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Under the pressure of “three phasesâ€, the new round of corporate debt risks is accumulating various large, medium and small enterprises including state-owned enterprises and private enterprises. Formal finance and private lending are intertwined, forming a large-scale complex enterprise that is different from the past. The debt stock has led to a doubling of the difficulty of debt relief and resolution. Experts believe that although there are no signs that large-scale debt collapse is coming, it is necessary to steadily promote measures such as classified debt restructuring and asset securitization to carry out orderly resolution, and continue to intensify reforms to help enterprises reduce costs and increase efficiency and help the real economy. healthy growth.
The debt-risk accumulation of reporters found that in the past two years, Sichuan has had at least several billions of companies including the Yihe, Chuanwei, Erzhong, Huitong, Huatong, Hanlong, and Science and Technology departments. Tens of billions of debts were overdue, and the extreme events of individual owed debt business owners "running the road" and enterprises. At present, there are both private enterprises and state-owned enterprises in the debt dilemma. There are both small and medium-sized enterprises and leading enterprises. The situation is quite serious.
According to the data, "12 Shengda Debt" was issued on December 5, 2012, with a total issued amount of 300 million yuan, a coupon rate of 7.25%, and a term of six years. With the third year, the issuer raised the coupon rate option and the investor's return option. right. The above announcement means that the bond officially declared a breach of contract.
It is understood that Sichuan Shengda has been engaged in coke business. Since 2014, it has transformed pig iron, brake drums and tea, but its operation and profitability have not been optimistic. According to the “12 Shengda Debt†bond agent Tianjin Bank announced on November 26, 2015, as of November 25, the total overdue debt of Sichuan Shengda Group and its subsidiaries reached 5.1441 billion yuan.
The "Economic Information Daily" reporter found that since the second half of 2013, some local entities with important status have become increasingly serious in debt risk exposure. In addition to bond defaults, bank debts and private lending have also appeared in large areas. Difficulty in paying interest or debt default.
Jardine Enterprise Group is a leading private enterprise in Sichuan for nearly 20 years. It has been ranked among the top 500 private enterprises in the country for three consecutive years. Its business covers pharmaceutical, real estate development and cultural education. The sales income was 1.621 billion yuan, but in the second half of 2014, the huge debt problem was exposed. According to media reports, Jardine Group had total liabilities of more than 4 billion yuan at that time, of which the bank's risk exposure was 2.5 billion yuan, and the rest involved private lending. The entire Jardine Group’s debt involves 17 banks, 2 asset management companies and more than 40 private lending entities.
At the same time, some large state-owned enterprises are also facing serious debt difficulties. Taking the Double Group and Double Heavy Equipment in Deyang City, Sichuan Province as an example, since 2011, due to multiple factors such as the macroeconomic situation, the heavy equipment manufacturing industry cycle and its own management problems, the two have suffered continuous losses for many years and lost. Hematopoietic capacity, production and management, and employee wages and social security are barely maintained by the bank's debt and the financial support provided by SINOMACH, and gradually fail to repay the debts due.
It is reported that as of the end of 2014, the total size of the two-group and double-heavy financial liabilities has exceeded 20 billion yuan, of which 12 billion yuan of financial debts have all defaulted, and the double-loading has been heavily insolvent and delisted from the Shanghai Stock Exchange. Recently, under the trial of the Intermediate People's Court of Deyang City, Sichuan Province, the Duo Group and the double-loaded judicial reorganization involving total assets of 21 billion yuan, liabilities of 23 billion yuan and more than 50,000 investors were finally completed.
In addition, there are a large number of small and medium-sized enterprises (SMEs) that are caught in a serious debt dilemma, especially those that are financed through private lending channels. Take the case of the capital chain break of the Huitong Communication Financing Company in Sichuan last year, including bank loans, small loan company loans, private lending, etc., the balance of the insured balance exceeded 4 billion yuan at the time of the incident, and the financing entity was guaranteed. Mainly hundreds of small and medium-sized enterprises, these debts have not yet been resolved.
The complexity is unprecedented. Gu Peidong, a professor at Sichuan University Law School, analyzed that the “triangular debt†crisis that occurred in previous years was mainly based on the operating arrears between enterprises. The flow of funds was the real economy, and the division of powers and responsibilities in the debt relationship was relatively Clearer, the subject of debt resolution is more clear. However, due to the significant changes in the current economic and financial environment, this round of debt risk accumulation is much more complicated.
