Author |Yan Da.
Recently, at the "China Economic News Figures Selection", Cao Dewang's words were profound. In his view, the current difficulties encountered by Chinese enterprises are that they are guilty of homogenization and low-level repetitive construction, which leads to overcapacity in all walks of life, which is one thing; The second problem is that there is too much debt. Although Cao Dewang is not in the rivers and lakes of economic experts, the rivers and lakes have always had his legends. In just a few words, it can be seen that Cao Dewang's forward-looking business operation and overall view of the economy are enough to crush many so-called experts who are "amazingly speaking". A large part of the formation of the problem is indeed as it said, one is homogeneous and low-level duplicate construction, which leads to overcapacity; The other is too much debt. The former leads to the white-hot involution of the same industry, and in order to overwhelm the opponent, enterprises often form a vicious circle in product quality and quality; Moreover, the former will indirectly lead to a rush of funds, which is easy to form a bubble, and when it is unsustainable, the bubble bursts, and many companies fall into debt crisis in an instant. On the other hand, Fuyao Glass, it is not easy to have this kind of problem, Cao Dewang bluntly said, Fuyao's financial situation is very good, and the benefits are also very good, "Fuyao's current bank deposits minus bank loans, there are hundreds of millions left, there is no money owed to the bank, and current assets are several times that of current liabilities." In other words, Fuyao can almost completely eliminate bank loans, and the deposits on the balance sheet alone can fully cover the loan amount, and there is no need to worry about debt leverage, let alone a debt crisis. This is unique among many industries and companies with high debt and high leverage. This kind of industrial enterprise with very low debt and good operation is "like a firefly in the night, so distinct, so outstanding", which is the sweetheart in the eyes of almost all financial institutions.
Financial institutions, especially banks, are the most willing to develop high-quality enterprises into long-term large customers, and the more high-quality enterprises are, the lower the loan interest rate given by banks. However, it is not a good thing to pile up loans because enterprises are prone to misjudgment, take excess loans to diversify investments, and change from good enterprises to bad enterprises if they are not careful.
And Cao Dewang's Fuyao Glass is a good enterprise that is not short of money.
From the bank's point of view, it must be right to give a good business loan, and you can't repay the loan to a business that can't be repaid, right? Even if you borrow money between individuals, you can't lend money to someone who has no money and can't afford to pay it back, but you definitely prefer to lend money to someone with a stable income and a stable job, and the more promising the other party is or the more "money" is prosperous, the more you will lend to the other party. Different perspectives naturally lead to different attitudes toward understanding and looking at problems. But for good businesses and individuals, howFaceThe key to the problem is that you can get a huge amount of loan funds by "drawing a pledge". When you can't control so much money, excessive funds are harmful, which is the same as eating, no matter how delicious the delicacies of the mountains and seas are very full, it is the limit of the normal range, but if you can't control the food to support, then there will be all kinds of discomfort later, and good things will become bad things. The most important thing is the ability of business owners, entrepreneurs and individuals to know and control their funds. Taking Fuyao as an example, I believe that the account manager who wants to get Fuyao Loan in a hurry is estimated to be able to queue up for two miles. However, Fuyao is the first in the automotive glass industry, but it is not a scale with high debt and high leverage, but a very low debt to reach the forefront of the industry. This point is similar to Yu Minhong, who was invited as a guest of China last year. In the highlight period, investors said as soon as they saw that Yu Minhong's company had so much cash on its accounts, "Now that the industry is so prosperous, why don't you burn this money quickly, and we will give you a higher valuation after burning", Yu Minhong retorted that "the valuation is a fart, and it is a good thing that I (the company) is alive". Facts have also proved that Yu Minhong is right, if he had burned money to make the market value high, when he encountered force majeure factors, then even if he had the heart to compensate employees to leave the decent and the heart to give tens of thousands of sets of desks and chairs to some rural schools for free, it is estimated that he would not have the financial resources and energy, because most of the energy is spent dealing with debt collectors and institutions. Not to mention that after encountering major policy adjustments in the field of education and training, Yu Minhong still has enough spare energy to drink liquor with his colleagues in the office for many days, and discuss how to bring the company back to life while borrowing wine to drown his sorrows. A cursory analysis of Cao Dewang and Yu Minhong's way of doing business, you will find that there have been so many enterprises and individuals in debt crisis in recent years, and the reason why these two and their enterprises can travel lightly and smoothly carry out the next step is the premiseIt is their sober understanding and prudence about homogeneous operation and liquidity security. In the past, many bigwigs visited Cao Dewang's Fuyao University of Science and Technology, but at least more than half of them were very anxious, saying that their enterprises were very difficult. At the "China Economic News Figures Selection" held by the China Economic Media Association and Sina Finance, Cao Dewang encouraged fellow entrepreneurs, "China is the China of the Chinese, and Chinese entrepreneurs should unite and struggle to face difficulties." "All of you here are members of the country's elite, and you must shoulder your own mission and responsibility of the times. ”
Not only what he says, but also how he does it. On January 25, Fuyao issued an announcement to set up three subsidiaries in Hefei, with a total investment of 57500 million to meet the growing demand for safety glass and auto parts glass in the automotive market. At the end of last month, Fuyao disclosed that it had invested 32500 million yuan to build an automotive safety glass project. In less than a month, Cao Dewang made two shots and invested heavily in new projects, with a total of 9 billion! Driving investment and increasing social jobs is indeed as he said, "shouldering the mission and responsibility of its own times". Many enterprises have encountered difficulties, Cao Dewang said, "We should unite and face the current reality actively, objectively and realistically, and discuss research and explore ways to solve problems." Yu Minhong, who participated in the "China Economic News Figures" together, may be the most touched, because New Oriental faced a major adjustment in the education and training industry before, and almost suffered a vertical blow. Yu Minhong and his colleagues borrowed wine in the office to drown their sorrows while trying to find a way, and finally figured out a direction with the executives - to do live broadcast and bring goods. Later, it is estimated that Yu Minhong did not expect that this change not only brought New Oriental back to life, but even became the top stream of the live broadcast industry, expanding and driving agricultural products and various commodities in many cities. A wise man knows that change will change, and it is obvious that Yu Minhong is the wise man. In fact, as Cao Dewang said, in the face of the current reality, it is the best policy to discuss and explore how to solve the problem. This time, the "China Economic News Figures Selection (2023-2024) - Entrepreneur Night" held by Sina Finance and others gathered hundreds of entrepreneurs and people from all walks of life. They not only share their respective business philosophy, but also work together to overcome difficulties and unite to actively promote the country's economic recovery. Just as entrepreneur Cao Dewang said and did:China is the China of the Chinese, and Chinese entrepreneurs must unite and struggle to face difficulties. "All of you here are members of the country's elite, and you must shoulder your own mission and responsibility of the times. Combined with the current complex economic environment at home and abroad, the more times like this, the more entrepreneurs and people from all walks of life are needed to show the courage to take responsibility and responsibility.