Risk Analysis And Control Of Capital Chain In MOS Group Corporation

Small and medium-sized enterprises play an important role in the economic system of our country.However,in recent years,the cases such as "bankruptcy of private enterprises in Wenzhou","mutual insurance crisis in Hangzhou","illegal fund-raising in Erdos" repeatedly hit the newspapers.Undoubtedly,there is a large funding gap in the financing process,which means unreasonable financing will bring disaster to the enterprise,even threatens the development of regional economy.Therefore,how to alleviate the financing difficulties of SMEs,broaden their financing channels,comprehensively and effectively reduce the risk of SMEs' capital chain,accelerate the transformation and upgrading of enterprises,has a theoretical and practical significance for the long-term development of SMEs.This paper selects Ningbo MOS group as the research object,the main business of the group are R&D,production and sales of bearings,and the main products are small and micro bearings.It is a typical representative of private enterprises of small and medium-sized manufacturing industry in Zhejiang province.MOS is currently facing a high risk of capital chain.The reasons like radical acquisition of subsidiaries,incompatibility between revenue growth and cost,led to large funding gap of enterprises.The group has no choice but makes an excessive dependence on bank loans and private lending,leading the group faced with high loan interest pressure in the economic downturn.In order to attract a large number of borrowers,the complex guarantee network formed between the group and its subsidiaries.When the risk event occurs,the chain reaction will have a negative impact on all enterprises in the network.Blind investment,capital occupation,excessive credit and mutual insurance risk,which are common problems for the Jiangsu and Zhejiang manufacturing enterprises in recent years.Accordingly,this paper puts forward three aspects of control measures from the perspective of corporate improvement.Firstly,in the short term,company should change traditional financing ways and seek financing mode innovation.Secondly,the management and control of the group's funds should be realized,and the risk early warning system need to be established.Then,in the long term,company should reduce the low value-added business,cut down the subsidiaries,and promote the transformation and upgrading of enterprises.In the part of regional financing platform,this paper argues that the government and certain areas of manufacturing enterprises should work together.The approaches as cluster financing,mutual funds,bonds and regional equity market can be used.Integration within the region of small and medium-sized enterprises,can increase enterprise credit to obtain financing external guarantees.