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Based on the financial crisis, cash flow management for SMEs
By the U.S. subprime mortgage crisis caused by the global financial crisis on China already exists financing difficulties for SMEs, even worse. This paper mainly discusses the financial crisis, the environment, small and medium enterprises how to implement and improve cash flow management, in order to get through this "winter."
an existing cash flow management of SME status
At present, SMEs account for 99% of total number of enterprises, the creation of final goods and services valued at more than 60% of GDP or more, paid revenue was approximately 50% of total state tax revenue, providing more than 75% of urban jobs. As of the end of 2006, the country's private sector to SMEs as the main import and export amounted to 24364L U.S. dollars, up 46.5 percent, higher than the national growth rate of approximately 23 percent, the proportion of the country's total imports and exports reached 13.8%. So the rapid development of SMEs, the support of their cash flow is how to run it?
(A) the formation of a complex highly leveraged finance capital chain
SMEs, due to low efficiency, high risks and corporate integrity low, so many banks are reluctant to give loans to SMEs or small loan amount. But enterprises to develop, funds are indispensable "blood." Corporate finance had to turn its attention to the people, through the means of mortgages, mutual guarantees, loan sharks and other means of access to liquidity, have gradually built up an extremely complex network of funds, financing leverage is magnified, if one part of a problem, it will lead to chain reaction.
(two) irrational irrational investment decisions to guide the flow of cash flow
Most of the SMEs in the development of short-term behavior exists, there is a market for investment, without considering their strength is capable of supporting this decision , resulting in unplanned capital flows. Once the failed investment projects, a lot of money has become sunk costs, deepening the risk of cash flow circulation. China's foreign trade in the period of rapid development, the country's foreign trade enterprises to take advantage of low-cost advantage in the international sales market to get a good profit. Most of their products are low value-added and low-tech. In sales is mostly used scale. These enterprises export economy piece of "cake" gradually have a strong dependence, invest a lot of money to expand production, while ignoring the domestic market development. Eventually forming a single channel reproduction cash flow, once the foreign demand has shrunk, it will face the risk of capital can not be withdrawn from circulation.
(three) changes in the macroeconomic environment to enable SMEs manage cash flow reductions
new "Labor Contract Law" The introduction of the credit crunch, to accelerate the appreciation of the RMB exchange rate, increased production costs, raw material prices and drastic reduction of export tax rebates and other changes in the macroeconomic environment, small and medium enterprises in the hands of the accelerated loss of cash flow, limiting cash flow management flexibility. SME cash flow management awareness is poor, long-term operation of the cash flow blind, increasing the potential risk accumulation procure any of the small "setback" on the enterprise may be set at the edge of death.
Second, the financial crisis impact on SMEs
cash flow crisis, also known as the financial turmoil. Refers to a country or several countries and regions all or most of the financial indicators (eg: short-term interest rates, monetary assets, securities,ralph lauren, real estate, land (prices), business bankruptcy and collapse of several financial institutions) of sharp, short and ultra- Cycle deterioration. Company's cash flow and financial crisis are closely linked, the financial crisis has led to corporate cash flow interruption,ralph lauren outlet, large quantities of business failures, thus further expanding the scope and impact of the financial crisis deepened impact. All aspects of the financial crisis on SMEs cash flow generating a huge impact, especially for export-oriented SMEs.
(a) sharp drop in foreign demand, domestic demand is insufficient
under the influence of the financial crisis, a large number of foreign financial institution failures, rising unemployment, people adjust excessive consumption concept, focusing on savings, the overall consumption levels. According to the survey, the textile and garment industry in the third and fourth quarter orders decreased, the American consumer attitudes decline, retailers next single is also reduced. Shrinking external demand led to the enormous difficulties of SMEs exports, while domestic producers increase in the number and the level of demand did not improve, resellers domestic hopeless,Polo Ralph Lauren, a lot of commodity hoarding, resulting in cash can not be withdrawn from circulation, the enterprise is in shutdown state. In particular the strong dependence of foreign enterprises, capital flow interruption prompted them to immediately close down.
