在谷歌搜“资金链断裂”，0.25秒出来近700万条结果。除了房地产、钢铁、电商、物流等高发行业，见诸公众眼前的还有足球俱乐部、各类中小企业等，都贴上了“资金链断裂”的标签，而鄂尔多斯(600295,股吧)、温州等地区的企业甚至集体性陷入资金崩裂的境况。

In the Google search"Capital chain rupture",Article 0.25 seconds out nearly 7 million results.In addition to real estate/Iron and steel/Electric business/Logistics contour types,In the eyes of the public and football club/All kinds of small and medium-sized enterprises, etc,Are labeled as a"Capital chain rupture"label,And ordos(600295,guba)/Wenzhou and other regions of the enterprise and even communality into fund split situation.

　　中国资本市场短短20多年的历史，不少曾名噪一时的企业因资金链断裂轰然坍塌，德隆系无疑是最著名的反面教材。

China's capital market just 20 years of history,Many have make a noise in the world enterprise for capital chain rupture collapsing,Deron is undoubtedly the most famous is the reverse side of the teaching material.

　　为什么财务杠杆是彼之蜜糖，成为企业扩张的加速器，而对有些企业则是致命砒霜？归根结底，在于企业的金融能力。

Why financial leverage is his honey,To become the enterprise expansion of accelerator,But to some enterprise is deadly arsenic?In the final analysis,In corporate financial ability.

　　很多人把这种能力等同于融资能力。于是，占据社会各种优势资源的上市公司奇招迭出，圈钱手段不断翻新。除增发、发债等等之外，众所周知的“担保圈”现象也应运而生。仅2011年至今，深沪两市上市公司对外担保总额就达数千亿元，由此引发的信贷风波不断，最近爆出的浙江上市公司担保圈也是一例。

Many people put this ability is equal to financing capability.so,Occupy society all sorts of advantage resources listed company odd for the public,Money means circle unceasingly.In addition to shares/FaZhai and so on besides,As is known to all of"Guarantee ring"Phenomenon also arises at the historic moment.Only since 2011,Deep Shanghai two cities listed company providing guaranty amount has reached several hundred billion dollars,Caused by the credit turmoil constantly,Recently zhejiang explode of listed company guarantee ring is also a case.

　　遗祸多年的“担保圈”乱象背后，在于大多数企业为融资而融资，尚未能构建一套建基于企业经营和发展战略的内部金融体系，最终使得企业的融资行为一直停留在低水平的“圈钱”阶段。一旦市场发生逆转或陷入低谷，超越营运能力的“圈钱”，必然成为企业不能承受之重。

The years of"Guarantee ring"Mess behind,In most of the enterprise as a financing and financing,Has not been able to construct a set of built based on enterprise management and development strategy of internal financial system,Finally makes the enterprise financing behavior has remained at low levels of"Ring money"stage.Once the market reversed or bottomed,Beyond the ability of operation"Ring money",Bound to become a enterprise can't bear the heavy.

　　包括融资能力、投资能力及资本运营能力在内的企业金融能力，是关乎企业未来的一项核心能力。无数的正反案例表明，如何构建自身的金融能力，的确有段数之分、高下之别。

Including financing ability/Investment ability and capital operation, ability of enterprise financial capability,Is for enterprise future a core competence.Thousands of positive and negative cases,How to build their own financial ability,Have period of the number of points/differed.

　　本期我们研究中外电影独立制片商模式，其中的美国狮门公司正是在细分市场定位和多样化电影产品组合下，借助多元化融资渠道大肆并购，提高收益率、降低风险。与业务发展战略相匹配的金融能力，是狮门迅速成长为北美最大独立制片商的关键。

In this issue we study Chinese and foreign film independent film-makers mode,One of the American lions gate company it is in subdivision market positioning and diversification film product portfolio,With the aid of diversified financing channels a merger,Improve rate of return/Reduce risk.With the business development strategy of matching financial ability,Is lions gate rapid growth of North America biggest independent film-makers key.

　　不得不强调的是，一家企业金融能力的高下，不在融资规模的大小，而在于是否能够搭建与其组织机构、营运能力相匹配的资本结构，做到多大的碗装多少水。这，才是“圈钱”的最高段位。

Have to emphasize,A enterprise financial ability against,Is not the size of the financing,But in whether can build and its organization/Operating capacity matching capital structure,How do the bowl put much water.this,is"Ring money"Highest Dan.

　　企业经营之道跟处世之道乃至治国之道一样，都要守规矩，而金融能力就是企业持续经营须遵守的“规矩”。正面临转型之困的众多国内企业，不妨取领先者既成之规，少走弯路，亦不必重新摸所谓的石头去过河。

The way of enterprise management with savoir-vivre and even the same way,Will behave,And financial ability is a business enterprise to keep on a business must follow"rules".Facing the transformation of those many domestic enterprises,Might as well take leader established the gauge,Less detours,Also does not need to touch the so-called stone to go across the river.