One night phoenix changes black chicken! Distance of industry of Kang Mei drug is technical go bankr

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Fund of 30 billion money disappears between one night, chinese capital market an in an uproar, this created the history, more exceeded our acknowledge! Investor of 70 thousand industry of drug of much Kang Mei is in this small long holiday be afraid it is difficult to want sleeping and eating how.

And the announcement of industry of Kang Mei drug is mention lightly, say and did not disappear, just became goods in stock, do not affect a company to manage, the cloud.

But muddy water survey wants to emphasize, this thing is not so plain like what company side says absolutely, cause inestimable consequence probably to the company!

Should make clear this incident influence to the company, we should say to understand concept of purpose of a few bursary.

Above all, what is monetary fund? In accounting angle, monetary fund is a balance sheet the first course, include cash, bank deposit and other currency fund (like other cities deposit, bank draft deposit, cashier's cheque deposit, L/C deposit, credit card deposits money, put an investment fund to wait) .

We see the common characteristic of these asset very easily, it is cash or cash equivalent, it is can put forward those who show to change at any time.

Next, what is goods in stock? The manufactured goods that points to an enterprise to sell in order to have in the hold in daily activity or commodity, be in mediumly at manufacturing process the product, data that uses in the bad news in produce a course or offerring service course, stock. Raw material of = of goods in stock + commodity + manufactured goods + semi-manufactured goods + material of have enough to meet need + manufacturing cost remaining sum + running stores + packing + entrust sell goods on a commission basis commodity - difference of cost of material - goods in stock cheapens preparation.

Understand from the angle of muddy water survey, goods in stock is all sorts of all sorts of objective related to company product, very apparent its value and change show ability and monetary fund to not be complete on an administrative levels, simple for, monetary fund is money, and goods in stock is a thing, even if is again costly again close spruce, cannot delimit with money from accountant angle equal-sign!

And can turn 30 billion currency into goods in stock directly like industry of Kang Mei drug, this is quite infrequent in accountant solid Wu, at least muddy water survey crosses this kind of coquettish operation without experience.

Fund of 30 billion money is not decimal eye, industry of Kang Mei drug can not be industrial and commercial bank, hundreds of 100 million leakage are dropped resemble aspersing aspersion.

According to the data before the company is adjusted, industry of Kang Mei drug was mixed 2016 end money fund was respectively 2017 27.3 billion with 34.1 billion, till 2018 3 quarterly reports, company money fund still is as high as thirty-seven billion seven hundred and eighty-eight million.

But to 2018 end, type of bluff of fund of money of industry of Kang Mei drug glides 1.839 billion, fund of nearly 36 billion money evaporated suddenly! And to 2019 first quarter end, company money fund remnant 1.048 billion.

You can imagine, a battalion receives the cash milk cow of nearly 20 billion, does the cash on Zhang have 10 only 100 million?

Follow give back of monetary fund evaporate has battalion to receive those who wait for multinomial and financial data to adjust, be suspected of serious finance affairs probably making a holiday, we discuss this issue additionally. But of company money capital fund glide considerably the influence is probable it is deadly, industry of drug of this imply Kang Mei will face crisis of short-term countervail debt very quickly, appear even technical go bankrupt!

There is the insolvency of 3 kinds of names on financial management at present:

1, technical go bankrupt: Because borrow money,those who point to is an enterprise overmuch or debt expires centrally and cannot pay off expires debt;

2, go bankrupt in fact: Because of,those who point to is debtor deficit of in successive years, indebted exceed asset (namely endowment not pay a debt in kind or by labour) and cannot pay off expires debt. Debtor financial capacity is right now insufficient, impossible already pay off is actually all debt.

3, jural go bankrupt: Because of,those who point to is debtor cannot pay off expires debt and by the court lawfully suspend payment. At this moment, debt personnel assets is likely under indebted, but likely also prep above is indebted.

Technical bankrupt company often financial institution is very perfect still, management also has no tremendous change, because financial personnel is in,the error on the technology just exists when raising fund, appeared short-term fluidity inadequacy brings about ability of debt pay off to lose.

Why to say Kang Mei is probable already technical go bankrupt, because he is already complete,accord with namely technical the feature that go bankrupt.

According to the company newest data shows one quarterly reports, flow of industry of Kang Mei drug is indebted be as high as twenty-four billion nine hundred and seventy-eight million, repay among them most pressing the rigiddest also short-term loan (one year less than expires) for 14.94 billion, handle bill (a year of less than) reach handle Zhang money 3.319 billion, both is aggregate achieve eighteen billion two hundred and fifty-nine million.

Up to first quarter end, liquid assets amount is industry of Kang Mei drug 53.42 billion, appear it seems that very giant ah, appear to be able to be enclothed completely, but look carefully, goods in stock is as high as 33.66 billion, hold liquid assets proportion for 63% , receivable bill and receivable Zhang money are total 6.522 billion, want to repay after all short-term and indebted, must want to handle goods in stock quickly, with what method does Kang Mei of we should like to ask handle so huge goods in stock?

See a few financial rate that measure liquidity again.

Respect of rate of going from place to place (liquid assets / flow is indebted) , end flow rate is Kangmei first quarter this year 2.14, look be like quite tall still, but because the much in liquid assets is goods in stock, because this contains Troy,sell at a discount greatly.

Fast use rate field, it is to point to the rate that deducts stock liquid assets and flow to be in debt, this one value is in 3 still is as high as 1.6 when Ji Mo last year, mean company liquidity quite strong, arrive however end was mixed 2018 this year one season end, fast move rate quickness to fall to 0.77 with 0.79.

Conservative fast use rate ((monetary fund + short-term investment + net specified number of receivable Zhang money) / flow is indebted) , this can measure company capital most comfortable pitch, this one rate arrives one season end has 0.68 only this year.

Although industry of Kang Mei drug is,appear on the market company, but before borrowing, financial orgnaization is put also is the financial forms for reporting statistics that should see a company, also should give according to firm financial standing at least give letter or loan, if on Zhang of industry of Kang Mei drug so dot cash, that puts so much loan impossibly to them.

From above a few data can see, industry of Kang Mei drug is apart from actually technical the Yao that goes bankrupt to have one situation only. In the financial black hole of arise suddenly, those who get hurt is more than 70000 investor not just, the financial orgnaization that those lend money to give them and supplier estimation had wanted mad!