赊销抢市绷紧白酒业资金链

近期白酒企业半年报已经出炉，大部分企业的应收账款也大幅增加。按照企业的解释，“赊销”成为重要原因。有业内人士分析认为，白酒企业转向先拿货后付款的模式拓展市场意图明显，但背后却存在资金链压力等诸多风险。

记者梳理8家白酒公司半年报发现，6家公司年末应收账款均较年初大幅增加。应收账款往往是随着企业的销售行为而形成的一种债权。因此，应收账款的确认与收入的确认密切相关。

对于应收账款的增加，多家酒企表示主要是由于期内赊销增加。简而言之，就是“先货后款”的交易模式。按照惯例，酒业的交易主要是“先款后货”，即经销商先交钱，酒企会根据经销商完成任务的情况给予后者一定的优惠。

“市场正处于低迷期。在五粮液等大牌纷纷转向中档酒的情况下，一些酒企压力越来越大，不得不改变以往的方式，将大量中低端产品赊销给经销商，目的是巩固市场，提升销售积极性。”白酒行业分析师蔡说。这其实是一款冒险游戏。在销售不畅的情况下，回款困难，导致酒企应收账款剧增。

中投顾问食品行业研究员简爱华也表示:“白酒黄金期，经销商纷纷囤货。但禁酒令和限制‘三公’消费来得突然而猛烈，经销商元气大伤，资金周转困难。二线酒企压力严重，需要通过各种方式维持经销商体系，维持市场。”

在行业低迷的情况下，酒企利润表现下滑，较高的应收账款会直接影响企业的现金流入，为财务危机埋下了隐患。

"The increase of accounts receivable takes up the capital flow of enterprises, and liquor enterprises need funds for purchasing raw materials to maintain production and marketing. If the accounts receivable of enterprises continue to increase and the capital flow is insufficient, it will undoubtedly affect the development plan of the company." Jane Aihua said. Not only that, accounts receivable may turn into bad debts, which will affect the final performance of enterprises.

"Because the liquor industry has not improved significantly so far, and the pressure on liquor companies to reduce prices is relatively high, it does not rule out the possibility that some dealers are unable to operate." Jane Aihua explained.

Wine companies with high accounts receivable will face a greater test in the next period of time. (beijing business today)