某些民企还没有独立的灵魂。当市场下行时，一些企业脱下民企马甲，露出政府扶持企业的真面目。

Some corporation still no independent soul。When the market down，Some enterprise take off corporation ma3 jia3，Show the government support the true character of the enterprise。

　　江西新余赛维LDK扑向政府的怀抱，政府只能接受这样的拥抱，否则，债权人将撕毁这家企业。赛维公司的沉浮典型地反映出地方政府插手微观企业、集全部财政力量扶植的标杆企业是多么的不堪一击；同时反映出地方政府干预企业，将发生不可逆转的风险，一旦某家被扶持的大企业陷入破产境地，该地的经济与就业等将随之滑向地狱。

The resulting in jiangxi province to the government at LDK d embrace，The government can only accept such a hug，otherwise，Creditors will tear the enterprise。The company the ups and downs typically dimension reflect local government meddling in the micro enterprises、Set up financial strength of all how vulnerable is bench enterprises；At the same time reflect local government intervention in the enterprise，Will occur irreversible risk，Once a home is the big enterprise into bankruptcy support position，The economy and employment etc will then slipped into hell。

　　新余市政府与赛维的合作，是经济热昏头时期的产物，丧失风险意识的各方投资者与决策者，将行业市梦率当成了常态。赛维曾经给新余带来荣耀与实际收益，据媒体调查，从2011年1月到5月，赛维LDK在高新区共纳国税40412万元，所纳地税19975万元，均呈几何式增长。其中，所纳国税占高新区光伏企业纳税总额93.6%，所纳地税更是占96%，是全市居首的纳税大户。2010年1月到11月，赛维也贡献国税14071万元，地税9181万元。随着未来太阳能产业的提升，随着配套企业的进驻，新余将成为中国太阳城，经济与就业也就随之源源上升。

The city and the xin the dimension of cooperation，Is the economy hot faint head period of the product，The risk of loss of consciousness of investors and policymakers parties，Will the industry as the normal rate of dream。"Once the xin to bring honor dimension and the actual income，According to media survey，From January 2011 to may，The high-tech zone, in total dimension LDK national tax 404.12 million yuan，The land tax 199.75 million yuan,，Both have geometrical type growth。Among them，The national hi-tech zone, accounting for 93.6% of the total tax photovoltaic enterprise，The land tax is on 96%，Is the city's number one large taxpayer。January to November 2010，"D also contribute 140.71 million yuan duty，Land tax 91.81 million yuan。As the future ascension of the solar energy industry，With the presence of related enterprise，The xin will be the sun city，Economic and employment goes keeps rising。

　　现实总有照进梦想的一天。多晶硅价格从2008年每公斤400美元下降到2012年7月10日的每公斤20多美元，多晶硅行业景气雪崩，此时，庞大的债务成为企业与政府的噩梦。

The reality is always a day as into the dream。Polycrystalline silicon prices from 2008 in to $400 per kg down to on July 10, 2012 per kg of more than 20 dollars，Polycrystalline silicon industry boom avalanche，At this time，The huge debt to become the enterprise and the government's nightmare。

　　新余市政府没有能力救赛维。截至2011年底，赛维负债高达60亿美元。据新余当地的统计数据，2011年，全市财政总收入、财政支出首次突破百亿元大关，其中，财政总收入111.3亿元，同比增收30.6亿元，增长38%，在111亿元财政收入中，30%上交中央，可支配金额在70亿~80亿元左右。

The city government have no ability to save the resulting d。By the end of 2011，"D liabilities as much as $6 billion。According to the statistical data of the xin local，2011 years，The fiscal revenue、Spending the first time exceeded RMB ten billion，Among them，Fiscal revenue of RMB 11.13 billion yuan，Compared to the increasing income is 3.06 billion yuan，38% increase，In 11.1 billion yuan finance income，30% in central，Disposable amount in 7 billion ~ 8 billion yuan。

　　新余市政府救赛维只是为了防止赛维泡沫马上崩溃。有媒体报道，7月12日，新余市人大常委会召开第七次会议，“会议审议通过了市人民政府关于将江西赛维LDK公司向华融国际信托有限责任公司偿还信托贷款的缺口资金纳入同期年度财政预算的议案”，与此同时，国有化传闻始终围绕着赛维。虽然新余市副市长贺为华17日向媒体澄清，新余市对于赛维的资金支持并非无条件，而是需要赛维资产做抵押，同时一再表示企业的运营不能依靠政府。新余市政府不担保、不入股、不还债。

Save the resulting government just to prevent "d d bubble collapse immediately。Media reports，July 12,，Xinyu its seventh National People's Congress standing committee meeting，“The meeting adopted the municipal people's government about will LDK LDK company leading international trust to a limited liability company to repay the loan funds into the gap in the trust from the annual financial budget bill”，At the same time，Rumours surrounding the nationalization always d。Although xinyu deputy mayor for China to royal 17 media clarification，For the d funds xinyu support is not unconditional，But the need to "d do mortgage assets，At the same time has repeatedly said the operation can't rely on the government enterprise。The xin the municipality does not guarantee、Don't shares、Not paying。

