从事电子元器件生产10多年的江苏某公司总经理高远（化名）近来比较郁闷，原来需要60天的公司应收账款，现在延长到了90-120天。“为了留住客户，只能忍受。”高远称，作为配套厂家，在产业链中处于天然的弱势地位。

Engaged in electronic components production more than 10 years of jiangsu one clears the general manager of the company(alias)Is depressed recently,Originally need 60 days of company accounts receivable,Now extended to 90-120 days."In order to keep the customer,Can only stand."Lofty says,As a supporting manufacturers,In the industrial chain in natural weak position.

　　这家电子元器件厂为国内多家家电企业生产配套产品，但上游的家电制造商受前期刺激政策退出、房地产销量低迷等影响，今年以来业绩惨淡。相比制造商，下游家电零售商的日子也不好过，拟将资金压力向上游家电制造商转移。

The electronic components factory for many domestic home appliance enterprise production and supporting products,But in the upper reaches of the home appliance manufacturers by the stimulus policy exit/Real estate sales downturn influence, etc,Since this year achievement is pale.Compared with manufacturers,Downstream home appliance retailers but also for the day,Quasi will fund pressure upstream home appliance manufacturers transfer.

　　高远称，一般企业之间应收账款采取银行的承兑汇票方式，多数期限在6个月，如果企业急用资金，就要自己去付息贴现，这就额外增加了企业的财务成本。不仅如此，承兑汇票由于中转环节和背书较多，还会面临很大风险。他对此颇为担忧，承兑汇票越来越多，不仅使得财务成本迅速飙升，而且2%-3%的利润空间也被侵蚀。

Lofty says,General between enterprise receivables take bank acceptance bill way,Most of the time in six months,If the enterprise urgent need money,Will yourself to and interest discount,This extra increase the enterprise financial cost.Not only that,Acceptance due to transit links and more endorsement,Will face a lot of risk.He was rather worry,Acceptance more and more,Not only makes the financial cost has gone up rapidly,And 2% - 3% of the profit space is also erosion.

　　高远遇到的困境只是来势凶猛“三角债”的一个鲜活的例子。“三角债”是指企业之间超过约定付款期应付而未付的拖欠货款的俗称，是企业之间拖欠货款所形成的连锁债务关系。上世纪90年代，三角债以国有企业为主，而此次三角债危机涉及行业甚广，中小企业和民营企业受影响的程度更为严重。今年以来的新现象是，包括机械、钢铁等在内的多个行业，整个上下游的链条都面临资金压力，应收账款款额更大，拖欠款项时间更长，讨债更难。

The troubles of only clears feral"Chain debts"A living example."Chain debts"It is to show the enterprise more than agreed between payment payable and unpaid default payment commonly known as,Is the enterprise formed by default payment for goods between the debt chain relationship.In the 1990 s,Chain debts to the state-owned enterprise is given priority to,The chain debts crisis involving industry widely,Small and medium-sized enterprises and private enterprises can influence the more serious.Since this year new phenomenon is,Including mechanical/Iron and steel, etc, a number of industry,The whole chain upstream and downstream face fund pressure,Accounts receivable amount more big,Outstanding payment time longer,Pay the rent more difficult.

　　华东某地产公司老总万明（化名）最近也比较郁闷，他每天接到建筑公司十几个电话，议题就是：催款。

East China a real estate company manager WanMing(alias)Recently is depressed,Every day he received construction company dozen telephone,Issue is:pay.

　　万明向中国证券报记者大倒苦水，三年前，各地兴建保障房，他的公司也涉足代建保障房，当时决策的出发点是，帮政府代建保障房虽然利润少点，但收益稳定，资金的风险也小。

WanMing to China stock certificate report reporter grumble,Three years ago,Build security around the room,His company also set foot in generation to build security room,At that time the starting point of the decision is,Help the government generation to build security room although less profit point,But earnings stability,Funds also have less risk.

　　在建设过程中，开始比较顺利，政府以回购的形式，每3个月支付一笔资金，但从去年年初开始，3个月支付延迟到半年支付，再后来当地政府和公司协商，由公司先行垫付，交房时政府一并付清。保障房的项目在今年6月完成并交房，但当地政府以财政无资金为由，拖欠8000多万元。

In the construction process,Began to go smoothly,The government in the form of repurchase,Every three months to pay a sum of money,But from the beginning of last year,3 months to half a year to pay delayed payment,Then the local government and company consultation,The company reimburse them later,When making a room the government paid together.Security room project in June completion and make a room,But the local government to finance for no money,Default more than 8000 yuan.

　　但开发商十分需要资金来支付建筑公司的工程款，于是形成“三角债”关系，该公司仅这一个项目的应收账款，就比去年增加近20%，导致公司后续开发资金紧张，保障房代建业务暂停，管理层踏上讨薪之路，前后陪着笑脸要了10多次账，毫无效果。

But developers very need money to pay for the project construction company,So the formation"Chain debts"relationship,The company only this one project accounts receivable,Will increase over last year, nearly 20%,The company to the subsequent development of funds,Security room generation to build business suspended,Please pay management on the road,With before and after the smiling face to 10 multiple accounts,There is no effect.

　　业内人士认分析，2012年出现的三角债危机与过去几年地方政府和企业盲目扩展、片面追求经济增速有关。地方政府向银行大量举债，造成地方债务平台偿债压力，成为三角债的重要源头。

The personage inside course of study to recognize analysis,2012 the chain debts crisis over the past few years with the local government and enterprise blind expansion/The one-sided pursuit about economic growth.The local government to bank a lot of debt,Cause local debt platform sinking pressure,Become an important source of chain debts.

　　对外贸易大学兼职教授赵庆明认为，造成三角债增多的最主要的原因是企业经营状况变差，市场资金紧张，企业为了业绩，增大信用销售，主动将产品“赊”给客户。企业应收账款增多，一定程度上反映新一轮三角债的压力，应收账款大幅度增加，又导致部分公司的应收账款周转率急剧下降，应收账款成为公司业绩的“隐形炸弹”。

Foreign trade university part-time professor ZhaoQingMing think,Cause chain debts increasing number of the main reason is the enterprise operating status variation,Market funds,Enterprise in order to performance,Increase credit sales,Active products will be"credit"To customers.Enterprise receivables increase,A certain extent reflect the pressure of a new round of chain debts,Accounts receivable greatly increased,And lead to part of the company's accounts receivable turnover fell sharply,Accounts receivable as company performance"Invisible bomb".