The Fourth Lingshi Financial Crisis

When Li Qingning first established the chamber of commerce, the principal was only 50 yuan in spirit stone coins, and the rest was borrowed from the second generation of Wuliang Sword School Immortals. Even if Yang Lu made the biggest creditor, Qiu Xiang, the second largest creditor, also promised Giving up the creditor's rights, the initial capital of the Qingning Chamber of Commerce is less than 150 million Lingshi coins, and after the Qingning Chamber of Commerce has experienced frenzied expansion, its total assets may even exceed [-] million!
150 million assets versus [-] million capital.

According to this rough calculation, the asset-liability ratio of Qingning Chamber of Commerce is almost 99.5%.

Of course, the Qingning Chamber of Commerce has still made some profits in recent years.

If the Yangjiang Port Project, Luanshicheng Mine Project, and the original Haiya Chamber of Commerce supplier project are added together, the total profit of the Qingning Chamber of Commerce in the past three years is almost 300 million, and if the cost method is not used, but the market price method If the assets of the Qingning Chamber of Commerce are revalued, then the Qingning Chamber of Commerce's income from asset appreciation will also be tens of millions of Lingshi coins.

But even according to the most affluent calculation, the Qingning Chamber of Commerce's net assets accumulated by itself will not exceed 3000 million, and the asset-liability ratio is still as high as 90%.

Such a high leverage ratio is naturally due to several frenzied leverage increases by the Qingning Chamber of Commerce.

At that time, Li Qingning used 50 capital to raise nearly 1000 million loans. In fact, he had directly increased the leverage by almost [-] times. Later, in order to launch the Yangjiang Port project, Yang Lu borrowed [-] million Lingshi coins from Haiya Bank. During this period of time, Yang Lu successively obtained nearly [-] million yuan in Lingshi coins through the anti-corruption work within the chamber of commerce, wantonly receiving benefits in Tianshu City, and extorting money from all major forces.

And Yang Lu didn't let the cash lie on the account.

He immediately invested all the money in the construction of Qingning Chamber of Commerce's ocean transportation capabilities, with more than ten million Lingshi coins in cash as a deposit, and successively invested in more than ten companies such as Haiya Chamber of Commerce, Northern Lights Chamber of Commerce, Huaishan Chamber of Commerce and Haiya City. The ocean-going fleet of the Cultivation Chamber of Commerce that has trade relations is specially used for outlying island trade.

Under normal circumstances, let alone tens of millions of spirit stone coins, even if Yang Lu has 1 million yuan of spirit stone coins, he would not even think about partnering with these ocean-going trading giants to do business, but who made Consultant Yang a golden signboard in the outlying island area now? As long as the Qingning Chamber of Commerce is willing to pay one tenth of the capital to prove that he is not joking, everyone is eager to let him become a shareholder so as to obtain the franchise right in the outlying island area as soon as possible. As for the remaining capital and interest, it can be obtained from the outlying island trade Subsequent profits will be shared.

In addition, the Qingning Chamber of Commerce also ordered a private fleet from the Haiya Chamber of Commerce Shipyard.

With the help of the Haiya Chamber of Commerce's strong position, the Qingning Chamber of Commerce did not actually spend much money at all. Instead, it frantically suppressed the upstream supplier's payment, issued a bunch of IOUs, and then slowly repaid after other sectors made profits. The first ship launched in this fleet was the self-destructing merchant ship that killed Zhu Ziming on an outlying island.

Such a large-scale layout naturally made the Qingning Chamber of Commerce's capital chain tense everywhere. Now every time the Qingning Chamber of Commerce makes a profit, He Mingyuan has to worry about which debt to pay first.

If it weren't for the Qingning Chamber of Commerce's backing from the Haiya Department, which prevented creditors from all walks of life from coming to violently collect debts, and the Qingning Chamber of Commerce's huge intangible assets in the outlying islands endorsed her, it is estimated that Miss Li would become a cultivator. The Xu belt of the world is gone.

