Soft and delicate reborn, she is a beautiful boss

Tang Yuwen knew that Song Hewan was right. But she couldn't believe that Kangyang Construction would really breach the contract.

While listening to Song Hewan's analysis, she verified several issues. Tang Yuwen discovered that Kangyang Construction did have a certain risk of default. Before, because it was not her own project, she did not think about it carefully. This was because she was careless.

But no entity in the market has ever defaulted on a contract. Even companies worse than Kangyang Construction, don't they all pay their bills normally?

Will Kangyang Construction set a precedent for breaking the rigid rule?

Tang Yuwen expressed great doubts about this. However, the responsibility of the credit management department is to avoid risks for the company's investment, and Hengchuan cannot gamble with investors' money.

After Song Hewan finished her analysis, the conference room fell into silence. Several analysts except Tang Yuwen looked at her with expressions of surprise and suspicion.

Wang Zhuo, a reporter in the construction industry, was lowering his head and trying hard to find evidence to refute Song Hewan. As a regular employee of Hengchuan and a veteran credit reviewer with 5 years of service, he was actually questioned by an intern.

I can’t hold on to this face!

Ling Yi didn't speak for a long time. He was thinking about what Song Hewan said. When he listened to Wang Zhuo's report, he felt that there were many aspects of Kangyang Construction that were doubtful.

Judging from Ling Yi's many years of work experience, he feels that this company has hidden dangers.

His subordinates are still talking about the credit granted by the bank to Laoshizi. He has really raised a bunch of losers! If something goes wrong with this company, the bank will be the first to take out the loan. The credit granted by the bank can only be the icing on the cake. How can it be done?

It really means giving them timely help.

This group of veterans who have been working for so many years are worse than a new intern!

The more Ling Yi thought about it, the angrier he became. However, there was someone who came to work with brains. He wished he could correct Song Hewan right now.

Just as he was about to speak, he heard Wang Zhuo's arguing voice.

"I don't think the broad business layout is a problem. Although he has business expansion in many cities, the proportion of project revenue in Ninghai and Chengcheng reaches 60%, which shows that he still has a focus and is not in other areas.

We must move forward aggressively. Moreover, as a construction company, there are many lawsuits, and it is normal for the upstream and downstream of the project to be in arrears."

"However, construction companies also have a say in the industrial chain with upstream raw material suppliers. If the payment period of downstream debts is extended, they can also put pressure on the upstream, right?" Song Hewan said.

After a pause, she continued: "But if you look at the data at the end of last year, the ratio of accounts receivable to accounts payable of Kangyang Construction was 16.14. I looked at this indicator value of other construction companies, and they were basically in the range of 16.14.

Around 1. Does this further indicate that there may be difficulties in recovering the project funds of Kangyang Construction?"

Wang Zhuo still wanted to continue arguing.

Tang Yuwen said: "What Song Hewan said is indeed a problem. This company has too many accounts receivable and requires a large amount of advance funds, which may seriously affect its liquidity, which will have a negative impact on its ongoing operations and solvency.

Influence. In addition, after Song Hewan raised these questions, I checked a few more points."

"First, Kangyang Construction has many estimated liabilities arising from pending litigation, as well as compensation incurred by the company due to the failure of the guaranteed company to repay due debts. These data should not be reflected in the financial statements."

"Second, I have been looking at the data on the ratio of accounts receivable and accounts payable which is very strange. Song Hewan just mentioned it, and it suddenly occurred to me that there have been such cases abroad. If the accounts receivable and payables of the project undertaken are compared

By "contrasting" the accounts and simultaneously deducting the company's accounts receivable and payables, the profit in the income statement can be inflated, and the report will become very beautiful."

She hesitated for a moment, and finally looked at Ling Yi, "Mr. Ling, I think what she said is right. This company may have serious hidden dangers, and we need to be cautious."

After Tang Yuwen's affirmation, several analysts began to have self-doubt. They silently turned on their computers and began to re-check the information on Kangyang Construction in their hands, trying to find evidence.

Ling Yi was silent.

This target was pushed over from above, and the price was very favorable. The investment managers in the fixed income department were trying their best to invest money online.

If it can be paid as scheduled, it will indeed have a great impact on the return rate of asset management, and it is normal to pay attention to the above.

But if he can't invest, he needs to give the fixed income department a very reasonable explanation that makes it difficult for anyone to find fault. Otherwise, he will be labeled as "bluffing" again.

He took another look at the people participating in the review meeting. The senior people were all here. They had come to such a conclusion at first. What the hell... It's better to leave this task to Song Hewan.

But Ling Yi was a little hesitant. Can she complete it as an intern?

After thinking for a moment, Ling Yi said, "Song Hewan, I'll give you one day to write a detailed research report on Kangyang Construction. We'll hold another review meeting at this time tomorrow. Can you do it?"

As soon as these words came out, Wang Zhuo felt like he had been slapped hard in the face.

Mr. Ling actually believes in the conclusion of an intern. Does he really think that companies will default in the current market? Moreover, is it possible for an intern who knows nothing to finish writing in one day?

