解决账期顽疾 构建韧性产业链

Core Viewpoint - Major Chinese automotive manufacturers have collectively committed to controlling payment terms with suppliers to within 60 days, addressing long-standing issues of extended payment cycles that have affected cash flow and exposed risks in the supply chain [1][2]. Group 1: Industry Commitment - The commitment from automotive companies is seen as a positive step towards improving the overall quality of the supply chain and enhancing its resilience against potential disruptions [1]. - The revised "Regulations on Ensuring Payment to Small and Medium-sized Enterprises" effective from June 1 mandates large enterprises to pay small and medium-sized enterprises within 60 days [1][3]. Group 2: Financial Implications - Shortening payment terms may increase the interest-bearing liabilities for large manufacturers, but it could significantly reduce costs across the supply chain due to their lower financing costs compared to smaller firms [2]. - For instance, while some private enterprises face financing costs above 10%, major manufacturers can secure financing at rates below 3%, creating a 7% cost differential that can be leveraged to lower overall supply chain expenses [2]. Group 3: Need for Clarity - The automotive industry's commitment lacks a clear timeline, and companies should establish a specific schedule for implementing these changes to ensure transparency and understanding across the supply chain [3]. - There is a need for clarity on how payment terms will be calculated and the specific payment methods to be used, moving away from practices that maintain extended payment cycles [2][3]. Group 4: Broader Industry Impact - The issue of payment terms is not limited to the automotive sector but is prevalent across various industries, and the automotive sector's collective commitment could serve as a model for other sectors [3]. - Adjustments in payment policies could lead to new competitive dynamics, emphasizing cash flow, supply chain stability, and compliance as critical competitive factors [3]. Group 5: Future Industry Landscape - The competitive landscape in China is expected to evolve, with surviving companies likely to possess global competitive advantages after navigating intense competition [4]. - The expectation is that the automotive industry's commitment will contribute to a more resilient and efficient industrial ecosystem, setting a precedent for other sectors [3][4].