資金鏈斷裂成因的理論框架

資金鏈斷裂成因的理論分析框架中國(guó)社會(huì)科學(xué)院研究員張金昌directeur@163.com資金鏈斷裂現(xiàn)象大企業(yè)資金鏈斷裂投資鏈：業(yè)務(wù)中斷借貸鏈：與銀行的關(guān)系貿(mào)易鏈：與業(yè)務(wù)伙伴的關(guān)系經(jīng)營(yíng)鏈：企業(yè)內(nèi)部支付困難小企業(yè)資金鏈斷裂投資不足：投資鏈經(jīng)營(yíng)資金不足：經(jīng)營(yíng)鏈資金鏈問(wèn)題種種跡象均可從財(cái)務(wù)報(bào)表上反映出來(lái)靜態(tài)來(lái)看，主要反映在資產(chǎn)負(fù)債表上動(dòng)態(tài)來(lái)看，業(yè)務(wù)不能持續(xù)開(kāi)展，主要反映在利潤(rùn)表一個(gè)時(shí)點(diǎn)揭示一個(gè)狀態(tài)，兩個(gè)時(shí)點(diǎn)的差異就是經(jīng)營(yíng)情況利潤(rùn)表可以用兩個(gè)時(shí)點(diǎn)的資產(chǎn)負(fù)債表變化來(lái)揭示資頁(yè)金乘鏈情問(wèn)玩題譜的過(guò)聚佩焦靜殲態(tài)脅時(shí)千點(diǎn)扣：殲資代產(chǎn)梅負(fù)騙債朵表動(dòng)諷態(tài)不變菊化版：提兩怖個(gè)驚資碰產(chǎn)宜負(fù)級(jí)債總表甩之助間芝的秒變狠化資符金穩(wěn)鏈城斷詢裂源的山本撓質(zhì)資明金販缺攔口浙足值夠賣大大溉到棚企章業(yè)羨無(wú)杠力發(fā)支蓄付葡現(xiàn)園金萌以持維分持僑正蹄常舌生造存歪的商地闖步有濤資緣瑞金旦缺氧口拋才疏有鞋資緩金寬鏈棵斷臺(tái)裂分的子可躍能如革何姓判隱斷鑄是疏否黑存畫(huà)在就資狗金窄缺狐口般，品存胖在按什違么恥樣具性價(jià)質(zhì)廈的輸缺版口間？一但個(gè)插時(shí)尖點(diǎn)活的帥資團(tuán)金雜缺中口企姓業(yè)暖在蕩某戚個(gè)頸時(shí)挽點(diǎn)笨的乎財(cái)忽務(wù)釋狀譯況啊是怠由雄該央時(shí)從點(diǎn)記的選資夾產(chǎn)陽(yáng)負(fù)永債惰表員數(shù)屢據(jù)飛揭死示用的資艦金咳供徑應(yīng)緣瑞小藍(lán)于懲資靜金依需高求靠=湯資暢金島缺壯口資舌金菜供失應(yīng)舊等們于溉資享金灶需亦求判=禁資鄰金仆平柳衡資條金托供哪應(yīng)響大諸于目資妨金效需佳求懷=遮資注金透剩鑄余奮或況富煎裕企史業(yè)劣資霉金檔供鼻求冒的幅種錯(cuò)類企爆業(yè)迷資餅金疾的濱供菊應(yīng)所川有鵝者厲權(quán)戚益錫資巧金非生流筍動(dòng)政負(fù)熊債不資朝金覺(jué)（倘長(zhǎng)自期距負(fù)勝債竟資陶金每）流弟動(dòng)坐負(fù)片債閑資啊金經(jīng)踏營(yíng)殊性切負(fù)鏡債形資游金銀值行那借兔款企廟業(yè)寫(xiě)資宿金殼的切需排求非哥流駁動(dòng)瓦資秧產(chǎn)潮投盾資凡（嗎固技定肥資獵產(chǎn)易、仇無(wú)葵形隙資曾產(chǎn)耐等挨）經(jīng)東營(yíng)循性訴資具產(chǎn)買投雨資犯（滑應(yīng)歇收鳳賬笛款灣、蔽存隊(duì)貨報(bào)等龜）日擊常啄支歷付蜂現(xiàn)冬金資左產(chǎn)裳負(fù)手債女表序重珠新昏分旺類經(jīng)絨營(yíng)雄性開(kāi)負(fù)泉債非斷流虛動(dòng)釘資鎖產(chǎn)經(jīng)怨?fàn)I有性也資亭產(chǎn)非值流萌動(dòng)榨負(fù)柱債+所噸有子者芬權(quán)掙益現(xiàn)概金味支富付槳需章求短啦期伙借龍款資鄙產(chǎn)金：榜資動(dòng)金朗需纖求負(fù)梳債饑和惜權(quán)森益量：秀資賣金衛(wèi)供尤應(yīng)長(zhǎng)招期巨資轟金哪供屠應(yīng)您和概需筋求盞之蟻差流止動(dòng)辨資松產(chǎn)非草流搜動(dòng)橋資識(shí)產(chǎn)流傍動(dòng)凈負(fù)亭債非粗流剃動(dòng)庫(kù)負(fù)預(yù)債+所題有聽(tīng)者漏權(quán)漏益營(yíng)汽運(yùn)崇資藍(lán)本嬌：皺長(zhǎng)凳期卻資晝金新是畏否挺存化在耐缺設(shè)口長(zhǎng)刑期碼資涼金匠供針應(yīng)寒-籍長(zhǎng)散期矮資勸金擱需儉求源=號(hào)營(yíng)總運(yùn)薦資端本大常于焦0羞：蒼不豈存長(zhǎng)在沃缺漠口小迅于秤0竟：迫存啄在器缺窮口非硬流鼓動(dòng)淋負(fù)昌債+茄所懲有獨(dú)者戒權(quán)嫌益營(yíng)屈運(yùn)攜資罰本吊是事維蛾持免企部業(yè)帶經(jīng)估營(yíng)終活融動(dòng)理的貨血您液流籠動(dòng)此資并產(chǎn)非騎流職動(dòng)飯資鍋產(chǎn)流鼓動(dòng)叮負(fù)胃?jìng)?jīng)樂(lè)營(yíng)報(bào)性騙資蚊金年供漠應(yīng)馳和息需眉求經(jīng)昏營(yíng)常性根資到金污需檢求宴=婆(推應(yīng)適收腸帳鏟款覺(jué)+泊預(yù)雀付孫款薦+醋存悅貨殿+雕待存攤潮費(fèi)瞞用臘)經(jīng)估營(yíng)癢性貍資姜金扣來(lái)池源延=糾(塘應(yīng)責(zé)付票帳局款依+騾應(yīng)賭付臟工煎資膏+湊未飛交真稅令金齒+晨預(yù)澆提暑費(fèi)多用騰)經(jīng)坐營(yíng)棚性溫資級(jí)金溪缺容口究=著經(jīng)離營(yíng)梯性雹資岡金臂需沃求局-墻經(jīng)今營(yíng)年性惱資源金葵來(lái)失源經(jīng)釘營(yíng)臥性欺資標(biāo)金孤缺村口決：臣營(yíng)做運(yùn)芬資嗎金棋需懸求經(jīng)常營(yíng)沿性股資確產(chǎn)經(jīng)律營(yíng)墾性慈負(fù)霉債貨狀幣資到金短估期純投綠資應(yīng)稱收盲票錫據(jù)短扎期郊借區(qū)款應(yīng)番付蜜票杯據(jù)營(yíng)算運(yùn)拳資欠金謊需奴求剃=倡經(jīng)撥營(yíng)鋒性佩資胖產(chǎn)嗽-汪經(jīng)刮營(yíng)胖性度負(fù)蜜債經(jīng)潔營(yíng)姨活釘動(dòng)還是餃否表存井在勻缺涌口現(xiàn)宋金砌盈宴余湖=壯營(yíng)翼運(yùn)煤資樸本閱-眼營(yíng)圾運(yùn)沿資膏金盞需腹求現(xiàn)攪金攝盈咱余謠大隊(duì)于隆0哪，暑不訓(xùn)存誼在遮資行金奇缺殿口現(xiàn)罷金刑盈呼余敬小東于晴0冒，祝存喘在參資崗金育缺賤口六敢種襯基帽本率狀雁態(tài)狀態(tài)現(xiàn)金余缺營(yíng)運(yùn)資金需求營(yíng)運(yùn)資本1．不存在缺口>0>0>0并且>營(yíng)運(yùn)資金需求2．資金大量富裕>0<0>03．長(zhǎng)期有缺口經(jīng)營(yíng)活動(dòng)無(wú)缺口>0<0<0,但其絕對(duì)值小于營(yíng)運(yùn)資金需求的絕對(duì)值4．有缺口：長(zhǎng)期缺口大于經(jīng)營(yíng)創(chuàng)造現(xiàn)金<0<0<0,但其絕對(duì)值大于營(yíng)運(yùn)資金需求的絕對(duì)值5．有缺口：營(yíng)運(yùn)資本不能彌補(bǔ)經(jīng)營(yíng)缺口<0>0>0但<營(yíng)運(yùn)資金需求6．雙缺口：長(zhǎng)期和經(jīng)營(yíng)均存在缺口<0>0<0資化金載缺?？谡霓k形績(jī)成勸原午因是域資局產(chǎn)蹄負(fù)炒債寄表盛中啟各誦個(gè)抄科金目轟的艙變遣化序造罩成去的將怨資努產(chǎn)勸負(fù)越債缸表煉重震新鍛分倦類愿，昨就耐得照到猾一績(jī)個(gè)神可遇以哨計(jì)倘算廉和柏解靈釋扣資貍金旦缺架口洋的獸新蕩的膠資隱產(chǎn)磁負(fù)租債壺表資另金挑缺賴口筑