From the perspective of debt types, the current debts are debts generated by bank credits, such as payment for goods, materials, and construction funds generated by business operations, trusts and fund debts issued by non-bank financial institutions, and government investment projects. The platform debts include private financing debts generated through channels such as small loan companies, guarantee companies, and investment and wealth management companies, as well as illegal and illegal debts generated through fund-raising fraud and illegal absorption of public deposits.
From the perspective of the debtor, the debt entities involved are not all operational enterprises that carry out actual production, but also involve government project platforms, non-bank financial institutions or quasi-financial institutions such as small loan companies and guarantee companies, various investment and financial institutions, and investment. Consulting companies and some private business owners and a large number of ordinary people.
From the perspective of debt scale, the debts of individual companies are hundreds of millions, billions or even tens of billions. This was unimaginable in the past, but now it is the norm. Therefore, once a company is in a debt crisis, the possibility of achieving a reversal is greatly reduced. At the same time, large-scale debts are often formed by complex debt types and debt entities intertwined and linked to each other, which doubles the difficulty of debt relief.
Since China has long relied on a banking-based financing system, the bank's non-performing assets situation can also be used to understand the complexity of the current debt dilemma. According to industry insiders of Sichuan Bank, the non-performing loan balance and non-performing rate of various types of banking institutions in the region are both “double-liftingâ€, and credit risk is still the main aspect of current regional financial risks.
According to the “2015: China Financial Non-performing Assets Market Survey Report†released by China Orient Asset Management Co., the current round of non-performing assets of banks has not yet peaked, and non-performing assets are spreading to various banking institutions, regions and industries: Zhejiang, Jiangsu, Guangdong, Shandong, Fujian, Shanghai and other southeast coastal developed areas have large stocks, and Inner Mongolia, Heilongjiang, Guangxi, Yunnan, Sichuan and other regions have increased significantly; manufacturing, wholesale and retail, personal loans, agriculture, forestry, animal husbandry, The scale of non-performing loans in industries such as fisheries is relatively concentrated, and the scale of non-performing industries such as mining, finance, construction, wholesale and retail industries is growing rapidly.
With the deepening of the combination of industry and finance, the risk of non-performing assets is no longer limited to the banking system. Non-bank financial institutions' non-performing assets and non-financial enterprises have more and more non-performing assets: the overdue amount of entrusted loans is huge, there are a large number of overdue receivables between enterprises, and the equity assets, physical assets and intangible assets with derogatory value are endless. It is easy to invade financial institutions and financial systems.
In addition, some bankers pointed out that the current situation of corporate debt and its impact may not be the full picture of this round of corporate debt risks. On the one hand, in order to control the excessive rise in the book non-performing rate, some financial institutions have adopted the method of margin offsetting interest, borrowing new loans to repay interest, and disbursing bad debts off-balance sheet to “cover up†the debt problem; on the other hand, a large number of resorts Judicial debt disputes have accumulated in the courts, and the actual debt has not yet fully erupted.
Huge amounts of debt make physical companies struggling. The reporter learned that the current phenomenon of enterprises reducing production and stopping production due to insufficient liquidity is more common. At the same time, due to the mutual protection between enterprises and the breakdown of the upstream and downstream payment relationships in the product chain, corporate debt has formed a “domino effectâ€, and the dilemma of some enterprises has dragged down another batch of enterprises, thereby increasing the steady growth of local economy and promoting development. Difficulties. More importantly, debt entanglement also makes it impossible for enterprises to carry out necessary technological transformation and new product research and development, and structural adjustment is unsustainable.
The reduction or suspension of production caused a large number of on-the-job workers to face unemployment risks, which not only aggravated the employment conflicts of the whole society, but also spawned new livelihood issues. Some government people are worried that if the relevant debt risks are not effectively controlled and resolved, it may lead to greater risks at various levels of the local economy and society.
Various types of causes are intertwined with many experts. The current round of debt risk is under pressure. There are cyclical factors such as short-term downturns and long-term economic growth shifts, as well as China's economic development model transformation, structural adjustment, and industry. External factors such as upgrading and release of excess capacity risk and external factors such as the international economic downturn.
Gu Peidong believes that the cause of this round of corporate debt crisis is mainly economic, including macroeconomic downturn, economic slowdown; overcapacity, market demand is not strong; enterprise production costs are structurally rising; some enterprises' capacity expansion and market demand It is periodically dislocated; corporate speculative preferences are too strong, and the overall industrial structure is frivolous.
Experts analyzed that in the context of loose fiscal and monetary policies, coupled with the promotion of local governments, many corporate entities have continued to increase leverage in the pro-cyclical phase of the previous years, creating a big bubble, with the downward pressure on the economy. It appears that the accumulated debt risk is immediately exposed. In fact, the current debt risks faced by various types of enterprises are also the result of the combined effects of economic downturns, reflecting the greater pressure on the current economic development.
