On the first lap, the leading company in the industry, Jiayi Group, had a direct guarantee relationship with Tianzhu Construction, and Tianzhu Construction was seized by the court on December 20, 2011.
According to a statistical data from the Hangzhou Furniture Industry Chamber of Commerce, there are more than 100 companies involved in the furniture industry guarantee circle, and the debt amount exceeds 10 billion yuan. The two guarantee companies upstream of R Company belong to the furniture industry.
The company that had a guarantee relationship with R Company had already fallen at the beginning of the year, and one of the bosses also ran abroad. The phone call of the running boss is open. He said to the bank across the ocean: "As long as you don't accept my loan, you will give it to me. I will return, you will not give it to me, I will not come back."
The fire burned the company, and the bank quickly found the company R, and asked it to bear the joint responsibility to pay back the money. After six months of hard work, R company finally fell. The bank sued, the court sealed the account, and the business closed down.
Another company, another mutual insurance company, company T, was plagued by a real estate company with mutual insurance. The company’s capital chain broke down at the end of last year, and the debt crisis was finally transmitted to S company.
Fortunately, Zou Xiaodong finally made up the 1.5 billion and more than 20 million, intercepted the transmission of the guarantee branch chain crisis of S company, saved himself, and saved the remaining three mutual insurance companies downstream. .
Those who have also mutual insurance, and who have lost their mutual insurance and have lost money, have mostly died. "If you die because of your own mismanagement, you can only gamble and lose, but if you die from mutual insurance, I will not pay attention to it." Zou Xiaodong said.
"But in addition to mutual insurance, do I have other methods? No." Zou Xiaodong complained that as an agricultural enterprise, the land is rented, cannot be mortgaged, and the largest agricultural infrastructure, water conservancy facilities, and greenhouses cannot be mortgaged. As the inventory of seedlings can not be mortgaged, all the assets of the enterprise can not be revitalized.
Mutual guarantee, that is, the equal guarantee between the enterprises for the other party, when the other party does not pay the money, the mutual insurance party is required to bear the joint and several liability for repayment.
Joint guarantee, that is, three or more enterprises form a guarantee complex, and members of the consortium bear joint and several liabilities for the loan of any one of them.
In fact, the mutual insurance and joint guarantee system began with a loan method initiated by the Agricultural Bank of China to support the development of the rural economy and the lack of collateral for farmers. Since then, this model has been widely popularized by commercial banks in the guarantee of small and medium-sized enterprises, and in Zhejiang, where the private economy is developed. According to official data from Zhejiang Province, in Zhejiang Province, this type of corporate mutual insurance and joint insurance model accounts for about 40% of the total financing ratio of enterprises. In folk estimates, this ratio is as high as 60% to 70%.
In the past 10 years, this kind of financing guarantee model of “mutually feeding†between SMEs has shown great creativity and wealth effect in Zhejiang Province.
However, its drawbacks are also very significant. The harm caused by the "fire-burning" type of company will become out of control when the economy is in a downturn.
In the financial crisis of 2008, Zou Xiaodong had seen it as powerful. Shaoxing, the largest enterprise at that time, Zhejiang Hualian Sanxin Petrochemical Co., Ltd. was deeply mired in the mutual insurance case. The company's financing of more than 8 billion yuan, and a large number of enterprises in the intertwined relationship with each other, Shaoxing's well-known Prospect Group, Zhejiang Glass, Jialili Group are involved, dozens of banks involved. If the Shaoxing municipal government rescues, the entire business community in Shaoxing is in jeopardy.
Nowadays, in the face of economic downturn, the harms and drawbacks of mutual protection are once again revealed.
As of the end of June 2012, the non-performing loan ratio in Zhejiang Province was 1.34%, up 0.42 percentage points from the beginning of the year. In the same period, non-performing loans in Guangdong Province showed a downward trend. The regulators attributed the sudden rise in non-performing loans to “the impact of the capital chain break and bankruptcy of SMEs, and the local credit environment has not recoveredâ€.
According to data from the Hangzhou Central Branch of the People's Bank of China, 60% of the enterprises that have been at risk since May in Zhejiang Province are suffering from financial difficulties after providing guarantees for other companies.
Bank: No responsibility or a bad rate has come, and the bank is screaming. Once there is a problem in the corporate capital chain, the bank's common practice is to promote loans, lend money, and pressure on loans.