This is the industry he is responsible for. Now, in front of these colleagues, Mr. Ling asked an intern to write this report. How could he get off the stage?

Song Hewan thought for a while. Although the day was a bit short, it was a good opportunity to exercise. She said, "Yes, Mr. Ling."

Ling Yi thought about it again and said, "After you finish writing, show it to Tang Yuwen. If there is anything you don't understand, you can ask her and you will report it tomorrow."

"Okay." Song Hewan nodded and replied.

"The meeting is dismissed."

Back at the workstation, Chen Lu leaned over and asked, "He Wan, why are you so sure that there is something wrong with Kangyang Construction? Is there some gossip?"

Song Hewan smiled at her and said, "I don't have any gossip. I just thought something was unreasonable, so I just brought it up."

"Oh? Well, I'll give you one day, can you finish it?"

"I'll try my best."

"Then if you need help, just ask, I can help you." Chen Lu looked at Song Hewan thoughtfully and said kindly.

"okay, thank you."

Afterwards, Song Hewan began to concentrate on writing a research report. She suddenly remembered something. She had the impression that Kangyang Construction seemed to have a problem of withdrawing paid-in capital, so she quickly checked it out.

Song Hewan opened the national enterprise credit information publicity system, entered "Kangyang Construction Group Co., Ltd.", and then clicked on the query.

as expected.

The information published on the website is that Kangyang Construction changed the paid-in capital to 0 yuan on April 1 last year. Since then, Kangyang Construction’s bonds have been issued as scheduled, and the company’s paid-in capital is still shown in the prospectus and the rating report of the rating agency.

The capital is 2 billion yuan.

Song Hewan couldn't help but feel suspicious.

It is logical that the securities firms and external rating agencies that underwrote the bonds could not have discovered this situation, but they did not disclose this fact. No wonder the China Securities Regulatory Commission later punished them together with them.

But, why would the rating agencies turn around and downgrade the rating after a few months? If they continued to cover it up, banks would probably not withdraw loans, and wouldn't Kangyang Construction not collapse?

However, there is something fishy about this. She is not in the regulatory agency, so it must be difficult to know.

She buried herself in information all day long. Different from the previous logic of the urban investment industry, the construction industry is an industry that relies on advance capital. As the company's business scale expands, the amount of project funds and project warranty deposits that need to be advanced also expands.

When construction companies undertake project construction, they need to advance material fees and labor costs in advance, and the contracting party generally settles on a monthly basis, and only settles 70%-80% of the completion amount of the month each month. After the project is completed, all settlements will be made.

75%-85% of the project quantity. After the completion audit, the total project quantity and 95% will be settled, and the remaining 5% will be used as a warranty deposit and will be paid after the expiration of the warranty period.

This can actually explain why such a large account receivable is excusable in Wang Zhuo's eyes. This is because when a construction company operates normally and expands its production scale, it does need to make a large amount of capital advances.

However, there is an issue that cannot be ignored.

Kangyang Construction is one of the top 500 companies in the country, ranking 100th, and ranking 7th in the "construction and building materials" industry. This company's industry status should be very advantageous when negotiating with suppliers.

But Kangyang Construction's accounts payable are very small.

It is hard to imagine that when the company is expanding its business and its capital flow is not abundant, Kangyang Construction will speed up its payments to the upstream? This is really unreasonable.

Song Hewan wondered if it was because of this that Tang Yuwen surmised that Kangyang Construction offset its accounts receivable and accounts payable.

It's so complicated!

At this point, Song Hewan finally figured out the logic. But in order to confirm her thoughts, she still asked Tang Yuwen for verification.

After Tang Yuwen heard Song Hewan's train of thought, she was surprised for a few seconds. She could only analyze such sophisticated logic after working for several years.

I didn't expect that Song Hewan, a student who was still studying, could think of so many things. I felt more and more that Song Hewan was a good candidate for credit evaluation.

Tang Yuwen knew that Ling Yi was biased against gender when recruiting employees, especially women who were unmarried and had no children. He never hired women. Nowadays, almost all the credit management departments are men. If there is a chance, she would like to help Song Hewan win.

one time.

She smiled tenderly at Song Hewan and said to her: "You are right. The company nets off the balance between receivables and payables or undercounts accounts payable, which can reduce the asset-liability ratio and inflate profits. So, if this is true, we

It can be determined that the quality of the financial report is questionable. In this case, we have every reason to reject this project. Tomorrow you just need to straighten out your thoughts and make it clear. I think you will be fine."

"Thank you." Song Hewan felt more confident after receiving the recognition.

Things about Kangyang Construction will have to wait until April for signs to appear, and August for the thunder to break out. There are no signs or signs now, so she still needs to prepare more details and convincingly, so that everyone can believe her point of view

.

She sent a WeChat message to Jian Zhiyan and said to him, "I have to work overtime tonight, so let him go back to school first." On the one hand, she really wanted to seize the time and make the alienation report clear. On the other hand, Jian Zhiyan was here

, it will inevitably distract her. New

Unexpectedly, not long after, Song Hewan received a message, "I'm not worried about you staying here alone. I'll stay with you and promise not to disturb your work."

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