Wednesday, September 19, 2012

你做iPhone 我做iLoan


先講一樣振奮亞洲人心的事情,就是美國快餐巨無霸麥當勞準備賣麵!無看錯,該集團準備於明日起,於歐洲奧地利試推兩款「McNoodles」,有雞有菜,並提供酸甜或咖喱醬,賣相和味道則待小朋友試過才知,而每客盛惠4.99歐元(約50.5港元),總之食厭漢堡包也有其他選擇。

另一間有新搞作的美國巨企肯定非蘋果莫屬,一部iPhone5已準備於周五在市場興風作浪,叫價同樣令人瘋狂,禤中怡對這些最新科技產品敬而遠之,寧願要部可上網的小型平板電腦已心滿意足。

美國商業頭腦確實厲害,輸出產品和服務難以令人抗拒,如果釣魚台事件有美國背後支持日本,大家又要抵制美國貨的話,能否放棄用iPhone和光顧麥當勞呢?

中國人更叻,已經大力拓展金融業,特別是積極發展財務公司,近期更有多達4間大龍頭企業參與,藍籌股中煤能源(1898)間財仔註冊資本30億元(人民幣,下同),持91%股權,即要負擔27.3億元,其餘由母公司出資。

中國中鐵(390)和中交建(1800)各自成立的財務公司更佔95%股權,而北京控股(392)則藉附屬參與,其餘股權當然由母公司持有,而4間上市公司加在一起,齊齊應佔拋出的金額便多達60.52億元,金額實非小數目。

開設財務公司,上市公司例湯例水話,預期加強資金集中和專業化管理,控制資金風險;優化配置,節約成本等等,又如中煤間財仔準備經營融資顧問、提供擔保、吸取存款、貸款、融資和同業拆借等,差不多與經營銀行無異。

由於現行法例規定,企業之間禁止相互借貸,故衍生不同巧立名目的貸款方式如委託貸款等,而成立銀監會批准的財務公司,變相做iLoan(internal loan),即幫系內公司提供貸款等服務。

見到這種場面,想起建設銀行(939)董事長王洪章話已收緊出口、政府相關項目和地產發展行業貸款,是否代表見勢色不對,銀行先關水喉,故上市公司需找方法,解決屬下企業的資金周轉問題?

話雖做財仔可幫公司加強管理資金,但同樣存在風險,一來管理層除本業外,是否具備金融這方面的經驗和能力,令人成疑。二來上述財務公司均由上市公司佔大股,若果他們見有利可圖,將這間公司變成另一個盈利來源,又是否合符經營原則呢?

最令人擔心的是,這些財務公司如果能吸收存款,便需付利息,屆時或動用部分資金作投資,以便獲取回報以支付利息,風險管理相當重要,萬一內部投資失誤,引發資金黑洞,甚至影響集團資金周轉的話,恐怕會帶來危機。

(9月19日刊於《am730》)

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