In addition, some people in the banking industry believe that in addition to economic factors, the accumulation of this round of debt risk is closely related to the problems that have always existed in the field of corporate finance. One of the important reasons is that the scale of direct financing in China is still small. Indirect financing has always been the main financing channel for enterprises. The leverage ratio of enterprises has remained high for a long time, and the probability of exposure to debt risks in the face of economic downward pressure will definitely increase.
At the same time, the current indirect financing channels such as banks are high, the procedures are complicated, and the cost cannot be reduced. The loan companies are weak in front of the banks. The “bridge-to-bridge†has already become the norm. “Lending†is also common in recent times, and the uncertainty of corporate capital chain Too strong, the risk of breakage exists at any time. The special repayment method of corporate bonds with rapid growth and expiration of one-time repayment of principal and interest may also tighten the cash flow of the enterprise. It does not rule out the existence of financial fraud during the issuance of some corporate bonds, further increasing the possibility of debt risk.
In addition, the shadow financial system outside formal finance is complex, intertwined, and misconducted, especially in the private lending market represented by small loan companies, guarantee companies, and private investment and financing companies, which have long been flooded with illegal and illegal operations, resulting in a large amount of funds idling. The inability to enter the real economy further magnified the debt risk.
Comprehensive measures to resolve risks A large number of existing debts can not be effectively resolved, new debts continue to increase, and tight capital chains often become the last straw of a crushing enterprise. Experts and business people suggest that reforms should be used to strengthen debt restructuring, steadily promote asset securitization, help enterprises reduce costs and increase efficiency, and effectively resolve related risks.
Many experts said that overall, compared with the end of the 1990s, China's current enterprise-based economic foundation is stronger, the market economic system is more perfect, the financial system is more resistant to risks, and the wealth base of residents is large. Improvements, the social security system has made great progress, and the possibility of large-scale debt collapse and mass unemployment shocks is small. As long as scientific policies are applied to various debt problems, potential problems can be properly resolved through reforms.
Classification and reorganization is still a pragmatic option to resolve corporate debt risks. According to experts' analysis, this is not to encourage the escape of debts, nor to simply rescue enterprises, to prevent the market from surviving the fittest, but to avoid killing some companies that can save lives. The second is to achieve a smooth transition of the economy through restructuring based on the assets and management quality of the company.
Debt restructuring requires comprehensive policies and coordination by regulators, banks, companies, local governments and capital markets. For those zombie companies that have no market and insolvency, they break the rigid redemption and implement bankruptcy procedures. However, enterprises that are in good business management due to the debt crisis of mutual insurance and insurance, the debts that cannot be recovered due to the triangular debts, and the short-term operational difficulties in the transformation and upgrading can be through equity swaps, mergers and acquisitions, debt relief, and capital introduction. Advance the orderly resolution of its debt.
Using asset securitization tools to activate debt stocks and shifting risks and returns to the capital market at a reasonable price is another path. Experts analyzed that a group of relatively low-liquidity debt assets will be converted into a credit guarantee, credit rating, secondary market, etc., which will be transformed into a financial market and a higher credit rating. Debt assets can revitalize stagnant debt assets.
At the same time, further release of the vitality of reform, help enterprises achieve cost reduction and efficiency. Actively promote measures such as decentralization and decentralization, tax reduction and reduction, and reduce the cost of enterprises and enhance the ability to pay debts. Use the market to force the mechanism to strengthen the flow of production factors, increase innovation incentives, and enhance the vitality of enterprises and markets. Guide the healthy development of financing guarantee companies through rewards, risk compensation and other means, help small and micro enterprises to increase credit financing, and reduce the financing costs of small and micro enterprises.
Abstract Sichuan Shengda Group Co., Ltd. (hereinafter referred to as “Sichuan Shengdaâ€) issued a notice on December 7, 2015, saying that it was unable to pay the full interest of “12 Shengda Debt†of RMB 21.75 million on December 5, nor did it. ..
Sichuan Shengda Group Co., Ltd. (hereinafter referred to as “Sichuan Shengdaâ€) announced on December 7, 2015 that it failed to pay the full interest of “12 Shengda Debt†of RMB 21.75 million on December 5, and failed to On the same day, the investor paid 300 million yuan to decide the bond principal to be sold back in advance. This is the latest case of large-scale enterprises in Sichuan province falling into debt dilemma.