The example of enterprises and banks is based on the case of the construction of mutual security crisis in Tianzhu: Tianzhu Construction began to have problems in the capital chain at the beginning of January this year. The first layer of guarantee circle was collected and paid in early March, and the second guarantee circle was received. The loan occurred in mid-March, and the third-tier guarantee circle was collected in early April.
"Now the bank has become a bird of surprise. Listening to the wind is rain. We obviously operate in normal business. The bank has heard news that we have declared bankruptcy and hastened to chase it." Zou Xiaodong believes that if the bank is not cautious, it will operate well. R company will be able to slow down for another half a year.
In the eyes of enterprises, their difficulties mainly come from the pumping and mortgage of banks. This pressure spread along the huge mutual insurance and joint insurance network, which triggered a large-scale corporate capital chain crisis.
In order to recover the loan, the bank is doing its best.
"Some banks lie to the company and say that if you pay back the money, I will definitely lend it to you. Some even write the loan agreement on the table. How can the company not believe it? The result is all sorts of things, The loan is borrowed, and the money is not loaned to him. The business is cold, all companies are afraid to pay back, and the fools will pay back the money.†Zhou Dewen, president of the Wenzhou Small and Medium Enterprises Development Promotion Association, said that things have become more and more The worse it is.
There is a vicious circle between banks and enterprises: the rate of non-performing loans rises, banks are reluctant to lend, companies are reluctant to pay back, and the rate of non-performing loans continues to rise.
The bank’s Mingzhe body has attracted many criticisms. Zhou Dewen even believes that it is the bank's unprecedented warning and pressure to accelerate the spread of corporate death and security crisis.
According to the data of the Zhejiang Higher People's Court, due to the emergence of the corporate guarantee chain crisis, financial dispute cases have increased sharply. In Wenzhou alone, the financial disputes increased by 209% year-on-year. In many cases, banks have appeared as plaintiffs.
However, Chen Lei, the president of a local bank branch of a commercial bank, said from the perspective of the bank that banks are also enterprises, have their own assessment system, and have their own non-performing asset ratio control. “It’s a pity that some companies are dumped, but banks can’t help.â€
"We know that some bosses owe the bank a debt, but he has dozens of houses for personal or family, and there are many famous cars. The villas are opened by the BMW, and even the property is transferred abroad. There is no way for the bank."
Public reports show that most of the runners who ran the road had different levels of property transfer before they ran.
The aforementioned business owner who rushed to the bank to talk to the bank transferred his property and reunited with his family abroad to observe the development. All the mess is left to domestic banks, governments, and companies in the mutual protection chain.
Since the second half of last year, the non-performing rate has appeared. Chen Lei has begun to increase one of his loan conditions. The personal assets of legal persons must also bear unlimited joint liability with the enterprise.
This rule came out and the bosses ran faster. “Banks and enterprises, enterprises and enterprises have different levels of trust crisis.†Zhou Dewen believes that this is a bigger crisis.
Based on global considerations, the government is striving to stop the spread of this crisis.
The Zhejiang Provincial Government held a meeting and proposed to "establish a report of the ad hoc group to accept crisis enterprises as soon as possible, and help the enterprises to tide over the difficulties." The Zhejiang Provincial People's Congress and several government departments have issued early warnings, suggesting that they should pay close attention to the potential risks of corporate capital chain breaks, and strengthen the risk monitoring and investigation of the production and operation of enterprises, the capital chain and the guarantee chain.
Local governments have also set up special emergency funds to alleviate the difficulty of capital turnover when enterprises transfer loans. After the problem enterprise first used the government's money to repay the bank, the bank promised to lend.
Local governments are trying to coordinate the relationship between banks and businesses. But banks don't necessarily listen to the government.
“If the government in the region itself has support for our bank, and we are sure that this enterprise can save lives, it will respect the government’s requirements, and it will not lend money, but in many cases, this enterprise is not just a loan in the region. There are loans in other places, and it is very difficult for the government to do the work." Chen Lei said that in this case, the bank said that it is difficult to avoid a set of phenomena. "For example, I usually say that I approved it, but the head office does not approve it."
The root cause of the crisis: the oversight of excessive credit has traced its roots and caused this situation. Zhou Dewen believes that banks have an unshirkable responsibility.
In 2008, when the financial crisis broke out, the state implemented a loose monetary policy in order to stimulate the economy, and the banks released massive loans. At that time, the bank considered the market share, so it encouraged enterprises to borrow.
