Chapter 156 The Financial Crisis Caused by "Original Sin" on August 2

The self-owned capital in our capital composition is negative from the beginning, and it is the capital converted from borrowing usury. The pressure of return at the beginning is the pressure of "must make huge profits".Without huge profits, how could it be possible to repay the capital and interest, and still give yourself some leftovers to continue to toss? The financial crisis caused by "original sin" is high debt, high profits, and high risks... Therefore, the probability of success of private enterprises is very small.Compared with our history, Delong is only short of such a hurdle of conscious revolution.

In 1991, Wantong, then named Hainan Agricultural High-tech Investment Company, started its business with loans.According to Feng Lun, Vantone’s interest on borrowing money was very high at that time, even over 25%.For example, if a company borrows 100 yuan, it will lose money from the first day, and the debt ratio is 100%.At that time, the interest was generally more than 20%, and the principal plus interest had to be repaid 120 yuan; one year must earn 280 yuan, repay 120 yuan, spend 20 yuan on meals, and spend 40 yuan on operating expenses, leaving 100 yuan Do capital. Earning 280 yuan with a principal of 100 yuan, isn't this huge profit?

Enterprises must complete the first windfall process in order to maintain the initial scale. Under normal circumstances, few people will honestly pay back the money and continue to develop on the scale of the previous year;? ?I can't wait to invest all the 280 yuan I earned from the huge profits into expanding the scale.In this way, after earning 280 yuan, only a part of the loan was repaid, and then the scale was expanded, borrowing more money, and chasing greater and more sudden profits.But it is impossible to earn 280 yuan every time you invest 100 yuan, and you will definitely lose once after a long time.

In this way, after earning money, people start to expand, and then borrow money to expand, but there may be problems in the second round. If you lose half of the 100 yuan and there is 50 yuan left, you will usually borrow another 100 yuan, and add 100 yuan to the 50 yuan capital. This time, we must use high-leverage debt to earn a gross profit of more than 290 yuan, that is, a rate of return of 580%, in order to solve all the remaining problems and maintain the scale of the previous year.Obviously, this is a huge gamble, and we need to find a place and project to gamble on. "Take the boss as the market, use the bank as the customer, use the win-win as the management, and use the account adjustment as the operation" - this is the actual operating policy of many domestic private enterprises under the pressure of the financial crisis caused by the "original sin".

High debt, high profits, and high risks—"original sin" has brought continuous financial crisis to private enterprises, and it is getting worse.To solve this kind of financial crisis, you can refer to the experience and practice of Wantong: admit defeat in the middle, withdraw from the "short-term debt and long-term investment", and the vicious gambling chain that grows bigger and bigger; reduce the scale of corporate assets, establish the main business that is best at, Sell ​​other businesses to repay the money, and carry out asset integration and restructuring of the company.