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Liabilities; Disney; Wild Sipo Author of this article: Jianhui 2024-04-16 10:01:25
The liability management of the travel company is urgent
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188bet Online Sports Betting and Casino。Whether it is a private enterprise or a state -owned enterprise,Whether it is a non -listed company or a listed company,It is generally facing financing difficulties、Expenses of financing。

Great capital pressure,The business is forced to shrink,Tourism companies are in a critical juncture in life and death。So,Urgent need to take effective countermeasures,Resolving debt crisis,Eliminate excess supply,To promote the healthy development of the tourism industry。The tourism industry is entering the real estate debt crisis after the dust,getting more difficult、The crisis erupted at any time。

In the business risk of the enterprise,The liability ratio is a measure that cannot be ignored。Whether in Europe and the United States、Hong Kong or the mainland,Enterprises needKeep alert liability ratio,Make sure it is within the safe range。Because once the debt rate exceeds the alarm line,Enterprises are walking on thin ice,If you are not careful, you may fall into the abyss of debt。

Take my country's early real estate industry as an example,Many companies such as Evergrande、Sunac、R & F, etc.,To pursue scale expansion,One after another adopted high leverage liability operation,A debt ratio of more than 70%has become the norm of the industry。




However,The market in the market is unpredictable。In recent years,With the tightening of the financing environment,The risk of debt defaults of housing companies continues to rise。To stabilize market 188bet Online Sports Betting and Casinoorder,From January 1, 2021,The real estate industry has begun to implement more stringent three red line controls,Specific:

1. The asset -liability ratio of the assets after pre -collection must not exceed 70%,Ensure that the asset structure of the enterprise is healthy;

2. The net debt rate must not exceed 100%,Control the scale of corporate debt;

3. Cash short debt ratio should not be less than 1,Guarantee enterprise short -term debt solvency。

In this context,Nearly 96,000 housing companies nationwide,Most of them are small and medium housing companies,These companies generally adopt a high leverage operation mode。According to statistics,In 224 listed real estate companies,There are 51 more than three red lines,45 more than two red lines,60 more than one red line,Only 68 are classified as a green safety file。The total liabilities have exceeded 15 trillion,Form huge debt pressure。

Market specifications and maturity have made some companies with unlimited enterprises encountered debt crisis such as Evergrande,Even Vanke, which has always been stable, failed to be spared。This fully illustrates that in corporate management,The management level of the liability ratio directly reflects the balance of entrepreneurs' ambitions and ability to grasp the ability to grasp。

Face such a severe market environment,Tourism enterprises as a type of enterprise with greater debt pressure,More need to use the debt as the primary goal of survival,By optimizing the debt structure、Improve operating efficiency and other methods to reduce liabilities,Ensure the steady development of the enterprise。




The high debt of the real estate industry is mainly due to pre -sale and high turnover mode。However,When the high turnover mode is difficult to continue,The capital chain will break naturally。Compared with,Tourism companies do not have the characteristics of long -term and return 188bet Online Sports Betting and Casinocycles,Therefore, the support of its own funds or long -term ultra -low interest loans is required,To adapt to the gradual growth of the tourism industry。

The liability management of tourism companies has not been allowed.With the booming development of the tourism industry,The era of loan investment has come to an end,But the debt accumulated by tourism companies has gradually become a heavy burden,even evolved into a crisis.

From the perspective of the debt ratio and profit of listed tourism companies,The debt ratio is positively related to profit,Enterprises with liability ratio of less than 50%generally realize profitability,such as 46.7%of Disney、27%of Hong Kong Chinese Brigade、17.6%of Huangshan and 18.73%of Jiuhua Travel。On the contrary,Enterprises with a debt ratio of more than 50%are generally trapped in the quagmire of losing money,62.4%of Zhangjiajie、72.21%of Xi'an tourism and 58.26%of Yunnan tourism。




With the continuous maturity of the tourism market,The development model of excessive dependence on loans and leverage is already unswerving。When the liability rate rises to more than 50%,Tourism companies are like standing on the edge of the cliff,Once the market fluctuates or operates poorly,The risk of broken capital chain will rise sharply。So,For tourism companies,Reign of rationality、Stable operation is the wise choice to achieve sustainable development。

