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

While listening to Song Hewan's analysis, she verified several issues, and Tang Yuwen found that Kangyang Construction did have a certain risk of default. Before, because it wasn't her own project, she didn't think about it carefully, it was her carelessness.

But at present, no entity in the market has defaulted, even if it is a company worse than Kangyang Construction, isn't it all paid normally?

Will Kangyang Construction open a precedent to break the rigid exchange?

Tang Yuwen was very skeptical about this, but the responsibility of the credit management department was to avoid risks for the company's investment, and Hengchuan could not gamble with investors' money.

After Song Hewan finished speaking her analysis, the conference room fell silent. Several analysts, except for Tang Yuwen, looked at her with a look of surprise and suspicion.

Wang Hao, a reporter in the construction industry, was looking for evidence to refute Song Hewan with his head down, and he, as a regular employee of Hengchuan and an old credit reviewer with five years of experience, was actually questioned by an intern.

I can't hang it on this face!

Ling Yi didn't speak for a long time, he was thinking about what Song Hewan said. When he listened to Wang Hao's report, he felt that there were many suspicious points in Kangyang Construction.

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

What are his subordinates talking about the Rausch Bank credit, he really raised a bunch of waste! If something really goes wrong with this company, the first one to take out a loan is the bank. Bank credit can only be the icing on the cake, how can it really point to them in the snow.

This group of old fritters who have been working for so many years are not as good as a new intern!

The more Ling Yi thought about it, the more angry he became. However, there is a person who comes to work with a brain, and he can't wait to give Song He a positive right now.

As soon as he was about to speak, he heard Wang Hao's voice arguing.

"I don't think it's a problem to have a wide range of business layout, although he has business expansion in many cities, Ninghai and Rongcheng account for 60% of the project revenue, which shows that he still has a focus and is not doing it drastically in other regions. Moreover, there are a lot of lawsuits in construction companies, 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 upstream raw material suppliers in the industrial chain, and if the account period of the downstream arrears 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, and I looked at the value of this indicator of other construction companies, which is basically around 1. Isn't this more indicative of the fact that there may be difficulties in recovering the project money of Kangyang Construction?"

Wang Hao still has to continue to argue.

Tang Yuwen said: "What Song Hewan said is indeed a problem, this company has too many accounts receivable and needs to advance a large amount of funds, which may seriously affect its liquidity, which will affect his continuing operations and solvency. In addition, after Song Hewan raised these questions, I checked a few more points."

"First, Kangyang Construction has a lot of projected liabilities arising from pending litigation and the company's substitution due to the failure of the guaranteed company to repay the debts due, which should not be reflected in the financial statements."

"Second, I have been looking at the ratio of accounts receivable and accounts payable is very strange, just Song Hewan put it forward, I suddenly thought that there was such a case in foreign countries before, if the accounts receivable and accounts payable of the project undertaken "offset" way, and at the same time reduce the accounts receivable and accounts payable of the enterprise, then the profit in the income statement can be inflated, and the statement will become very good-looking."

She hesitated for a moment, and finally looked at Ling Yi, "Mr. Ling, I think what she said is right, this company is likely to have a big hidden danger, we need to be cautious."

With Tang Yuwen's affirmation, several analysts began to have self-doubt. They silently turned on the computer and began to re-check the information of Kangyang Construction in their hands, hoping to find evidence from it.

Ling Yi was silent.

This target was pushed over from above, and the price was very favorable, and the group of investment managers in the fixed income department were full of energy to invest money online.

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

But if he can't, he needs to give the fixed income department a very reasonable explanation that can't be faulted. Otherwise, they will be labeled as "bluffing".

He took a look at the people who participated in the review meeting again, and several senior people were here, and they actually came to that conclusion at first, what kind of stuff were they...... It's better to give this task to Song Hewan.

But Ling Yi was a little hesitant, could she finish it as an intern?

After thinking for a while, Ling Yi opened his mouth and said, "Song Hewan, give you a day to write a detailed research report on Kangyang Construction, and hold another review meeting at this time tomorrow, can you do it?"

As soon as these words came out, Wang Hao felt that he had been slapped in the face.

Mr. Ling actually believes in the conclusion of an intern, does he really think that there will be a company default in the current market? Moreover, is it possible to have an intern who doesn't know anything write in a day?

This is the industry he is responsible for, and now in front of these colleagues, Mr. Ling asked an intern to write this report, how can he get off the stage?

