陈先生是福建的一位挖掘机用户，他2009年前后分别以分期付款的方式，从当地经销商处买了两台山河智能(002097,股吧)50型小型挖掘机，由于认为产品有质量问题而又得不到厂家或经销商的积极处理，断了按揭还款。“合同规定如果我逾期还款，经销商就可以拖机。但如果拖回去不用我补余款，我早让他们拖回去了。”他对《第一财经日报》记者称。

Mr. Chen is fujian's a excavator users,His 2009 respectively before and after the way in instalments,From the local dealer place bought two table mountains and rivers intelligence(002097,guba)50 type small excavator,Because of that product has quality problem and not manufacturer or dealer positive treatment,Broken mortgage repayment."The contract if I overdue repayment,Dealers can procrastinate machine.But if the tow back I don't fill the balance,I have let them dragged back."he[The first financial daily]Reporters said.

　　陈先生已被经销商起诉至当地法院，要求他尽快还清余款，他表示“非常无奈”。而记者了解到，湖南、广西、福建等多位同类产品的消费者也有类似的反映。

Mr. Chen has been dealers sued to the court,Ask him to pay off the balance as soon as possible,He said"Very helpless".And the reporter understands,hunan/guangxi/Fujian etc many similar products consumers have similar reflect.

　　记者了解到，近年来工程机械行业普遍采用分期付款、按揭的销售模式，销售收入一般会在设备销售初期一次性确认。如果客户“断供”，应收账款长期无法收回，那相关企业的财报该如何反映，这会否引发企业的系统性风险？

The reporter understands,In recent years, widely used construction machinery industry installment/Mortgage sales mode,Sales revenue will generally in the equipment sales initial one-time confirmation.If the customer"Break for",Accounts receivable long-term can be retrieved,The relevant enterprise's earnings this how to reflect,This will not cause enterprise of systemic risk?

　　房地产调控以及基建降温，使得“拖机”近来俨然成了不少工程机械企业或经销商的一项正常业务。除因质量等问题导致的客户主动“断供”外，不少客户是因为没有工程量导致机器闲置而无法还款，还有的则因为被拖欠工程款，造成还款困难：这些客户预期市场短期改善无望，拒绝继续还款，甚至主动将机器交还给经销商。

Real estate regulation as well as infrastructure cooling,makes"Towing machine"Recently peremptory became many engineering machinery enterprises or dealer's a normal business.Except for the problem such as quality lead to customer active"Break for"outside,Many customers because no quantities lead to machine idle to reimbursement,And, because be delaying project payment,Repayment difficulties caused by:These customers expected the market short-term improve hopelessness,Refused to continue to reimbursement,Even the initiative will machine returned to the dealer.

　　记者调查发现，有的企业甚至已经成立了专门的机构处理拖回的机器。

Reporter survey found,Some enterprise has even set up specialized agencies to tow processing machine.

　　业内人士指出，在信用销售模式下，一旦下游回款出现问题，将导致相关企业已确认的收入存在“回吐”的风险。

The personage inside course of study points out that,In the credit sales mode,Once the downstream r problems,Will lead to relevant enterprise already confirmed income exists"taking"risk.

　　记者了解到，机械行业普遍的做法是，对按揭销售的商品，企业在收到客户首付款、办理好银行按揭手续时确认收入；而对于分期付款，企业会计准则规定，在销售满足条件时一次性确认收入。

The reporter understands,Machinery industry it is common,To mortgage sales of goods,Enterprises in the receiving customer deposits/Handle good bank mortgage procedure affirm income;For payment by installment,Enterprise accounting standards,In the sales satisfy conditions confirmed disposable income.

　　以三一重工(600031,股吧)为例，业内人士告诉记者，在其总的销售规模中，按揭占70%~80%，分期付款占10%多一些，融资租赁、全款支付占10%左右。“主要是按揭。不过现在很多客户会倾向选择分期付款，还款期限长一些。”该业内人士表示，中联重科(000157,股吧)、柳工等其他企业销售比例虽有差别，但方式、结构均类似。

To sany(600031,guba)For example,The personage inside course of study tells a reporter,In its total sales in scale,Mortgage accounted for 70% ~ 80%,Payment by installment accounts for more than 10% some,Financing lease/All money pay 10% or so."Mainly is the mortgage.But now many clients tend to choose payment by installment,Some long reimbursement deadline."The people in the industry say,zoomlion(000157,guba)/Liugong and other enterprise sales ratio although have difference,But the way/Structure are similar.