According to a statistical data from the Hangzhou Furniture Industry Chamber of Commerce, there are more than 100 companies involved in the furniture industry guarantee circle, and the debt amount exceeds 10 billion yuan. The two guarantee companies upstream of R Company belong to the furniture industry.
The company that had a guarantee relationship with R Company had already fallen at the beginning of the year, and one of the bosses also ran abroad. The phone call of the running boss is open. He said to the bank across the ocean: "As long as you don't accept my loan, you will give it to me. I will return, you will not give it to me, I will not come back."
The fire burned the company, and the bank quickly found the company R, and asked it to bear the joint responsibility to pay back the money. After six months of hard work, R company finally fell. The bank sued, the court sealed the account, and the business closed down.
Another company, another mutual insurance company, company T, was plagued by a real estate company with mutual insurance. The company’s capital chain broke down at the end of last year, and the debt crisis was finally transmitted to S company.
Fortunately, Zou Xiaodong finally made up the 1.5 billion and more than 20 million, intercepted the transmission of the guarantee branch chain crisis of S company, saved himself, and saved the remaining three mutual insurance companies downstream. .
Those who have also mutual insurance, and who have lost their mutual insurance and have lost money, have mostly died. "If you die because of your own mismanagement, you can only gamble and lose, but if you die from mutual insurance, I will not pay attention to it." Zou Xiaodong said.
"But in addition to mutual insurance, do I have other methods? No." Zou Xiaodong complained that as an agricultural enterprise, the land is rented, cannot be mortgaged, and the largest agricultural infrastructure, water conservancy facilities, and greenhouses cannot be mortgaged. As the inventory of seedlings can not be mortgaged, all the assets of the enterprise can not be revitalized.
Mutual guarantee, that is, the equal guarantee between the enterprises for the other party, when the other party does not pay the money, the mutual insurance party is required to bear the joint and several liability for repayment.
Joint guarantee, that is, three or more enterprises form a guarantee complex, and members of the consortium bear joint and several liabilities for the loan of any one of them.
In fact, the mutual insurance and joint guarantee system began with a loan method initiated by the Agricultural Bank of China to support the development of the rural economy and the lack of collateral for farmers. Since then, this model has been widely popularized by commercial banks in the guarantee of small and medium-sized enterprises, and in Zhejiang, where the private economy is developed. According to official data from Zhejiang Province, in Zhejiang Province, this type of corporate mutual insurance and joint insurance model accounts for about 40% of the total financing ratio of enterprises. In folk estimates, this ratio is as high as 60% to 70%.
In the past 10 years, this kind of financing guarantee model of “mutually feeding†between SMEs has shown great creativity and wealth effect in Zhejiang Province.
However, its drawbacks are also very significant. The harm caused by the "fire-burning" type of company will become out of control when the economy is in a downturn.
In the financial crisis of 2008, Zou Xiaodong had seen it as powerful. Shaoxing, the largest enterprise at that time, Zhejiang Hualian Sanxin Petrochemical Co., Ltd. was deeply mired in the mutual insurance case. The company's financing of more than 8 billion yuan, and a large number of enterprises in the intertwined relationship with each other, Shaoxing's well-known Prospect Group, Zhejiang Glass, Jialili Group are involved, dozens of banks involved. If the Shaoxing municipal government rescues, the entire business community in Shaoxing is in jeopardy.
Nowadays, in the face of economic downturn, the harms and drawbacks of mutual protection are once again revealed.
As of the end of June 2012, the non-performing loan ratio in Zhejiang Province was 1.34%, up 0.42 percentage points from the beginning of the year. In the same period, non-performing loans in Guangdong Province showed a downward trend. The regulators attributed the sudden rise in non-performing loans to “the impact of the capital chain break and bankruptcy of SMEs, and the local credit environment has not recoveredâ€.
According to data from the Hangzhou Central Branch of the People's Bank of China, 60% of the enterprises that have been at risk since May in Zhejiang Province are suffering from financial difficulties after providing guarantees for other companies.
Bank: No responsibility or a bad rate has come, and the bank is screaming. Once there is a problem in the corporate capital chain, the bank's common practice is to promote loans, lend money, and pressure on loans.
