中小零部件企业困于“账期游戏” 万亿汽车产业链的生死博弈

Core Insights - The Chinese automotive industry has maintained its position as the world's largest producer and seller for 14 consecutive years, leveraging new energy vehicles to lead the global transformation of the automotive sector [2][3] - A significant number of small and medium-sized parts suppliers are facing severe cash flow issues due to extended payment terms imposed by major manufacturers, leading to a silent "accounting war" [2][3] Group 1: Payment Terms and Regulations - Major automotive manufacturers are extending payment terms, pushing many suppliers to the brink of financial collapse. The State Council introduced the "Regulations on Ensuring Payment to Small and Medium Enterprises" in 2020, which was revised in March 2023 to strengthen payment responsibilities and improve regulatory mechanisms [3][4] - The revised regulations will take effect on June 1, 2025, providing hope for small and medium enterprises, although many remain skeptical about their enforcement [3][4] Group 2: Impact of Long Payment Terms - Long payment terms are exacerbated by practices such as "consignment," where suppliers must build warehouses near manufacturers, leading to increased inventory costs and cash flow issues [4][5] - The average payment cycle for suppliers can extend to 10 months, significantly increasing the financial burden on small and medium enterprises [5][8] Group 3: Comparison Between Domestic and Foreign Enterprises - Domestic automotive manufacturers typically have payment terms ranging from 90 to 120 days, while foreign joint ventures generally maintain shorter terms of 45 to 60 days. However, even foreign companies are beginning to adopt longer payment terms [6][10] - Suppliers working with foreign companies often experience better payment conditions, including upfront payments and quicker settlements, contrasting sharply with domestic practices [11][12] Group 4: Industry Challenges and Future Outlook - The prolonged payment terms are leading to systemic risks within the supply chain, as evidenced by the bankruptcy of several companies due to cash flow issues [5][13] - The current payment environment is detrimental to the competitiveness of small and medium enterprises, hindering their ability to invest in research and development [13][14] - There is a call for stricter enforcement of regulations and innovative supply chain financing solutions to alleviate the financial pressures faced by suppliers [13][14]