最近考察四家企业,所处行业不同,但现金流模式都让投资者关注。他们将来自股东和投资者的钱,用于购买固定资产;用银行贷款来购买原材料。由于原材料现金支付在前,而回款滞后,一旦原材料涨价,占压的流动资金也同比例增加,不仅抬高资金成本,还需增加银行贷款。然而即使加工费不变,毛利率也会下降,致使贷款难度增加。企业被迫再度直接融资,老投资者股权即被稀释。 Recently inspected four companies, different industries, but the cash flow model to investors attention. They use money from shareholders and investors to buy fixed assets and use bank loans to buy raw materials. As raw materials are paid in cash in the first place and the payments are delayed, once the price of raw materials rises, the liquidity in the share will also increase proportionally, raising the cost of capital and increasing the need for bank loans. However, even with the same processing fee, the gross profit margin will also fall, resulting in more difficulty in lending. Enterprises are forced to direct financing again, the old investor equity is diluted.