Core point

This outbreak of new coronavirus pneumonia affects catering、Travel、Industries that are highly dependent on passenger flow, such as hotels, have had a very big impact，However, companies of different sizes have huge differences in their ability to resist risks，Our research compared the impact of the epidemic on companies of different sizes in the 188bet best bookmaker industry from a micro perspective，What kind of situation are we facing。

Overall，Large enterprises have more diversified business，More options for business strategy，Although performance has been damaged under the influence of the 188bet best bookmaker，But sufficient cash reserves can help the company survive the cold winter，At the same time, the rich business layout will also help the company rebound from the trough faster。

But the business of small and medium-sized enterprises is relatively simple，Low cash reserves，Some companies’ operating conditions themselves have deteriorated，An 188bet best bookmaker surprise attack may be the straw that breaks the camel’s back。

What are the differences between 188bet best bookmaker of different sizesHow big

We have roughly sorted out the operating conditions and financial data of the 188bet best bookmaker in the A-share main board and New OTC Market tourist attractions，From the table below，Can clearly see the operating conditions of travel 188bet best bookmaker of different sizes、The difference between debt solvency and stress resistance。

1 The coverage ratio of operating costs and three fees by cash of NEEQ companies has been significantly lower than that of similar A-share companies in the past two years。Under the impact of the epidemic，The income of 188bet best bookmaker enterprises is almost cut off，Cost rigidity is relatively greater，Cash coverage of costs for small and medium-sized 188bet best bookmaker enterprises is even tighter。

2 The asset-liability ratio of 188bet best bookmaker companies on the New OTC Market is relatively high，This means that the company faces greater debt repayment pressure。If the epidemic lasts longer，Highly leveraged companies will have greater risks。

3 This can be clearly seen from the ratio of cash to total assets，A-share companies have more sufficient cash reserves，Cash is the most important asset under the pressure of the 188bet best bookmaker。

Excluding these listed companies，There are still a large number of unlisted 188bet best bookmaker companies in our country，Their size is even much smaller than the companies traded on the New OTC Market。According to statistics from the Ministry of Culture and 188bet best bookmaker，At the end of 2018, there were 11,924 A-level scenic spots in the country，Total number of guests received throughout the year: 60.2.4 billion people，188bet best bookmaker revenue 4707.5.4 billion yuan，Rough calculation，The average income of each scenic spot in 2018 was 39.48 million yuan，Far lower than the average of NEEQ travel companies 2.600 million level。These companies will be more affected by the epidemic，The consequences may be more serious。

Although large companies are affected by the 188bet best bookmaker, their ability to resist risks is clearShow better

Let’s take Huangshan 188bet best bookmaker, the largest tourist attraction company in A-share market capitalization, as an example，A more intuitive analysis of the situation of large companies under the impact of the epidemic。

1. Main 188bet best bookmaker diversification，The ability to resist risks is higher than that of a single 188bet best bookmaker

Huangshan 188bet best bookmaker Company is mainly based on Huangshan Scenic Area，Carry out multiple businesses。

The current main business is divided into four parts，The revenue in the first half of 2019 from high to low is hotel business (3.0.9 billion yuan，42% of total revenue.47%），Ropeway and cable car business (2.4.9 billion yuan，Proportion 34.22%），188bet best bookmaker service business (1.6.5 billion yuan，Proportion 22.67%) and garden development business (1.0.1 billion yuan，Proportion 13.84%）。

The company does not rely on a single source of revenue，Instead, we will expand our business around the entire 188bet best bookmaker industry chain，Business areas have also expanded outward from Huangshan Scenic Area，Including Taiping Lake Scenic Area, Hongcun, etc.。Diversified experience and ideas can stabilize income，Previously affected by the 20% decrease in ticket prices caused by the price bureau’s adjustment in 2018，The company is still able to maintain continued revenue growth in the first three quarters of 2019。

Although the 188bet best bookmaker has also had an impact on the company’s operations，But as long as the 188bet best bookmaker is under control，The company can achieve faster performance recovery with its diversified business strategy。

2． Stable 188bet best bookmaker flow and sufficient 188bet best bookmaker on hand

After the 188bet best bookmaker，Huangshan Scenic Area and Taiping Lake Scenic Area will be closed starting from January 24th，Most of its hotel and catering businesses are located in scenic spots，So it almost stopped，And the opening time has not yet been determined。According to the company’s revenue in the first quarter of 2019 2.600 million estimate，Average daily income 2.94 million。If closed for 60 days，Will lose nearly 1.800 million。Based on the interview data of Zhang Dehui, chairman of the company，Currently, 3,200 of the company’s 3,600 employees are on vacation at home due to the 188bet best bookmaker，The company’s average daily rigid expenditure is about 1 million yuan。

Although business has been affected by the 188bet best bookmaker，But the company had been operating steadily before，Stable cash flow，Current ratio and quick ratio have remained above 5 times for 5 consecutive quarters，Much higher than the average of other A-share listed travel companies1.About 8 times the level。As of the end of the third quarter of 2019, the company has cash on its books9.600 million，The ability to resist risks is self-evident。

The outbreak of the 188bet best bookmaker may be the last straw for small companies

Let’s take New OTC Company Dinosaur Valley as an example，The company’s revenue in 2018 was 34.32 million yuan，Close to the average income of my country’s A-level scenic spots，A glimpse into the plight of small and medium-sized 188bet best bookmaker companies。

