车企“60天账期”满月，隐形账期待解

Core Viewpoint - The article highlights the ongoing challenges faced by small and medium-sized enterprises (SMEs) in the automotive supply chain, particularly regarding payment terms and the emergence of "invisible" payment periods that extend beyond the nominal payment terms set by large enterprises [1][3][4]. Group 1: Payment Terms and Challenges - The Ministry of Industry and Information Technology has opened a platform to address complaints regarding payment delays from key automotive companies, indicating a regulatory response to the issue [1]. - While some material suppliers have benefited from the new "60-day payment term" policy, other sectors like equipment and infrastructure still experience lengthy payment cycles, sometimes exceeding one year [1][3]. - The concept of "invisible payment periods" has emerged, where the time from delivery to payment confirmation can be significantly longer than the nominal terms, creating cash flow challenges for SMEs [3][4][5]. Group 2: Causes of Delayed Payments - Large enterprises often delay payment confirmations for several reasons, including tight cash flow, complex acceptance processes in large projects, and strategic decisions to enhance their own financial metrics [5][6][8]. - Some companies engage in "layered transactions" to circumvent regulatory requirements, effectively extending payment periods while appearing to comply with nominal terms [5][8]. Group 3: Impact on SMEs - SMEs face significant difficulties in obtaining financing due to the lack of formal payment confirmations, which hampers their ability to secure loans from banks [18][19]. - The cash flow cycle for listed SMEs in China has shown a deterioration, with accounts receivable periods increasing from 116 days to 135 days, indicating worsening cash flow conditions despite some improvements in overall cash flow cycles [13][14]. Group 4: Regulatory and Policy Responses - Recent regulations, such as the "Payment Protection for SMEs" and guidelines from the central bank, aim to ensure timely payments from core enterprises to protect SMEs' cash flow [14][15]. - The article suggests that learning from international practices, such as penalties for delayed payments in the UK and EU, could enhance the accountability of large enterprises in China [15][16]. Group 5: Future Considerations - The article emphasizes the need for core enterprises to recognize the benefits of optimizing payment terms for their operational efficiency and the stability of the supply chain [21]. - It calls for more detailed and enforceable regulations to ensure transparency and predictability in payment terms across the supply chain [21].