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2125574 2008 年 01 月 15 日 18:50 Reading (loading. ..) Comments (0) Category: money can not
For companies, remember that cash is king, especially in the era of tighter monetary policy.
present, the implementation of tight monetary policy, the entire surface in a severe macroeconomic adjustment empty into the future will be very tight liquidity, this situation would certainly have been spread to 2008-2010. Chinese enterprises in the sky snow and unusually cold winter, how the economy through, this is an issue.
state-owned enterprises do not worry, the days of monopoly of state-owned enterprises will not change one o'clock, such as oil, electricity, gas, telecommunications, etc., continue to large Gourmet Kitchen, chewing brings monopoly Happy Cake; some of the troubled state-owned enterprises do not have to worry about, the state will be responsible for the survival of workers in these enterprises; and private enterprises will have real challenges, Yimapingchuan the good old days will soon be over, how to survive this winter, go to the future . I am willing to share their experience, with you to tide over this winter.
one, cash is king
in this most difficult time, the most critical choice - to retain cash, the maximum cash, cash is king.
recently, in southern China Vanke made a surprise move, the first price reduction, down 20% a lot of real estate directly, I think Wang is not any social responsibility, but the first response, early recovery of cash flow as soon as possible. Vanke with the real estate industry is doing it big brother, not to mention the small enterprise. Active narrow profit margins, but to accelerate capital returns, and get a good social image. New low-cost disk at the same time, the project will be less pressure on late sales, pricing, if unreasonable, the late high prices, in such a market environment, was likely to put themselves stuck, Vanke to fight for their own liquidity, rainy day .
tight in the winter capital, the enterprise should not be the pursuit of high profit margins, but the pursuit of absolute high turnover rate. Such as Vanke turnover rate than the general development of the industry average more than double. Vanke's total turnover in 2006 was 0.56, while the industry average is 0.32. Significant trend was accelerated pace of business, from sales to get the project to shorten the cycle.
come in this crisis time, step back strain, before the storm, and enterprises will Adventure million mountain.
for the real estate business is undoubtedly speed up the sales progress, cash withdrawn from circulation as soon as possible, while holding cash.
Another example is the pursuit of absolute Gome high total asset turnover, turnover rate than many other enterprises, is much higher operating efficiency of natural, of course, you can accumulate a wealth of time cash, should any sign of trouble.
winter in the capital, will become a very real live issues, the first not busy with expansion.
Second, the shrinking front
high current liabilities if the enterprise, financial chain is very tight, it would have to retain only the most lucrative and long-term assets and potential outbreaks conventional core business assets, non-core business assets, non-essential part of the assets or the assets to make money, we must get rid of as soon as possible, for the debt down to a reasonable level, the normal main business generated cash flow can support the maintenance of business assets needs. \
as enterprises to survive the winter like a hedgehog, the contraction in the contraction, the accumulation of energy, minimizing energy consumption. Financial \Such as the Tang Wanxin family splitting in Xinjiang Delong most when holding a great number of banks, securities, insurance, Jin Xinxin care, Xinjiang, financial leasing, financial leasing the new century, Deheng securities, major trust, the Islamic Trust, Hanson Securities , CR securities firms in Kunming, Nanchang firms, Zhuzhou firm temporary fame. However, these assets in an economic downturn before 2005, no significant hills, no significant water and did not give Laotang how much cash flow, at best a draw. Tang Wanxin also only enjoyed the reputation of M & A king in name, did not get any real benefit. However, this man so much control of the assets, all rely on borrowing to fund capital chain too tight, inter-related, as long as a link in the chain, people of a prosecution, man to finish off. Just think, if this man can be anti to 2006, the stock market broke, shares of listed companies has doubled up with the play-like, non-listed banks, brokerage shares surge, what is this scene, any broker's equity stakes in banks, not premium absolutely no shot 5 times, think about it, quite to 2006, Laotang absolutely made. China is certainly the most affluent Laotang, also on the borrowed money casually. Unfortunately, Laotang over-expansion of assets, liabilities, high costs, its cash flow growth rate is difficult to support such a large asset.
capital chain must be flexible enough to collapse at any time not too close, the era of economic contraction is even more so. Enterprises should not really come in the winter prior to the contraction and then shrink in winter, when the truth comes, want to shrink too late.
three main
hold the hands of a person must have two wallets, a purse now, every day cash flow, such as a person to get wages, access to the sale of a business day, cash back, etc., this wallet is to ensure that a person, a business must survive. At the same time a person must have a future purse, and now this purse does not produce cash back now, and even consumption of cash, but some future time,
pandora charm, this will suddenly open the wallet and bring money rolling in, and this purse of money to bring the number of far more than the current wallet. Blindly rely on the existing wallet, you can only be rich, had a middle-class life, if you have a future purse, you retain the opportunity to become rich and powerful.
wallet now is the company's main business, the future of the purse is the company's long-term investment, if not quality companies listed equity investments. No wallet now, companies simply can not support the future of the purse, even if temporarily there is a future purse, but also in winter time to lose it. No future wallet is very difficult to achieve leapfrog development. Tang Wanxin man Unfortunately this is now the main industry is the lack of purse, wallet too much future, too weak to give Long shot Mr Xianning Antiaris Lesch.
best strategy is to have a very stable cash flow to generate the main industry, the main industry profits are not high does not matter, the key is to be able to generate a steady stream of cash flow, but also have an outbreak of assets, such as the holding company has not listed the equity premium, such as banks, brokerage shares, or hold a position of good lots of land, buildings, shares of these companies, rely on land borrowing to fund holdings does not matter, the key is you can have said before to feed the main revenue-producing assets temporarily. A long line to catch big fish. You can hold on, there are fish to ensure the basic survival needs, blindly waiting to eat fish, you may not catch big fish before, to starve to death.
look at Mr. Wong Gome, Gome itself has a very strong core business, can produce a steady stream of cash flows, support Mr. Wong real estate development.
four, ready to buy the dips
money is simply buy low and sell, the more cheap to buy better, sell more expensive the better. Remember: what, when recession is cheaper, what time of economic prosperity are expensive. So when the recession to buy valuable assets, when shot in the realization of economic prosperity. Production-style simply very difficult to riches, while China's current economic prosperity to provide the opportunity of this acquisition. Feng Lun
Wantong Liujunzi of the most difficult time to sell the Huaxia Bank, Minsheng Bank, Shi Yuzhu picked up a super cheap, less than 3 billion investment Today, 12.0 billion into these investments.
fact, do not want to hold these high quality Feng Lun not share, but did hold on, must be discarded, or give up equity, or give up some quality housing real estate projects, can not have both. Wantong made the most correct decision, shrinking front, return of funds, Mr Fung is also a net worth of billions of dollars today. But winter was quite
sure, some businesses will inevitably fall with poor health. However, the long-term prospects are very optimistic about China's economy, enterprises should pay attention to looking for opportunities. Low-cost opportunity to buy quality assets. Therefore, the accumulation of cash is very important at this time, as looking for opportunities to be like Hunter.
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