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2010年以来,政策因素和宏观经济形势的变化直接导致家电行业由高峰期向疲软期过渡,而竞争格局的变化导致制造型企业投融资政策和资本资产结构的调整。以格力电器为例,2012年以前,格力的流动资产和流动负债占比高,经营性无息流动负债长期资本的主要来源,易变现率在1.1左右,呈现显著的轻资产、重负债的保守型资本资产结构,整体财务风险较小。然而,随着宏观经济形势的变化,格力的易变现率逐渐下降,虽然格力在供应链财务关系中仍然占据优势地位,但是格力的经营性流动资产中来源于长期资本的比重逐渐下降,资产流动性和稳定性的已经有所减弱。
Since 2010, the changes of policy factors and macroeconomic conditions have directly led to the transition from the peak period to the weak period of the home appliance industry. The changes in the competitive landscape have led to the adjustment of the investment and financing policies and capital asset structure of manufacturing enterprises. Take Gree Electric Appliance as an example. Before 2012, Gree had a high ratio of current assets and current liabilities to major source of long-term operating interest-free current liabilities, with a rate of easy-to-be-realized of around 1.1, showing significant conservativeness in light assets and liabilities Type capital assets structure, the overall financial risk is small. However, with the macroeconomic situation changes, Gree’s declining rate of decline gradually, although Gree in supply chain financial relationships still occupy a dominant position, but Gree’s operating liquid assets from the proportion of long-term capital gradually declined, asset flows Sex and stability have weakened.