However, the leverage ratio of the Qingning Chamber of Commerce, which has broken through the sky, has benefited greatly from this Lingshi coin crisis.

After all, the Qingning Chamber of Commerce holds real assets, but its liabilities are all denominated in Lingshi coins. If the Lingshi coins depreciate by 50% relative to the real assets, it is equivalent to Qingning Chamber of Commerce's liabilities out of thin air. 50% drop.

If calculated according to the earth's accounting standards, on the day when Lin Jianxing's counterfeit banknotes broke out, the Qingning Chamber of Commerce obtained a non-recurring profit and loss of hundreds of millions of Lingshi coins. Although this kind of profit and loss cannot be fully cashed immediately, but As long as the Qingning Chamber of Commerce is willing to sell assets at a discount, it can repay all debts on the spot, clear its asset-liability ratio to zero, and still have a lot of money left.

But Yang Lu naturally wouldn't do such a stupid thing.

After all, the Qingning Chamber of Commerce has the hardest real assets in its hands. When the economy is in crisis, credit always collapses one by one. When the assets with the worst credit collapse, capital will automatically transfer to assets with better credit. seek asylum.

For example, in the real estate financing market on the earth, the first to collapse is the P2P with the worst credit, which is not even protected by the law, followed by commercial bills (upstream and downstream suppliers) that rely entirely on the credit of the real estate company itself (bankrupt). ) and shareholders of real estate companies, and then all kinds of trust companies and public equity funds. After that, the banks with relatively better credit ratings and bonds will be hit, and the last hit will be the mortgage loans of the banks with the best credit ratings.

And if it is a systemic financial crisis, when assets with poor credit collapse and funds flow into assets with good credit, it will bring a wave of premiums, such as gold (the best credit) and government bonds (the second best credit) , There are also public utility stock assets (with better credit), which tend to obtain extremely high excess returns in the bear market caused by the economic recession.

The assets under the name of the Qingning Chamber of Commerce are very similar to the public utility assets of the earth. This type of assets is already the hardest-core asset in the cultivation world.After all, because of the special financial mechanism, there is no such thing as national debt in the cultivation world, and Lingshi, which replaces gold, has seen the highest price increase of all assets in the past few days, and it is impossible to buy it.

Now that the financial crisis in the comprehension world has come, Yang Lu can't use the hard assets of the Qingning Chamber of Commerce with better credit to exchange for the Lingshi coins whose credit is already declining!
Of course, if the crisis continues to lead to the economic collapse of the comprehension world, causing the entire credit chain to collapse from bottom to top, then no matter how hard the assets are, they will be severely impacted. For example, Haiya Port is already in a semi-paralyzed state. The situation in Yangjiang Port, where the Qingning Chamber of Commerce holds shares, is not much better. If the problem is not resolved for a long time, the valuation of such assets will not be able to support it.

Not to mention the port, if the economy completely collapses, you will not be spared even if you hoard a room full of black iron and formation materials. After all, the cultivation world is also a society with a high degree of division of labor. Without formation masters and weapon refiners participating in market transactions, these cultivation resources are also useless. It's a decoration.

At that time, no matter what assets you hold, you will not be able to avoid systemic risks. As a member of the Kyushu cultivation world, you can only hope that things will not develop to this point.

Although He Mingyuan is an experienced business talent, he has not received a systematic education, and his deduction of the economic crisis is far less deep than that of Yang Lu. He just observed some phenomena that have already occurred.

Hearing Yang Lu's ridicule, He Mingyuan followed his words on the spot and boasted: "When you borrowed money everywhere, I didn't quite understand why you made the financial situation of the Qingning Chamber of Commerce so extreme, but now I I already fully understand what you mean. Now the market is full of people who want to buy assets with Lingshi coins, but there are not many sellers. I have already inquired a little with my colleagues. If we sell the equity of Yangjiang Port now , can cash out nearly 9000 million spirit stone coins!"