The example of enterprises and banks is based on the case of the construction of mutual security crisis in Tianzhu: Tianzhu Construction began to have problems in the capital chain at the beginning of January this year. The first layer of guarantee circle was collected and paid in early March, and the second guarantee circle was received. The loan occurred in mid-March, and the third-tier guarantee circle was collected in early April.
"Now the bank has become a bird of surprise. Listening to the wind is rain. We obviously operate in normal business. The bank has heard news that we have declared bankruptcy and hastened to chase it." Zou Xiaodong believes that if the bank is not cautious, it will operate well. R company will be able to slow down for another half a year.
In the eyes of enterprises, their difficulties mainly come from the pumping and mortgage of banks. This pressure spread along the huge mutual insurance and joint insurance network, which triggered a large-scale corporate capital chain crisis.
In order to recover the loan, the bank is doing its best.
"Some banks lie to the company and say that if you pay back the money, I will definitely lend it to you. Some even write the loan agreement on the table. How can the company not believe it? The result is all sorts of things, The loan is borrowed, and the money is not loaned to him. The business is cold, all companies are afraid to pay back, and the fools will pay back the money.†Zhou Dewen, president of the Wenzhou Small and Medium Enterprises Development Promotion Association, said that things have become more and more The worse it is.
There is a vicious circle between banks and enterprises: the rate of non-performing loans rises, banks are reluctant to lend, companies are reluctant to pay back, and the rate of non-performing loans continues to rise.
The bank’s Mingzhe body has attracted many criticisms. Zhou Dewen even believes that it is the bank's unprecedented warning and pressure to accelerate the spread of corporate death and security crisis.
According to the data of the Zhejiang Higher People's Court, due to the emergence of the corporate guarantee chain crisis, financial dispute cases have increased sharply. In Wenzhou alone, the financial disputes increased by 209% year-on-year. In many cases, banks have appeared as plaintiffs.
However, Chen Lei, the president of a local bank branch of a commercial bank, said from the perspective of the bank that banks are also enterprises, have their own assessment system, and have their own non-performing asset ratio control. “It’s a pity that some companies are dumped, but banks can’t help.â€
"We know that some bosses owe the bank a debt, but he has dozens of houses for personal or family, and there are many famous cars. The villas are opened by the BMW, and even the property is transferred abroad. There is no way for the bank."
Public reports show that most of the runners who ran the road had different levels of property transfer before they ran.
The aforementioned business owner who rushed to the bank to talk to the bank transferred his property and reunited with his family abroad to observe the development. All the mess is left to domestic banks, governments, and companies in the mutual protection chain.
Since the second half of last year, the non-performing rate has appeared. Chen Lei has begun to increase one of his loan conditions. The personal assets of legal persons must also bear unlimited joint liability with the enterprise.
This rule came out and the bosses ran faster. “Banks and enterprises, enterprises and enterprises have different levels of trust crisis.†Zhou Dewen believes that this is a bigger crisis.
Based on global considerations, the government is striving to stop the spread of this crisis.
The Zhejiang Provincial Government held a meeting and proposed to "establish a report of the ad hoc group to accept crisis enterprises as soon as possible, and help the enterprises to tide over the difficulties." The Zhejiang Provincial People's Congress and several government departments have issued early warnings, suggesting that they should pay close attention to the potential risks of corporate capital chain breaks, and strengthen the risk monitoring and investigation of the production and operation of enterprises, the capital chain and the guarantee chain.
Local governments have also set up special emergency funds to alleviate the difficulty of capital turnover when enterprises transfer loans. After the problem enterprise first used the government's money to repay the bank, the bank promised to lend.
Local governments are trying to coordinate the relationship between banks and businesses. But banks don't necessarily listen to the government.
“If the government in the region itself has support for our bank, and we are sure that this enterprise can save lives, it will respect the government’s requirements, and it will not lend money, but in many cases, this enterprise is not just a loan in the region. There are loans in other places, and it is very difficult for the government to do the work." Chen Lei said that in this case, the bank said that it is difficult to avoid a set of phenomena. "For example, I usually say that I approved it, but the head office does not approve it."
The root cause of the crisis: the oversight of excessive credit has traced its roots and caused this situation. Zhou Dewen believes that banks have an unshirkable responsibility.
In 2008, when the financial crisis broke out, the state implemented a loose monetary policy in order to stimulate the economy, and the banks released massive loans. At that time, the bank considered the market share, so it encouraged enterprises to borrow.
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