Accounts receivable are rising year by year, which has become a heavy burden for small and medium-sized enterprises.
According to the data released by the National Bureau of Statistics, the balance of accounts receivable of national industrial enterprises at the end of 2065438 was +03.48 trillion yuan, and the balance of accounts receivable of national industrial enterprises at the end of 20 16 was 12.58 trillion yuan, an increase of 8.5% year-on-year. Judging from the year-end balance of accounts receivable of industrial enterprises in China in recent five years, the year-end balance shows an increasing trend.
There are many reasons for the high accounts receivable of enterprises. First, some enterprises abuse their dominant position in the industrial chain. In order to ensure the realization of this year's business objectives, they play with "financial technology" and use various excuses such as "the company really has no money", "financial audit" and "quality problems" to delay and occupy suppliers' funds for a long time; Second, in order to expand sales, some enterprises blindly take credit sales; Third, some dishonest enterprises regard debt as a "way to make money" and use various means to delay and detain the payment, so as to oppress creditors to discount or write off old debts in an attempt to "get rich" from them.
Accounts receivable are rising year by year, which has become a heavy burden for many small and medium-sized enterprises, and some accounts receivable total more than half of the total assets of enterprises. In order to ask for debts, it is simply a "broken mouth" and a "broken leg". Because accounts receivable occupy the funds of enterprises, these small and medium-sized enterprises have to borrow from banks, which objectively increases the pressure on enterprises to repay the principal and interest, and also pushes up the whole macro leverage ratio.
To solve the current situation of high accounts receivable and reduce the financing cost of enterprises, it is necessary to carry out structural reform from the money supply side and speed up the capital turnover of enterprises. To this end, the State Council recently proposed to make good use of financial instruments and vigorously develop accounts receivable financing.
The more bills, the less money.
In the process of commodity trading, no matter in the form of advance payment or receivables, as long as the form of capital payment is generated, the corresponding capital cost will be generated, but the undertakers of capital cost are different; In order to really reduce the capital cost of both parties, we have to introduce credit transactions, so we need to seek suitable financial instruments and trading mechanisms to transform monetary capital transactions into credit transactions.
The lack of credit system construction in China is one of the reasons for the high accounts receivable of enterprises. Therefore, to solve the problem of enterprise accounts receivable, it is necessary to establish credit tools and build a credit environment.
After the first generation of financing tools-bank loans, the second generation of financing tools-corporate credit bonds, the e-commerce of acceptance bills has the characteristics of electronic money and internet, and has a credit environment. The drawer with high credit reliability can use the acceptance of e-commerce as a prepayment tool to realize zero-cost financing and become the third generation financing tool.
Electronic commercial bill system (ECDS) has a credit environment for recording the historical payment information of bill debtors, which effectively restricts and identifies the default behavior of bill debtors. Entrusted by ECDS, bills can be circulated and transferred in the market. The receivable party can issue an e-commerce acceptance bill and apply for acceptance from the buyer with high credit. With the high credit reliability of the acceptor, the holder can directly transfer the money to the subsequent party through the electronic bill, giving full play to the function of electronic money; The holder can also apply for confirmation from the bank within the credit line granted by the bank to him or the drawer, so that the e-commerce acceptance can continue to transfer payment after the credit is increased, saving the financing cost of the discount transaction; Can also be discounted in the interbank market, rediscount, rediscount and other financing; This can speed up the capital turnover of all parties to the transaction, reduce the cost of capital and solve the contradiction between accounts receivable and accounts payable.
Zero-cost financing model
A central enterprise is the general contracting company of the country's important equipment industry, which generates tens of billions of accounts payable every year. Because they are unwilling to bear high loan interest, hundreds of supply chain enterprises are affected by accounts receivable. A joint-stock bank, Shanghai Branch, a central enterprise, designed an e-commerce ticket-e-money model, which used e-commerce acceptance as a payment tool and applied it to all levels of the project chain by virtue of its own credit. Commercial banks provide credit to ticket holders (see attached figure). In e-commerce acceptance bills, when the receivable party is willing to accept the advance payment of the drawer, the drawer will realize zero-cost financing;
By analogy, when every successor in the project chain agrees to accept the acceptance of e-commerce, it means saving the financing cost of all predecessors; If the bill is always in the state of endorsement and transfer within the validity period, the electronic commercial bill will play the credit and payment functions of electronic money and realize zero-cost financing for all payers in the whole supply chain; If the ticket holder needs monetary funds, he can apply for factoring financing from the commercial factoring company within the central enterprise group, or apply for bill discount from the bank granting credit to commercial tickets. The discount bank can discount and rediscount electronic commercial tickets in the interbank market.
In the mode of self-credit-electronic commercial ticket-transfer payment-electronic money, the payer only needs to reflect his own credit value without paying interest cost, and if each electronic ticket is paid on time, the credit record of ECDS system can also improve the credit reliability of the payer; The holder can use the high credit reliability of the bill payer to transfer the electronic commercial bill and pay it in the market, so as to solve the accounts receivable and income, which is in line with the principle of using Pareto optimal law of economics to optimize the allocation of resources and strive to create the maximum income at the lowest cost.
After the implementation of this scheme, central enterprises have realized zero financing cost of several billion yuan, and solved the accounts receivable dilemma of small and medium-sized enterprises in the follow-up supply chain. The traditional accounts receivable-commercial invoice-factoring financing model can only solve the transfer of accounts receivable once, while an electronic commercial bill may solve all accounts receivable in the whole supply chain. Therefore, it will be an inevitable development trend to use bill credit instead of credit and electronic bill as a payment tool to solve the accounts payable problem. Under the new normal of decreasing foreign exchange, the central bank and commercial banks should constantly improve the credit environment of electronic commercial bills, guide enterprises to use electronic commercial bills as a tool for dealing with and receivable, revitalize accounts receivable, speed up the turnover of monetary funds, and fundamentally and truly achieve the purpose of reducing the financing cost of the real economy and solving the financing difficulties.
In the credit union, all enterprises with high credit reliability can rely on their own credit value and realize zero-cost financing by using the mode of electronic business ticket-transfer payment-electronic money. Of course, the external necessary condition is that all heirs have electronic ticket accounts. This is just like most people have both SMS channels and WeChat channels in their mobile phones, but they will find it more economical to use WeChat channels when there is WIFI, but only if the information receiver has a WeChat account. According to the current progress, in about three or four years, enterprise electronic bill accounts will be popular, and every enterprise will have a settlement account for monetary funds and an electronic bill account for electronic bills, but he will find that the cost of settling funds with electronic bills is lower.
Buy buy and China issue commercial acceptance bills in different ways.
1. For the seller's enterprise, after receiving the commercial acceptance bill drawn by the other party, you can apply to the bank for bill discount from the perspective of short-term financing demand.
In nature, it is equivalent to using this commercial acceptance bill as collateral to obtain pledged loans from banks; The difference is that the bank interest rate at this time is lower than the normal bank short-term loan interest rate. Especially when your loan amount exceeds the bank loan amount and you can't continue to get loans from the bank, you don't have to be limited by the loan amount by financing through commercial acceptance bills.
2. How does a commercial acceptance bill finance the buyer? First of all, you find a company with a good relationship, and both parties draw commercial acceptance bills for each other. After receiving the commercial acceptance bill drawn by you, the other party will discount it in the bank as described above and give it to you in cash. In this way, the purpose of indirect financing is realized.
Therefore, the popularization and application of electronic commercial bills will have a great impact on the financing pattern of the real economy in the future, and reduce the financing cost because of the embodiment of commercial credit value.