Excessive financing (liabilities) from the financial point of view, mainly in the following aspects:
First, the asset-liability ratio is too high. In reality, due to the different industries of each enterprise, there is no fixed standard for its asset-liability ratio, but there is still a certain range. We know that the asset-liability ratio of light asset enterprises is relatively low, generally around 30%, and some enterprises have lower or no external financing; The asset-liability ratio of heavy assets enterprises is generally high, and some enterprises have reached about 80%, mainly financing loans for projects such as fixed assets, which account for a relatively large proportion of the total assets of enterprises.
Generally speaking, the asset-liability ratio of enterprises exceeds 70%, and some enterprises are higher, which will be recognized as high debt ratio by financial institutions and will be restricted in the financing process; Another criterion is the profit rate of assets, that is, if the profit rate of assets of enterprises is less than 5%, enterprises will also have excessive financing behavior.
Second, interest expenses account for a large proportion of total loans. Financial expenses mainly refer to the loan interest expenses paid by enterprises. Under normal circumstances, the ratio of total interest expenses paid by enterprises to total loans fluctuates between one-year loan interest rates. If the long-term loan of an enterprise accounts for a relatively large proportion, the total interest paid by the enterprise in the current period will be relatively high (capitalized interest).
If the total interest of working capital loans paid by enterprises is higher than the one-year interest rate of similar banks, and much higher, it means that a considerable part of short-term loans of enterprises come from private lending or shadow banks, so the cost of financial products provided by such financial institutions is relatively high, and the borrowing enterprises have to bear a higher amount of interest expenses. If the amount of interest expenses paid by enterprises is large and the cost is high, then most enterprises have high interest expenses caused by excessive financing.
In addition, different financial products have great influence on the financial expenses of enterprises. If the financing channels of enterprises come from shadow banks, there are too many creditor's rights financial products, such as trust products, wealth management products and securities asset management financial products. The cost of such financial products is relatively high, and enterprises need to pay high interest expenses.
Third, local banks or private lending and other financial institutions have a large proportion of loans. We know that the cost of providing credit funds is different because of the different costs of obtaining funds from different banks. When the credit status of enterprises changes, making state-owned joint-stock banks unwilling to provide credit funds for enterprises, enterprises can only borrow from local local banks and private lending companies in order to survive.
The loan conditions of local banks or private loan companies are relatively low, so loans are relatively easy. Moreover, this part of the funds borrowed by enterprises is mainly used to borrow new debts to repay old debts. Due to the high interest cost, it is more and more difficult for enterprises to operate funds, and some borrowed funds directly pay loan interest.
Another feature of excessive financing is that there are many financial institutions that provide credit funds for enterprises, and most of them are local banks, shadow banks and private lending companies. Looking at the short-term loan details of enterprises, we can see that there are really many borrowing institutions, some are more than a dozen, and some even have more than 20. In this case, it also shows that enterprises have excessive financing.