Song Hewan thought about it, although the day was a little short, but this was a good opportunity to exercise, she said, "Yes, Mr. Ling."

Ling Yi pondered again, "You finish writing and show Tang Yuwen, if you don't understand something, you can ask her, and you will report tomorrow."

"Okay." Song Hewan nodded and replied.

"Adjournment."

Back at the workstation, Chen Lu leaned over with a probe, "He Wan, why are you so sure that there is a problem with Kangyang Construction? Isn't there some gossip?"

Song Hewan smiled at her and said, "I don't have any gossip, but I just think that some things are unreasonable, so I just bring it up."

"Oh? So, I'll give you a day, can you finish it?"

"I'll do my best."

"Then if you need help, just ask, I can help you." Chen Lu looked at Song Hewan meaningfully, and seemed to say kindly.

"Okay, thank you."

Subsequently, Song Hewan began to concentrate on writing research reports. She suddenly remembered one thing, and she had the impression that Kangyang Construction seemed to have the problem of paid-in capital evasion, so she quickly checked.

Song Hewan opened the National Enterprise Credit Information Publicity System, typed in "Kangyang Construction Group Co., Ltd.", and then clicked on the query.

Sure enough.

The information published on the website is that Kangyang Construction has changed its paid-in capital to 0 yuan on April 1 last year. After that, Kangyang Construction's bonds were issued as scheduled, and the prospectus and rating reports of rating agencies still show that the company's paid-in capital is 2 billion yuan.

Song Hewan couldn't help but be suspicious.

It is technically impossible for the brokers who underwrote the bonds and the external rating agencies not to find out about this, but they did not disclose this fact. No wonder, the SFC later punished them together.

But why would the rating agencies go back a few months to downgrade the ratings? If they continue to cover it up, the bank should not withdraw loans, and Kangyang Construction will not fail?

It's just that she is not in the regulatory agency, so it must be difficult to know.

She buried herself in the information every day, and unlike the logic of the previous urban investment industry, the construction industry is an industry that advances capital to operate. With the expansion of the company's business scale, the project money and project warranty money that need to be advanced have been expanded.

When undertaking the construction of the project, the construction enterprise needs to pay the material and labor costs in advance, while the employer generally settles on a monthly basis, and only settles 70%-80% of the completion amount of the month every month. After the completion of the project, 75%-85% of the total project volume will be settled. After the completion audit, the total quantity and 95% will be settled, and the remaining 5% will be paid as a warranty after the expiration of the warranty period.

This can actually explain why such a large account receivable is excusable in Wang Hao's eyes. Because when the construction enterprise is operating normally and expanding the scale of production, it does need to make a large amount of capital advance.

However, there is a problem that cannot be ignored.

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

The accounts payable of Kangyang Construction are very small.

It is hard to imagine that when the company expands its business and the capital flow is not abundant, Kangyang Construction will accelerate the payment to the upstream? This simply doesn't make sense.

Song Hewan guessed that it was because of this that Tang Yuwen speculated about the problem of Kangyang Construction offsetting 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, such an old-fashioned logic could only be analyzed after she had worked for several years.

I didn't expect Song Hewan, a student who was still studying, to think of so much, and the more I felt that Song Hewan was a good seedling 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, and he never hired. Nowadays, almost all the departments in the credit management department are men, and if she has the opportunity, she would like to help Song Hewan fight for it.

She smiled softly at Song Hewan and said to her, "You are right, the company has netted the receivables and payables or undercounted the accounts payable, which can reduce the asset-liability ratio and increase profits. Therefore, if this is the case, we can conclude that the quality of the earnings report is questionable. In this case, we have every reason to reject the project, and tomorrow you just need to straighten out your thinking and make it clear, I think you'll be fine."

"Thank you." Song Hewan, who was affirmed, became more and more confident in her heart.

The matter of Kangyang Construction will not appear until April, and the thunderstorm will break out in August. Now there is not a trace of signs and signs, so she still has to prepare more detailed and convincing, so that everyone can believe her point of view.

She sent a WeChat message to Jian Zhiyan and told him, "I'm going to work overtime tonight, let him go back to school first." On the one hand, she really wanted to take the time to get rid of the report herself. On the other hand, Jian Zhiyan is here, which will inevitably distract her. new

Unexpectedly, not long after, Song Hewan received a message, "I don't feel at ease if you stay here alone, I'll stay with you and promise not to disturb your work."

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