The balance of "play-turn" fund in Yu-fu

May 12, Chongqing Yu Fu Asset Management Co., Ltd. (hereinafter referred to as "Yu Fu") and Huarong Asset Management company signed a cooperation agreement, one of the content is the formation of industrial Investment Fund, and the fund's size is about 10 billion to 20 billion yuan. In the afternoon, Yu-Fu and the United States billion-Thai international Capital Group announced that the joint venture to form an equity investment (PE) management company, foreign-owned billion-Thai capital occupies an absolute holding position, the joint venture plans to raise the first batch of equivalent 5 billion Yuan fund.　　5 billion yuan in capital, Yu Fu Company will lead Chongqing Local enterprises to raise 1 billion yuan. Whether it is reorganization, or market control of listed companies, or to invest, will require a large amount of money.　　These tests the capital chain of Yu Fu company.　　The company's financial report for the first quarter of 2008 showed that as of March 2008, the total assets of Yu-fu company were 27.2 billion yuan, the owner's equity was 10 billion yuan, the long-term loan was 8.7 billion yuan, and the ratio of assets to liabilities was 67%. Among them, the current assets of 20.1 billion yuan, the current liabilities of 7.8 billion yuan. In current assets, money is 1 billion yuan.　　Owner's equity also showed an increasing trend, the 2008-year quarter paid-in capital of 1.9 billion yuan, win surplus from the 2007 's 86 million yuan to 223 million yuan, unallocated profit from 145 million yuan to 1.282 billion yuan, the total owner's equity from 9 billion to 10 billion yuan.　　At present, Yu Fu company mainly has four sources of funds. One is the dividend of the holding company. 2008 Chongqing Bank every 10 shares dividend 0.5 yuan, Yu Fu company can get 28.4 million yuan, Chongqing Rural Commercial Bank distribution scheme for every 10 shares 0.6 yuan, Yu Fu company shares 600 million shares, can be divided into 36 million yuan.　　St Dongyuan, St Heavy Real, Southwest Securities 2008 years no dividend. Second, the financial stake held by the shot. May 12, Yu-fu company to 2.6 yuan/share of the price to the founder of the North Group limited to transfer the bank of Chongqing 100 million shares, to obtain 260 million yuan. 2006, Yu-Fu company to sell 2.02 yuan per share of Chongqing Bank 500 million shares, the total amount of up to 1.01 billion yuan. However, most of these funds were used to return loans to the National Development Bank.　　And the transfer of equity is not a sustainable channel to obtain funds. The third channel is the transfer of land to obtain funds. This is also the main source of funds for Yu Fu company. However, due to the macro-economic and property market, land income fluctuation is relatively large. Yu-Fu company in the first quarter of 2008 total profit of 3.2377 million yuan, its explanation is, "the current acquisition of land use Regulation (not adjusted planning), the project is not completed, the income has not been achieved." At present, bank loan is an important channel for Chongqing-rich company to obtain funds. Chongqing Bank, Chongqing Rural Commercial Bank, Three Gorges Bank, National Development Bank and ICBC are important collaborators.　　Chongqing Rural Commercial Bank 2008 years of financial reports show that Yu Fu company has 2 billion yuan of loans. This is in the cash flow statementalso reflected. Yu-Fu Company's 2007 cash flow statement shows that the operating activities of the net cash flow of 1 billion yuan, investment activities cash flow is-2.1 billion yuan, fund-raising activities cash flow net amount of 3.9 billion yuan.　　It can be seen that fund-raising activities maintain the stability of the capital chain of Yu-fu company. Chen Bonjiang, general manager of Chongqing Bank Strategy Research and Development department, said that enterprises should have their own liquidity to solve the problem of asset allocation, while Yu Fu company mainly relies on bank loans, which is related to the current financial market, but enterprises rely on loans can not solve all the problems of mergers and acquisitions, there should be a variety of　　For example, Yu-fu companies can also obtain funds through the issuance of bonds.　　In the Zhongqing 2009 17 billion yuan bond financing plate, Yu Fu Company has issued a debt 2 billion yuan plan.　　Although the cash flow is "lifeline", Zhongqing Executive vice Mayor Huang Qifan has developed a comparative system firewall for the eight groups including Yu Fu Company. The first is "three No", first, the financial sector is not guaranteed by the investment group, although the Government and the relevant departments should support the development of investment groups, but between enterprises must maintain strict boundaries to prevent the financial debt crisis, the second is the investment group can not mutually guarantee, avoid a serial catastrophe, resulting in large areas of financial risk　　Third, the investment group's special funds can not be used in cross.　　In addition, Huang Qifan for Yu-fu company developed three major firewalls, first, the ratio of assets and liabilities can not exceed 60%; second, the return on capital is more than 10%; third, cash flow, Huang Qifan that in Yu-fu company's assets, at any time should have 2 billion yuan of cash, and should not be all "dead assets." In addition, cash flow can not be broken, there must be savings, that is, every year if the profit increase of 10%, the cash flow should also increase by 10%. "You don't have to borrow money from the bank at any time," Huang Qifan said. Liu Qingxuan, deputy director of Chongqing Sasac, said, "Just like the words on the plane--please fasten your oxygen masks before helping others." Yu Fu Company to help other state-owned enterprises to develop, to control their own cash flow, the first attention to their ability. Yu Fu Company set up five years, the realization of the profit, in addition to handing in, indeed spent a lot of money to help other state-owned enterprises, pay attention to risk control is necessary. But I have confidence in them that the equity and land value of Yu-Fu has not been released. ”