By the end of 2006 ,the country with the small and medium-sized enterprises as the main body of the private enterprises import and export amount of $24364L ,an increase of 46.5% ,higher than the national growth rate of about 23 percentage points ,accounting for the import and export of up to 13.
8% .As the rapid development of SMEs ,supporting their cash flow is how to run ?( a ) high leverage financing form complex capital chain of small and medium enterprises due to low efficiency ,high risk and the integrity of the enterprise is low, and many banks are reluctant to give loans to small businesses or give a small amount of loan .
But the development of enterprises, capital is the indispensable &ldquo ;blood &rdquo ;.Enterprise had to look to the folk financing ,through the use of mortgage loans ,secured to each other ,usurious loan and other means of access to liquidity, also built an extremely complex network of funds ,financing lever to be amplified ,if one part of a problem ,will trigger a chain reaction .
( two) unreasonable investment decision-making guide the cash flow is reasonable flow of most of the small and medium enterprises in the development of short-term behavior ,market investment ,did not consider their own strength to support this decision ,cause capital without program flow .
Once the failure of investment project ,a large amount of money was sunk costs ,increased cash flow circulation risks .In the import and export trade of our country of a period of rapid development, foreign trade enterprises to use its low cost advantage in the international market to gain a better profit .
Their products are mostly low added value and low technology content .In sales is mostly used in the scale benefit .These enterprises to export the economic &ldquo &rdquo ;cake ;has the very strong dependence ,a large capital investment to expand production, while neglecting the development of the domestic market .
Eventually cash flow reproduction of the single channel ,once appear shrinking external demand ,will face the risk of funds and unable to return .( three) macro environment changes to the management of small and medium enterprises cash flow reduction the new labor contract law come on stage ,the credit crunch ,the appreciation of the RMB exchange rate to accelerate ,raise the cost of production ,raw materials prices and substantial reduction of export tax rebate and the change of macroscopical environment ,make medium and small enterprises in the hands of cash flow accelerated erosion cash flow management ,limits the flexibility .
The small and medium-sized enterprise cash flow management consciousness is poor ,long-term to make cash flow blind operation ,the potential risk is accumulated ,make any small &ldquo &rdquo ;frustration ;may buy enterprise at the edge of life and death .
Two ,the financial crisis on the small and medium-sized enterprise cash flow effects of the financial crisis .It is to point to a country or several countries and regions all or most of the financial indicators ( such as: short-term interest rates ,monetary assets ,securities ,real estate ,land ( price ) ,the number of business bankruptcy and the collapse of financial institutions ,the number of sharp ) and ultra-short-cycle deterioration .
The firm and financial crisis are closely linked ,the financial crisis led to the enterprise cash flow interruption, large quantities of enterprises ,so as to further expand the impact of the financial crisis and deepen the degree of impact .
The financial crisis from various aspects to the small and medium-sized enterprise cash produces huge impact ,especially for export-oriented small and medium-sized enterprises .( a ) of foreign demand acute to decrease, the insufficient domestic demand under the impact of the financial crisis ,a large number of foreign financial institutions closed down ,unemployment rate rises ,people adjusted lead consumption concept ,focused on saving ,consumption level of whole of decline .
According to the survey ,the textile and garment industry third ,four quarter orders decreased significantly ,the consumptive idea of American decline ,retailers place an order is reduced .
Outside the huge shrinkage causes the export of small and medium enterprises to domestic producers ,and increased in number ,and the level of demand did not improve, to domestic sales of hopelessness ,many commodity hoarding ,resulting in cash and unable to return ,the enterprise is in stop production condition .
Especially foreign dependence of enterprises, capital flow interruption prompted them to collapse .( two) the depreciation of the dollar ,the yuan appreciation at present our country foreign trade relative ,80%are in dollars, the dollar will lead to many small and medium-sized enterprises because of exchange rate change caused by the large shrinkage and the receivables exchange loss serious ,a lot of money to be &ldquo ;secure &rdquo ;make sustained operation cannot continue .
The enterprise is immersed in stop production condition .While the renminbi relative appreciation to make the enterprise loses the advantage of low cost, such as the use of price would only cause sales volume is further reduced, many enterprises have been withdrawn from the overseas market ,have quite one part low profit margin because the enterprise cash recovery can not be bankrupt .
( three) prudent lending banks ,enterprises are under way last year money credit contraction of the policy and the dual impact of the financial crisis ,banks to strengthen the credit risk management .
08 years in the middle of July, the China Banking Regulatory Commission officials had warned ,because domestic and international market environment changes, company stock increases in great quantities, benefit glides generally, funds is nervous with each passing day ,therefore, banks should pay attention to the prevention of the emergence of new risk .
According to statistics, in China sports shoes export base in Fujian city of Jinjiang this year in May ,1—financial institutions RMB loans 26790000000 yuan,than last year the corresponding period reduced 2680000000 yuan.
The enterprise &ldquo &rdquo ;lack of money if he thirst ;,make the folk interest rate rise ,enterprise sank into the &ldquo ;hematopoietic failure ,blood transfusion without &rdquo ;dilemma .
Visible ,small and medium-sized enterprise cash flow management and the development of the enterprise is out of line ,leading them in the face of the financial crisis that cannot withstand a single blow .
In three ,small and medium-sized enterprise cash flow management mode of the financial crisis that small and medium-sized enterprises exposed cash flow management deficiencies ,so how does the enterprise cash flow management ,the author puts forward the following suggestions: ( a ) preparing cash budget ,strengthen financial regulation cash budget cash flow management is the main content of medium and small enterprises ,financing ability is weak ,but should also do a cash budget .
Through the cash budget cash inflow ,outflow ,grasp the situation, timely make up the balance ,according to the production and operation of enterprises to establish their reserves system ,according to a certain sales revenue to extract a certain percentage of enterprise risk reserve ,for enterprises in the cash flow crisis by using fracture .
( two) strengthen the investment project evaluation ,positive to guard against the risk of investment enterprises should be based on its own strength ,avoid blind diversification in order to disperse the financial ,cut unnecessary branch ,take the professional core competence road .
For investment project evaluation mainly using discounted cash flow index ,use cash flow method to select investment scheme more reasonable and accurate, to put money into the industry development ,improve the industry hematopoietic function, increase cash flow quantity ,risk aversion .
Balance the development of domestic and foreign markets ,expand sales network route ,risk prevention .( three) adopt diversified financing channels ,to ensure that the filling cash flow of enterprises to improve the credit rating ,strengthen communication and cooperation with the bank ,to obtain bank loans .
To enhance the enterprise own strength ,access to issue bonds or stock financing opportunities .Timely use of national policy space of financing ,such as the central bank issued this year of non-financial enterprises in the inter-bank bond market bond financing tool management approach ,and not on the short-term financing bonds issued enterprises in policy allowed us to set up &ldquo &rdquo ;threshold ;for small and medium-sized enterprises ,which enter the inter-bank bond market provides the opportunity .
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,improve the ability of risk prevention .( four) to seize the opportunity to improve the government policy support ,the ability to create cash flow of Chinese Ministry of Finance for small and medium enterprises cash flow is not the problem such as free ,to expand and guide the local finance on the development of small and medium-sized enterprises in financial support ,credit guarantee ,loan interest subsidy ,government procurement and other aspects of policy tilt ,and stop collecting the individual industry and Commerce Management and market management costs ,reducing the burden on small and medium enterprises .And in September 11th 087 ,the Central Treasury Department identified six policy ,arranged a special fund for small and medium enterprises 3510000000 yuan,to help their healthy development .Enterprises should seize the government &ldquo &rdquo ;blood transfusion ;policy ,timely upgrade, optimize the product structure ,relying on scientific and technological innovation ,improve the value-added products .
The only way to broaden the market ,attract more customers ,invigorated the cash flow to &ldquo ;hematopoietic function of &rdquo .( five) strengthen enterprise management cash flow cash flow management consciousness is reasonable flow ultimately depends on the management .
Enterprise management personnel or cash flow ruler to timely training and update their knowledge of finance ,improving cash flow risk management awareness .In the strategy of the enterprise investment, should consider capital occupation rate and recovery rate, reduce the use cost of capital .
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