　　政府的澄清疲软乏力，偿还华融国际的信托贷款只是偿还最先到期的一笔贷款。相关资料显示，这笔信托融资发生在2009年6月，贷款人是华融信托，贷款本金是5亿元，贷款利率是8.70%，贷款方式是保证贷款，到期日是2012年6月28日，借款人则是江西赛维。不知道以后源源不断到期的贷款怎么偿还？各方一筹莫展，赛维要么被政府强力支持，要么陷入接近破产的深渊，这让人想起希腊的现实，难道让债权人计提承担损失？所谓的抵押也空洞无物，财务报告显示，江西赛维今年一季度的资产负债率是87.1%。净利润是-3.54亿元，现金及现金等价物净增加额是-4.18亿元。存货价值与资产价值大幅下挫，抵押就是无源之水。

The government's clarify weakness weakness，Repay the loan is just getting international trust repay the first of a loan expires。Data suggest，The trust financing occurred in June 2009，The lender is wisewin trust，Loan principal is 500 million yuan，The loan interest rate is 8.70%，Of loan is to guarantee the loan，Maturity is on June 28, 2012，The borrower is LDK。Don't know continuously the loan expires after how pay？Parties despite，"By the government's strong support or d，Either close to bankruptcy in the abyss，This reminds one of the Greek reality，Don't let the creditor plan carry bear losses？The so-called mortgage also empty things，Financial report，LDK of the first quarter of this year to asset ratio is 87.1%。Net profit is-354 million yuan，Cash and cash equivalents net revaluation is-418 million yuan。The value of the inventory and asset values tumbled，Mortgage is like。

　　市场可以分散风险，政府对某个行业或者某个企业的大力扶持，既能聚集利润，也能大规模地集聚风险。模糊企业与政府边界，必然搬起石头砸自己的脚。

The market to spread risk，Government to an industry or a enterprise vigorously support，Can gather profits，Can also large-scale concentration risk。Fuzzy enterprise and the government, the boundary，Inevitable with his own petard。

　　赛维处境之所以如此尴尬，是因为在产业上升期过度享受了政府的优惠、融资的便利；而在产业大幅下挫后，将希望寄托于某家大企业的地方财政与企业一起，陷入不可控的境地，金融机构同样难以幸免。2007年，赛维总负债约6.16亿美元，2008年至2011年其负债分别为25.83亿美元、35亿美元、44.7亿美元和60亿美元。甚至在风险敞口暴露后，政府主导的当地金融机构如信托、新余城投等仍在不断向企业输血，他们试图掩盖投资失误，却付出了更大的代价。

"D is so embarrassing situation，Because in the industry of government was taking off excessive enjoy preferential、Financing concepts；And in industry after tumbled，Will hope in a house big enterprise local financial and enterprise together，In a controlled territory，Financial institutions also hard to miss。2007 years，"D total liabilities to about $616 million，2008 to 2011 its liabilities respectively for 2.583 billion dollars、$3.5 billion、$4.47 billion and $6 billion。Even in risk open after exposure，The government leading local financial institutions such as the trust、The xin for city and continues to enterprise a blood transfusion，They tried to cover up the bad investment，But pay more big price。

　　政府主导的经济发展方式加剧了风险，国开行、农行、建行等盯住政府推荐的肥肉大力贷款，政府给予各种优惠，企业迅速壮大到南昌、安徽、内蒙等各地投资，出现风险敞口由地方融资平台救火。如此发展方式鼓励了缺乏风险意识的投机家。

The government leading economic development mode exacerbate the risk，Countries operation、Agriculture bank、The construction bank and gaze at the government recommendation fat to loans，The government gives all preferential，The rapid growth enterprise to nanchang、anhui、Inner Mongolia and other investment all over，Appear by local financing platform risk open fire。Such a development encourages the lack of a risk of consciousness TouJiGu。

　　地方财政担保为企业融资，即由当地纳税人为赛维与政府的错误决策与高风险投资负责，张三犯错李四挨板子，凭什么？

Local financial guarantee for enterprise financing，That is the local taxpayers for the d and the government's wrong decision and high-risk investment is responsible for，Zhang SAN li board to make mistakes，With what？

　　民企亏损找市长，这些民企或者原本就不是市场化的企业，或者欠缺风险意识，或者一度沉浸在政府的红利中不能自拔。一部分民企该醒醒，该找回独立的品格了。

Corporation losses for mayor，The corporation or was is not the marketlization of the enterprise，Or lack risk awareness，Or once immersed in the government's dividends can't from pull out。Part of the corporation the wake up，The back of the independent character。