Many ministries and commissions intensively investigate the risk of "triangular debt"
All kinds of enterprises are involved; Accounts receivable of listed companies surged by 45%
The reporter of the Economic Information Daily recently learned from many authoritative sources that the rising risk of "triangular debt" of enterprises has been highly valued, and many ministries and commissions such as the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the Ministry of Commerce have started intensive research, and will form a report on research and policy suggestions in the near future and report it to the State Council.
"The Ministry of Industry and Information Technology held a seminar on the’ triangular debt’ of enterprises instructed by the State Council on the 22nd, and invited five industry associations of coal, electric power, machinery manufacturing, steel and non-ferrous metals to attend the meeting to find out the debt risks of related industries." A person close to the Ministry of Industry and Information Technology said that the Ministry of Industry and Information Technology has started research on related issues.
The reporter also learned that the CBRC invited relevant industry associations to hold a meeting on the 21st to study and discuss the scale and risks of the current "triangular debt", and has distributed relevant reports to several important state-owned commercial banks and policy banks.
After receiving the report instructed by the State Council, "the Ministry of Commerce attached great importance to it, and has conducted discussions with relevant departments and associations in the organization department and started to go to various places for investigation. The main content of the survey focuses on the foreign exchange collection of foreign trade enterprises and the collection of accounts receivable of domestic trade circulation enterprises. " A person close to the Ministry of Commerce said.
The reporter was informed that in addition to the above three departments, the National Development and Reform Commission, the Ministry of Housing and Urban-Rural Development, the People’s Bank of China, the State-owned Assets Supervision and Administration Commission and other departments have also received relevant instructions from the State Council and started investigations. At the same time, some trade associations, such as the coal industry association, also plan to conduct a thorough investigation on the "triangular debt" problem of enterprises in this industry in the near future.
The reporter learned that the above-mentioned report, which attracted the State Council’s great attention and gave instructions, was written by the Enterprise Research Institute of the State Council Development Research Center, "We should be highly alert to the current new enterprise’s’ triangular debt’ problem". The report pointed out that during the recent large-scale investigation and study on the transformation and development of enterprises in China, many enterprises reported that accounts receivable were on the rise, it was more and more difficult to withdraw funds, and the phenomenon of mutual default was more common. In the early 1990s, the problem of "triangular debt" which had seriously troubled enterprises in China was coming back.
The report pointed out that with the development of economy and society, the connotation and extension of the concept of "triangular debt" have changed greatly, which can generally be regarded as overdue debts due to mutual arrears of loans and expenses between enterprises, credit exchanges between banks and enterprises, and payment between government and enterprises; At present, the problem of "triangular debt" of enterprises is more manifested as "debt chain" Judging from the absolute indicators reflecting the "triangular debt" problem of enterprises, it is very serious that the accounts between enterprises are in arrears with each other at present. As of March 2012, the accounts receivable of industrial enterprises nationwide was 7.12 trillion yuan, an increase of 17.74% over the same period of last year; The proportion of accounts receivable in total credit was 12.47%, the highest level in the same period since 2009. The updated data shows that from January to May 2012, the accounts receivable of industrial enterprises nationwide rose to 7.54 trillion yuan.
The Economic Information Daily reporter consulted the interim reports of listed companies. As of August 23, the overall scale of accounts receivable of 1,437 listed companies that have published interim reports reached 803.9 billion yuan, a surge of about 45% compared with the scale of 555 billion yuan in the same period last year.
The report also pointed out that it is difficult for enterprises to recover the payment for goods, and the cycle of the whole cage is getting longer. From January to May 2012, the turnover rate of accounts receivable of state-owned enterprises nationwide was 4 .9 times, which was 0 .32 times lower than that of the same period last year. In terms of regions and industries, except for Hebei, Hubei, Guangdong, Hainan, Yunnan, Xinjiang, Xizang and Shaanxi provinces and seven industries, such as electricity, tobacco, materials, supply and marketing, catering, service and finance, the turnover rate of accounts receivable of enterprises in most provinces and industries has declined to varying degrees compared with the same period of last year. However, the problems such as serious arrears of accounts, rising proportion of accounts and declining turnover rate of accounts are more prominent in strong cycle industries such as equipment manufacturing. The accounts receivable and payable of listed companies in these industries increased significantly in the first quarter of 2012: the average accounts receivable of iron and steel enterprises was 977 million yuan, up 39.19% year-on-year; The average receivable amount of equipment manufacturing enterprises was 4.05 billion yuan, up 14.35% year-on-year. At the same time, the enterprises in the above industries began to default on the loans of their upstream enterprises, and the potential "triangle debt" crisis has begun to spread to upstream enterprises.
Li Yang, vice president of China Academy of Social Sciences, recently said that in 2011, corporate liabilities in China accounted for 107% of G D P, the highest in the world. According to OECD standards, it is dangerous for corporate liabilities to account for more than 90% of G D P.
It is worth noting that, unlike the "triangle debt" crisis in the early 1990s, this "triangle debt" problem presents new features. The above report pointed out that, unlike the last time, all kinds of enterprises were involved, and small and medium-sized enterprises and private enterprises were more serious; Local investment and financing platforms and large-scale infrastructure projects have become one of the sources of triangular debts; The debt situation shows great differences among industries, which is related to the position of enterprises in the industrial chain.
Insiders pointed out that although it can’t be characterized as a "triangle debt" crisis of enterprises, there are hidden concerns, which are potential crises and realistic problems. If the economic downturn is not handled properly or the business environment of large enterprises continues to deteriorate, a potential crisis may break out. Reporter Zhang Mo Sun Shaohua
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