论文部分内容阅读
从2008年爆发金融危机以来,国内企业的信用状况经历了复杂的变化。2008-2009年上半年,很多企业受金融危机影响信用状况恶化。2009年下半年以来,随着国内刺激性政策效果显现,一方面由于内需提升在很大程度上弥补了外需疲软,各行业下游需求整体增加;另一方面伴随着宽松的信贷环境,企业融资成本下降,融资渠道通畅,绝大部分行业经营状况明显改善,企业的信用实力得到增强。但在最近的半年至一年的时间里,一方面,国外经济形势恶化导致国内一部分与之相关性很高的行业需求萎缩;另一方面,国内货币紧缩则导致企业融资成本上升,融资能力下降,企业之间的往来款周转速度因此放缓,互相拖欠的情况时有发生,整体现金流趋于紧张。这使各行业信用状况产生了明显分化。
Since the outbreak of the financial crisis in 2008, the credit conditions of domestic enterprises have undergone complicated changes. 2008-2009 In the first half of 2009, many companies were affected by the financial crisis, deteriorating credit conditions. Since the second half of 2009, with the effects of domestic stimulus policies, on the one hand, due to the improvement of domestic demand, the weakening of external demand has largely offset the overall weakening of downstream demand in various industries; on the other hand, with the relaxed credit environment and corporate financing costs Decline, smooth financing channels, most of the industry operating conditions improved significantly, the company’s credit strength has been enhanced. However, in the recent half year to one year, on the one hand, the worsening of the foreign economic situation led to the shrinking of some domestic industries with high relevance; on the other hand, the domestic monetary tightening led to the rise of corporate financing cost and the decrease of financing ability As a result, the turnover rate of business transactions between enterprises slowed down and the situation of arrears between the enterprises sometimes took place. As a result, the overall cash flow tended to be tight. This makes the credit status of various industries have been significantly different.