Entrepreneurial board will be the enterprise puzzle: Low debt ratio must have

This reporter Chen Kun only Shanghai reported that if only look at the asset-liability ratio, plans to land gem enterprises, are called "Sweet cakes." Reporter sample statistics of Shanghai Jia Hao ship, Anhui Ahn Biological, Jiangsu xinning Modern logistics, network accommodation technology, Tongji with the Czech Republic (will be), Zhejiang Silver Electronics, Zhejiang Nuclear new flush and other 7 Enterprises Gem IPO Prospectus (report) found that, in addition to Zhejiang silver electronic assets and liabilities ratio (parent company) up to 60.8%　　, the remaining 6 enterprises are under 30%, net-bed technology is only 6.83%. Another feature is that the solvency performance marked by the flow ratio and quick ratio is also very eye-catching (see table). Under the liabilities of these enterprises, there are fewer bank loans.　　By the end of June, 7 companies accumulated bank loans of only 120 million yuan, of which, Shanghai Jia Hao ship did not even have a bank loan. For small and medium-sized enterprises financing difficult This "global problem", both sides hold their own opinions. Enterprises will point to the poor financing environment, the lack of their own collateral, and the bank, that this is a risk appetite and wind control requirements.　　A number of bank credit people said that in the enterprise's life cycle, the start-up phase of financing should not be a bank credit to play the main force.　　Low debt rate behind the 7 companies to open the prospectus (report), the performance of debt-servicing indicators that is quite good.　　From high to low, the assets and liabilities of 7 enterprises are Zhejiang Silver Electronics 60.8%, Shanghai Jia Hao ship 29.1%, Jiangsu xinning Modern Logistics 25.8%, Tongji with the Czech Republic 21.2%, nuclear new with flowers shun 17.9%, Ann Ke Biological 12.4%, net technology 6.8%. As the debt rate is low, the flow ratio and the quick rate are very high as a measure of solvency.　　In view of the current meeting of the 4 companies, network Technology, biosafety, Shanghai Jia Hao ship and xinning modern logistics, the speed ratio, respectively, 8.36, 1.27, 2.00, 1.87. With large enterprises at hundreds of millions of yuan, or even billions of yuan of bank loans, the above 7 companies have minimal bank loans.　　By the end of June, the highest bank loan balance in Zhejiang Silver Electronics, up to 46.5 million yuan, the least Shanghai Hao ship, no bank loans, 7 companies accumulated bank loan balance of about 120 million yuan. Obviously, this does not mean that companies do not need bank financing, but there are other things, mainly the lack of collateral.　　The companies in the prospectus also poured the "bitter".　　Shanghai Jia Hao ships, such as the 0 loan, said the asset-liability ratio was at a low level, in addition to the good cash flow situation, but also because of the two quarter of 2009, the company fixed assets are small, lack of assets can be used for mortgages, debt financing capacity is weak, so no interest in debt Similar statements are not uncommon in prospectuses.　　NET-bed technology said that in the current domestic financing environment, Internet enterprises because of less fixed assets and more difficult to obtain bank loans. Even the 7 most leveraged Zhejiang Silver Electronics also said the company's asset ownersTo be composed of liquid assets such as cash, inventory and accounts receivable, the ratio of non-current assets is low, only 8.46% at the end of June. "The above asset structure leads to limited ability to obtain funds from bank mortgages, and the lack of financing capacity severely limits the company's rapid growth."　　"Zhejiang Silver Electronics said."　　Listing financing, and then buying collateral? Even if loans can be obtained from banks, High-tech enterprises such as Zhejiang Silver Electronics and amphetamines have greater uncertainty about the marketization of scientific and technological achievements, so banks are generally very cautious and loan amounts are small.　　One bank said to the public credit people.　　At present, 6 companies with bank loans show that the financing conditions are generally harsh, and the basic mortgage and benchmark interest rates are mainly floating. Even with a AA credit rating of xinning Modern logistics, also enjoy the treatment of credit loans, its Kunshan branch in ICBC loans 9.36 million yuan, is the use of real estate mortgage (the current mortgage has been lifted), and in the Pudong branch of Waigaoqiao sub-branches loans of 1.8 million yuan, is a 1.8 million-dollar certificate of deposit and 4.5　　The million-dollar certificate of deposit is obtained as collateral. The same goes for the new nuclear flush.　　The enterprise took out a 13 million-yuan certificate of deposit as collateral, just from the Pudong bank to get 10 million yuan of special loans (now converted into credit loans). Financing costs, the reporter found that Zhejiang silver from Hangzhou Bank before and after the acquisition of three loans, a total of 50 million yuan, of which 2008 years of two loans for the benchmark rate of 20% floating, a loan in June this year floating 10%.　　In addition, in August 2008, the Bio-biology from ICBC Tongling Branch loans of 3.85 million yuan, loan annual interest rate of 8.217%, than the current benchmark rate of 10% floating.　　Landing the gem, the successful collection of funds, the above enterprises or will be relatively easy financing environment.　　Interestingly, the new nuclear flush said that it would invest about 49.64 million yuan to purchase property, accounting for 41.69% of the new fixed assets, accounting for 18.9% of the total amount of capital investment projects raised.　　The company believes that because bank loans need to provide collateral, and the company fixed assets in particular, less real estate, more difficult to obtain development through indirect financing funds, the purchase of property can broaden the company's financing channels. Why are the misaligned risk preferences less common in the balance sheets of these small and medium-sized enterprises?　　In addition to the lack of collateral, what are the reasons? "The service is not in place, and banks need to review."　　"The banks are not necessarily willing to touch them," said the executives, who say that the way they need to finance, their own level of operation and their risks, and the risk appetite of banks, particularly large banks, are misplaced.　　He said that the whole life cycle of the enterprise, financing has its regularity, in the entrepreneurial stage of the enterprise, financing method is not necessarily with the bank's risk appetite, wind control requirements exactly match, this is "also a global problem." Another joint-stock bank said that attracting venture capital and adopting cooperative development could be more suitable for these entrepreneurial ventures, as the windInvestment 10, the success of two may be able to earn back, but the bank loans to vote, we must ensure that can be recovered. Among the 7 companies, there is also a lack of venture capital participation.　　For example, Zhejiang Silver electronic Shareholder list, Intel (product), Blue Mountain Investment each hold 5 million shares, accounting for 8.33%, tied to the second largest shareholder. As a result, the bank said that the commercial banks still hope to be able to get the domestic brokerage license plate, so you can do the gem in the sponsorship, underwriting and other business.