At present, two phenomena related to SMEs deserve attention: first, the asset-liability ratio of private enterprises is higher than that of state-owned enterprises, and second, the accounts receivable period of some SMEs is prolonged.
The credit support provided to small and medium-sized enterprises can ease the pressure on the cash flow of enterprises, but it should be noted that if the accounts receivable are not guaranteed, it may increase the pressure on enterprises to repay the principal and interest, which needs further analysis.
For a long time, some large enterprises in the industrial chain have withheld and occupied the accounts of upstream and downstream small and medium-sized enterprises by virtue of their own advantageous positions.
Some enterprises adopt the method of "payment before delivery". Some take the goods from upstream enterprises but delay the payment, extending the payment time.
What's more, even if the payment is made, the small and medium-sized enterprises will not receive cash, but mostly electric or commercial tickets from the financial company. The withdrawal will take 6 months. If the cash is realized in advance, the small and medium-sized enterprises need to pay a certain amount. cost.
At the same time, due to the impact of the new crown pneumonia epidemic, the current blocking points and card points of the industrial chain have increased, and the cash flow management of some core enterprises has also been in trouble.
In this regard, relevant departments have introduced some new measures to treat "symptoms" through accounts receivable pledge loans and other methods.
For example, some enterprises temporarily owe money to upstream small and medium-sized enterprises. Banks provide loans to small and medium-sized enterprises. Once the small and medium-sized enterprises fail to repay the loan on time, the owed enterprises will repay the money.
These measures have achieved certain positive results, and the availability of credit for SMEs has been enhanced.
However, the leverage ratio of SMEs has also increased.
Statistics show that by the end of December 2021, the asset-liability ratio of private enterprises has surpassed that of state-owned enterprises.
It can be seen that if the account period of small and medium-sized enterprises is extended blindly, it may lead to tight cash flow. If combined with the decline in profits and operating income, the pressure on loan repayment of enterprises will be even greater.
Therefore, while credit relief for small and medium-sized enterprises, it is also necessary to form a synergy with other policies.
One is to cure the disease.
Special actions to prevent and resolve the arrears of small and medium-sized enterprises should be carried out in depth to protect the legitimate rights and interests of small and medium-sized enterprises in accordance with the law.
Relevant enterprises should make payments to small, medium and micro enterprises in a timely manner, expand commercial credit in a reasonable and orderly manner, protect the legitimate rights and interests of small, medium and micro enterprises, and create an industrial ecology in which large, medium, small and micro enterprises coexist and win-win.
The second is to stabilize the chain first.
Guide financial institutions to reasonably increase their liquidity support for relevant enterprises, and encourage them to pay upstream and downstream enterprises in a timely manner after they relieve their own pressure, so as to smooth the flow of funds in the industrial chain.
At the same time, if these companies are found to have violated the "Regulations on Guaranteeing Payments to Small and Medium-sized Enterprises", the regulatory authorities will strictly investigate and punish them.
The third is to prevent problems before they happen.
With the rising asset-liability ratio of SMEs, there is less room for credit relief, and it is necessary to avoid raising credit risks.
It is also necessary to actively play the role of fiscal policy, according to the favorable policy of large-scale value-added tax credits and refunds, to ensure timely and accurate direct access to funds, so that market players can feel the policy temperature and enjoy policy dividends as soon as possible.
(Source of Guo Ziyuan: Economic Daily)