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Flexiblemorgage J Cash He A%3E %3Ca%20href Flexible Mortgage Chinese private enterprise capital operation and industrial integration

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Whether in the years 1997 to 1999 bear market, or from the bear market that began in 2001, the known as "the first stock market Zhuang", "China's first Jiangzhuang" reputation of Deron has been the image of evergreen Zhuanggu supported the party in the world market. However, the rebound in the stock market in 2004, Drilon "troika" has gone against the tide fell, until the diving, no doubt, the capital chain completely broken. 

   Analysis of the reasons for the collapse of the Empire Delong, of course, the macro backdrop of a number of reasons, such as: national financing policy of a state-owned enterprises used to tilt, so that private enterprise financing; China's capital market development is not yet perfect, perfect, relevant operational rules not yet into the system, resulting in difficult capital operation of private enterprises; equity related laws, regulations and related policies is lagging behind, it is difficult to solve new problems; financial and securities supervision and regulatory authorities is not enough; private enterprise as a whole lack of credit , coupled with the beginning of 2004, due to overheated investment in the Central Government concerned, to adopt a monetary policy contraction in monetary policy, directly reduce business loans. State restrictions on several overheated sectors, including steel, cement, electrolytic aluminum, automotive, real estate and coal. Delong involved in several major industries, is precisely one of them. Since the emergence of this series of external factors and promote the Delong funding strand breaks, a picture of the domino Delong

   But further explore the deeper reason, I think the reason is the internal Delong. First of all, Delong, Department of Industrial and Financial two areas involved in this basis, Delong further subdivided, industry, including tomato paste, cement, auto parts, power tools, heavy-duty trucks, seeds, mining, etc.; finance , then the trust, securities, commercial banks, leasing and other eclectic. The so-called scene shop is too wide and too large, the correlation coefficient between industries but also very small, and also not have their own core industries, industry consolidation is only achieved a dubious, which led to the Delong not have their own core competencies, in an increasingly competitive market economy, there is no core business is the market sooner or later to extinction. 

   Should be recognized that the development of enterprises to a certain extent will want to continue to grow for capital management, not on its own accumulation, fund public financing and other financing channels widen, provide the basis for the capital operation. Financing is completed is the premise, but how to become entrepreneurs in the capital have to think about. Should beware of the trap and be treated with caution diversified industrial integration. 500 in the world economy, few enterprises are safe conduct by the diversification of life. Statistics show that 70 years a large U.S. enterprises to enter the industry is 4.3, while in the 90s, a big business into the industry is only 1.2. The reason why some companies have a wide range of ideas, primarily for their own main business which started production, "how long can the red flag" concerns. Giants and if so, the sun god is the same. Titan was founded in 1988, during 1988-1993 period, they got rapid development, the annual output of 7.5 million in 1988 You, all the way rose to 1.3 billion in 1993. However, that is, at this time, the enterprise market development for the future of health care products had shaken, made the search for "Multilateral anchor" approach, the results within the group of nearly 20 projects to engage the company, widely involved in hotels, restaurants, car Qi , cosmetics, cross-border trade and other industries. Apollo not only in the diversification of particles not received, and missed a good opportunity to build a solid core business, the consequences reflected in the final in recent years. 

The second, according to regulatory investigations since late 2002, Delong in the entire banking system loans of up to 200 billion -300 billion. If the combined equity mortgage, trust management, loans, securities companies tripartite commission, Delong tying bank funds for more. These loans are used Delong stake in a large number of acquisitions, the acquisition of the company's practice of rough and simple, the size of a good bad-take-all, ensure the quality of the acquired company on the loose, without careful consideration of the acquisition of the timing of cash returns, the investment pace arrangements, that is, long, medium and short-term investments on the proportion of irrational, the large proportion of long-term investment, affecting liquidity, and more see the full "return" on investment opportunities and industry consolidation opportunities, regardless of the company with high growth to the potential risks. Deron large projects with longer payback period, but these do not meet the short-term investment projects in order to rationalize the flow of capital, this is the first risk. Projects with longer payback period on investment has not opened the investment of time, can not guarantee the successful recovery of funds in order to avoid the risk of capital strand breaks, this is the second risk. Eventually pull the financial long-short investment funds Delong broken chain, the rapid expansion of assets based on the formation of the huge pile of sand on the high debt, which doomed the vulnerability of Delong. Delong of industry consolidation is based on capital operation, a small amount of initial capital has changed several times controlled the huge amount of industrial capital, and the new integrated industry cash flow can not be achieved most of the normal operation, had to rely on banks, the final result can only be more and more loans. Once the adverse industry consolidation, banks tightening credit, then all the industry planning Delong become castles in the air, its share price collapse is inevitable. 

Furthermore, lack of internal control mechanisms, such a huge DeLong is still paternalistic management style, which is obviously not suitable for the needs of modern enterprise system, will inevitably lead to mistakes in decision-making. Meanwhile, Deron target diversification strategy does not match its internal strength, that our human, material and financial resources can not support its huge strategic dream, so that a later stage, Delong's illegal operations and financial strain a vicious circle between the state, The more intense the more capital financing illegal operations, and the more illegal operations financing, the greater the funding gap until the money chain complete rupture, the former imperial ashes. 

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