and Sinopec.

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The origin of triangle debts

The increase of accounts receivable means that cash flow is tight. The continuous increase will lead to bad debt risk and seriously affect daily business activities.

In the early 80s and 90s of last century, there was a serious problem of triangle debts in China.

In the late 80s, the economy became overheated. In 1985, when the central government started tightening money, the amount of "receivable but unpaid" and "payable but not paid" in corporate accounts increased significantly.

By the year 1991-1992, the scale of triangular debt had grown to 1/3 of total bank credit.

The spread of triangle debts had a great impact on the healthy development of the economy at that time. The central government took the problem of triangle debt as the top priority and took various measures to solve the problem of triangle debts finally.

The last century

The CBRC saw a huge increase in the negative impact of credit, and began to control credit growth in 2010. However, due to inertia, new credit in 2010 remained around 7 trillion and 500 billion.

But in that year, bank credit cooperation was in the upsurge, the scale of credit actually increased by 400 billion, and the actual new credit reached 7 trillion and 900 billion.

"It is precisely because of the huge credit, small and medium-sized enterprises do not have tight funds, but this year due to credit contraction, the enterprise triangle debt began to rise, the large and extensive small businesses operating pressure is more significant."

One analyst said.

Above