However,At present, the liability reduction rate has not yet become a common consensus in the tourism industry。50%of the liability ratio of tourism enterprise is its survival line,Tourism companies with many liability ratios exceeding 50%are suffering from suffering,Investment capacity atrophy,Do not have to adjust the strategy,Seeking a more stable development path。Actually,To control the debt ratio within 50%,Tourism companies need to reach 10%in three aspects: profit margin reaches more than 10%、Financing costs control within 10%and the proportion of the principal paid by each year is less than 10%,But such a tourism company rare horn。

From the perspective of financing capabilities and market restrictions,Even if tourism companies face high -quality projects and investment opportunities,If its own funds are less than 50%,It is difficult to seize these opportunities。If you barely advance,In the end, it may cause investment loss or fund chain break。

Current,The tourism market is quite mature,Lack of significant market opportunities and development space。So,Tourism companies should enter the rolling development stage,Relying on its own accumulation and gradual development strategy,Gradually expand the market,Realize sustainable development。In the process,Enterprises should focus on improving their own financing capabilities,To cope with potential market risks and challenges。



Picture Source: Public Number of Ye Sanpo Scenic Area


Famous 5A Scenic Area Ye Sanpo was dragged down and bankruptcy was a typical negative case。& ldquo; Assets are good assets,Scenic Area is a good scenic spot,Just scratched by debt interest & rdquo;。June 15, 2020,The People's Court of Lishui County, Hebei Province released (2020) Ji 0623 Breakin No. 1 Civil Ruling。According to the content of the ruling,,Laishui County Anshui Construction Engineering Co., Ltd. is unable to settle the due debt due to the Wild Sanpo Brigade and obviously lack the capacity,I applied to the court for reorganization。

According to the information of Zhongdeng.com,Ye Sanpo Travel Investment reached a related agreement with 13 financial leasing companies including Gui'an Hengxin Financial Leasing Co., Ltd.,Cumulative financing scale is as high as 760 million yuan。

In the court ruling,Ye Sanpo Brigade investments in detail the main reason for their losses: First of all,The funds required for infrastructure construction are huge investment,And these funds mainly depend on loans from banks and 188bet sports betting app downloadfinancial leasing companies,Therefore, it has led to up to 700 million yuan in financial liabilities,Make financial expenditure expenditure is relatively large among all expenditure expenditures。

Second,Company's assets,Most of them are basic service facilities assets,In the expense expenditure,Depreciation fee and maintenance fee occupy a considerable proportion。



Picture Source: Public Number of Ye Sanpo Scenic Area


In addition,The return of all investment and construction projects invested by the Wild Sanpo Travel mainly depends on ticket income,However,The growth rate of ticket income is relatively slow,It is difficult to support all expense expenditures。At the same time,The company's income project is relatively small,Revenue growth mainly depends on the ticket of the scenic area,So,It is difficult to achieve rapid growth in the short term。

Practice Revelation: When investing in tourism companies or projects,Need to pay close attention to the core indicator of the asset -liability ratio。This indicator is like a high -voltage line,Once the debt ratio of tourism companies has risen by more than 50%,Its financing and investment capabilities will be severely restricted,Even losing the favor of strategic investors。

Similarly,During the development of tourism projects,If its own funds are less than 50%and blindly adopt leverage strategies,The final destiny will be the same as those of high -liability level tourism companies,Dilemma of losing loss or even bankruptcy。So,When investing in tourism companies or projects,Reasonably control and optimize the asset -liability ratio is important,It is the cornerstone of ensuring the steady development of the enterprise。

Looking forward to the future,The tourism market is still full of unlimited opportunities。However,If the company wants to seize these opportunities,You must abandon the blind expansion of the past、Development mode of high debt,Steering is more stable、Sustainable development road。Only this,Tourism companies can stand out in the fierce market competition,We ushered in a more brilliant tomorrow。

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