(two) depreciation of the dollar, Renminbi appreciation
At present, China's foreign trade transactions, 80% in U.S. dollars, the dollar will lead to a lot of SMEs due to exchange rate movements caused by shrinkage and a large number of exchange receivable serious loss, a lot of money to be "stuck" to make a going concern can not continue. Enterprises into a shutdown state. The appreciation of the renminbi relative to the loss of a low-cost business advantages, such as using only result in price increases ways to further reduce the number of sales, many companies have withdrawn the overseas market, a considerable part of the low-margin business as the cash can not be recycled and bankruptcy.
(three) banking cautious lending, corporate FUTURE unpredictable
policies by last year's credit crunch and the double impact of the financial crisis, the bank strengthened credit risk management. In mid-July 2008, the CBRC officials have raised alarms, as domestic and international market environment changes, a substantial increase in business inventories, has generally declined, funds become tighter, so banks should carefully guard against emerging risks. According to statistics, China's largest export base for sports shoes, Jinjiang, Fujian, 1-5 months of this year, financial institutions RMB loans 26.79 billion yuan, representing a decrease of 26.8 billion yuan. Enterprise "money thirsty" to promote folk rates soared, businesses fall into the trap of "no party hematopoietic transfusion trackless" dilemma.
visible, SME cash flow management and business development phase disjointed, leading them in the face of financial crisis is so vulnerable.
three SME cash flow management discussion
SME financial crisis has exposed flaws cash flow management, then the business how to manage cash flow, I propose the following:
( a) preparing a cash budget, strengthen financial regulation
cash budget is the main content of cash flow management, SME financing capacity is weak, we should do a cash budget. By cash budget, master cash inflow, outflow, and timely complement the balance, according to the production and operation of enterprises to establish capital reserve system, according to a certain percentage of the sales revenue of enterprises to extract a certain risk reserves, cash flow for the business in the event of a crisis breaks utilization .
(two) to increase investment program evaluation, and actively prevent investment risks
enterprises should be based on their own strength, to avoid blind diversification to spread the financial, cut unnecessary branches and take the professional core competencies road. Evaluation of major investment program using discounted cash flow indicators, using cash flow method to select the investment program is more reasonable and accurate,Polo Pas Cher, to put money into the primary industry, the main industry to improve hematopoietic function, increase cash inflows, to avoid risks . Balanced development of domestic and foreign markets, expand sales network routes, risk prevention.
(three) to take diversified financing channels, to ensure cash flow filling
enterprises to improve their credit rating, to strengthen communication and cooperation with the bank in order to obtain bank loans and subsidies. Enhance their own strength, to obtain issuance of bonds or equity financing opportunities. Timely use of national policy gap financing, such as the central bank released this year, "the inter-bank bond market, non-financial corporate bond financing tool management approach", and not on short-term financing bonds issued policy guidelines for companies who set up a "threshold", which for SMEs into the inter-bank bond market offers opportunities. Diversified financing to ensure adequate cash flow, improve cash flow risk prevention.
(four) to seize the opportunity to support government policies, improve the ability to generate cash flows
Chinese Ministry of Finance for SMEs, such as poor cash flow problems, was prepared to increase and guide local governments to increase SME development financial support, in credit guarantees, loan interest subsidies, government procurement policies, etc. to be tilted and suspend individual industrial and commercial administration and bazaars management costs, reduce the burden on small and medium enterprises. And in 087 years on September 11, the Central Treasury clarified the six policies, arranged 3.51 billion yuan of special funds for SMEs to help their healthy development. Enterprises should seize the government "blood transfusion" policy, timely upgrade and optimize the product structure, relying on scientific and technological innovation, improve product value. The only way to expand the market, to attract more customers, make an inventory of cash flow and then "blood" feature.
(five) to strengthen enterprise management personnel cash flow cash flow management awareness
ultimately depends on whether the rational flow management. Enterprise management personnel or those in charge of cash flow to timely training and update their financial knowledge and improve cash flow risk management awareness. Making strategic investment firm should be considered when the occupancy rate and the recovery of funds, reduce the cost of funds. Ready with customers, suppliers communication, reduce the incidence of bad debts, ensuring smooth funding sources. Note that changes in the macroeconomic environment, timely adjustment of the use of funds strategy, risk prevention.
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