1 The 188bet best bookmaker has catalyzed the deteriorating business conditions

Dinosaur Valley Company is based on world-class dinosaur fossil resources，From "Dinosaur Sites Scientific Research and Sightseeing Area"、"Jurassic World Tourist Area" consists of two major areas，All income is generated around the World Dinosaur Valley Theme Park，More than 70% of revenue comes from park ticket revenue，Single 188bet best bookmaker model。

Leave aside the 188bet best bookmaker，The company’s own operations have deteriorated。Second half of 2018，Policy influence caused Dinosaur Valley tickets to drop by 41.67%，And cancel the tour when shopping at designated travel points。These two measures caused the company’s revenue to decline by 27% in 2018.8%。

In this case，The sudden outbreak of the 188bet best bookmaker has made things worse。As far as we know，Dinosaur Valley has been closed since January 24th，And the opening date has not yet been determined，Based on the revenue in the first half of 2019，Rough calculation of Dinosaur Valley’s daily income 7.30,000 yuan，As of February 10th，The revenue loss we can determine is 1.25 million。From the experience of SARS，From the time when travel warnings were issued to when the 188bet best bookmaker situation improved significantly，About 60 days，Use this time period to estimate，Dinosaur Valley’s income loss during this 188bet best bookmaker is approximately 4.4 million。

2 Expanding production 188bet best bookmaker significantly increase the asset-liability ratio，Accounts payable is under great pressure

In 2017, the company began to vigorously promote the construction 188bet best bookmaker second phase project，Total investment 7.500 million yuan，Expected to open in July 2019。For this，The company obtained long-term loan from China Development Bank 3.900 million yuan，And borrow money from related parties7，4 million yuan，The project payment and interest payable at the same time have increased sharply，This resulted in the company’s asset-liability ratio being as high as 79 at the end of June 2019.64%。

After the company paid part 188bet best bookmaker project payment in the first half of 2019，Book cash from 1 at the beginning 188bet best bookmaker year.300 million yuan dropped to 70.8 million yuan in June，Although the cash situation at the end of 2019 is unclear，But because the second phase has been opened，There is a high probability that the project payment will need to be paid in the second half 188bet best bookmaker year，The cash situation at the end 188bet best bookmaker year should be tight。

3 Accounts receivable has huge risks

Under business difficulties，Many 188bet best bookmaker will choose to speed up capital turnover to alleviate cash difficulties，Speed ​​up the collection of accounts receivable is a good way to solve the urgent need，And we noticed that Dinosaur Valley seems to be in big trouble in this regard。

As of June 2019，The total original value of accounts receivable in Dinosaur Valley is 482.20,000 yuan，But the concentration is very high，There are 69.2% comes from a 188bet best bookmaker called Yunyu Jewelry Group Co., Ltd.。

Yunyu Jewelry Group has been listed as a breach of trust twice in 2019，Legal litigation involving 25 contract disputes，The latest one was on January 14, 2020，And this company’s main business is also 188bet best bookmaker，Under the influence of the epidemic，The repayment ability is further frustrated，Expected to bring a lot of bad debts to Dinosaur Valley Company。Once this account becomes bad debt，It is very likely to wipe out the full-year profit of Dinosaur Valley (the company’s net profit in the first half of 2019 was only 450,000)。

Small and micro enterprises need more policy help

Through the analysis of Dinosaur Valley Company，We can get a glimpse of the current plight of small and medium-sized travel companies，Listed companies are still like this，Not to mention those small and micro 188bet best bookmaker companies whose revenue is far smaller than that of Dinosaur Valley，Urgently, they need more policy support。

During special times，The government should pay more attention to small and micro enterprises，Through more targeted policies to help enterprises overcome difficulties，You can start 188bet best bookmaker following aspects:

1、Establish a special relief fund for small and micro enterprises，Can be used to subsidize the rental costs of small and micro enterprises during the 188bet best bookmaker、Bank loan interest discount。

2、Reducing or deferring the payment of five social insurances and one fund for employees，Give small and micro enterprises more flexible employee employment terms。Especially for companies that have not laid off employees during the 188bet best bookmaker，A certain financial subsidy will be issued after approval。

3、Granting tax payment extension to small and micro enterprises during special periods，Even a certain degree of tax relief。

4、Banks provide more financial convenience and support to small and micro enterprises during special periods。

At the same time, banks should provide more financial assistance to enterprises that are trapped due to the 188bet best bookmaker according to the actual situation:

1、Reasonable capital needs for small and micro enterprises，Speed ​​up the loan review process and disbursement speed。

2、Methods such as loan renewal or extension without principal repayment can be adopted to maintain the continuity of financial support。

3、Reduction and exemption of overdue interest for enterprises with turnover difficulties in industries greatly affected by the 188bet best bookmaker，Implement a certain degree of floating system for duration loan interest。

4. Do not blindly withdraw, cut off or suppress loans to distressed enterprises.

*Source of 188bet best bookmaker article: Sina.com, Author:Li Feng，Professor of Accounting at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University、Vice President of China Institute of Financial Research、Co-President of Shanghai Gaojin Financial Research Institute；Zhang Yisu，Researcher at China Institute of Financial Studies, Shanghai Jiao Tong University，Original title:《Li Feng: How can small and medium-sized 188bet best bookmaker companies break through during the epidemic?》.