　　各种销售方式风险差异很大。据山西证券(002500,股吧)机械行业分析师李争东介绍，对厂商而言，除全款销售外，融资租赁风险最小，其次是按揭，最后是分期付款。但若附有回购义务的按揭，风险也不小。

All kinds of sales ways risk difference is very big.According to the shanxi securities(002500,guba)Machinery industry analysts LiZhengDong is introduced,To the manufacturer in,In addition to all of the sales,The minimum lease financing risk,The second is mortgage,The last is payment by installment.But if the buyback obligations attached to the mortgage,Risk is not small.

　　“如果客户发生违约，本公司将代客户偿付剩余本金和拖欠的银行利息。”或者“当经销商或客户在贷款期限内连续3个月未能按时、足额归还银行贷款本息，或贷款最后到期仍未能足额归还本息，及放款90天内未将抵押资料手续办理完毕并送达银行的，本公司承担回购义务。”是工程机械厂商在销售时对按揭提供的较普遍的承诺。

"If the customer in the event,The company will help customers to pay the principal and residual default the bank interest."or"When the dealer or customers in the loan period for three months failed to arrive on time/Full return a bank loan principal and interest,Or loan finally failed to return in full amount due principal and interest,And loan 90 days will not mortgage material procedure completed and delivered the bank,The company undertake buyback obligation."Is engineering machinery manufacturers to provide mortgage when the sale of a common commitment.

　　一般情况下，企业会对应收账款计提坏账准备，或提取回购设备准备金，以应对回购风险。不过，为了让财报更加亮丽，包括中联重科、三一重工在内的上市公司近年陆续调低了坏账计提比例。

generally,Enterprise of receivables provision for bad debt reserve,Extract the buyback equipment reserve,In response to repurchase risk.but,In order to make results more bright beautiful,Including zoomlion/Sany, the listed companies in recent years down the bad debt withdrawal proportion.

　　“如果附有回购义务，不应该确认为收入的如果确认了，就意味着高估了销售，低估了库存。”中央财经大学会计学教授鲁桂华表示。因为根据会计规则，确认收入首要的一点是要求商品所有权上的主要风险和报酬转移给购货方。

"If a buyback obligation,Should not be recognized as income if confirmed,Means that overvalued sales,Underestimated the inventory."Central university of finance and economics professor accounting LuGuiHua said.Because according to accounting rules,Affirm income first point is to require the goods on the ownership of the main risk and reward is transferred to the buyer.

　　除按揭外，其他金融服务合作形式也隐藏着风险。如山推股份(000680,股吧)与银行签署的《金融服务合作协议》，银行对山推授予一定的综合授信额度，用于经销商开立银行承兑汇票。鲁桂华教授称，“这一安排下，经销商的资金压力似乎转嫁给了山推股份，因为经销商开立银行承兑汇票的信用额度是山推股份提供的。”

In addition to the mortgage,Other financial service of form of cooperation also hidden risk.Like a mountain pushed shares(000680,guba)And signed by the bank[Financial services cooperation agreement],Bank to grant hill pushed a comprehensive line of credit,Used for dealers to open bank acceptance.LuGuiHua professor says,"Under the arrangement,Dealer's capital pressure seems to impute to the hill pushed shares,Because the dealer to open bank acceptance of the line of credit is hill pushed share offer."

　　收入确认冒进，在一定程度上源于工程机械行业销售方式的激进，最明显的就是低首付促销。“银行按揭首付比例要20%。”一家工程机械企业的经销商工作人员告诉记者，“实际情况却是，客户的首付比例可以跟营销人员具体谈，有一定下调空间。有时"零首付"就可以将机器开走”。

Revenue recognition at bay,To a certain extent from engineering machinery industry sales mode of radical,The most obvious is the low proportion of sales promotion."Bank mortgage down ratio to 20%."An engineering machinery enterprises dealer staff, told reporters,"Actual situation is,Customers can down proportion with marketing personnel specific talk about,Have certain cut space.sometimes"Zero down payment"Can machine drive away".