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Jitong Netcom's hot potato?

t; / '/ 414 million in total assets of the accuracy of the naturally greatly reduced. r === O === Ⅱ === e --- JDn for equipment suppliers of equipment loss,[link widoczny dla zalogowanych], and no doubt is a great reduction of the major operators in the current large-scale network construction equipment supply situation Business is expected to Netcom's stock through subscription to reduce its loss As Netcom's \conversion device which can not only sell the equipment but also to get out of Netcom's profit dividends so that the debt is not only revitalized the Netcom and equipment suppliers can also honor the transfer of shares after the listing of China Netcom. Second, to reduce costs to increase cash flow speed and rate of return on capital. including Netcom,[link widoczny dla zalogowanych], telecom operators, including many large funds are almost into the network construction and maintenance, a large amount of precipitate added to the fixed cost pressures combined with low cash flow to make this part of the depreciation rate long cycle inventory of the funds is not conducive to optimizing the capital structure and thus also the flow of capital Netcom tie in more financing channels, if the change in the base itself on the network construction costs for the profit of others, not only can reduce the investment in fixed equipment pressure, but also improve the cash flow shortage Netcom phenomenon,[link widoczny dla zalogowanych], but also the investment risk and operational risk dilution, the specific approach is to: change the way of trading off the equipment, the equipment supplier's equipment into a common investment in equipment supply business depreciation of equipment prices through the device's operating income from the provision Netcom,[link widoczny dla zalogowanych], which in terms of equipment, although equipment suppliers to extend the collection time, but it can get additional compensation for CNC's operating income difference, of course, this method requires improve the standard rate of depreciation of equipment to reduce the time cost of equipment suppliers. Third, strengthen capital management and improve return on capital and liquidity ratio. International experience shows that improvements in capital allocation can maintain and even improve the quality of services is based on enterprises save 25% to 30% of the total investment capital. heavy investment and financial ▲ at NF0Pd ~ ATIONREPORT9, 2003 light-owned capital and asset management has been the major operators and the cash flow return on investment was not high one of the important reasons made major operators currently a customer-centric service strategy is based on marketing objectives and more sales-oriented and not the service and return on investment, value creation together so that the service carriers too much reliance on investment in fixed assets and new business development costs that need a lot of additional support services to not only a great deal of investment spending and reduce the rate of return on assets, cash flow increases the pressure on services at the front desk if Netcom to return on investment and value creation for the its goal to improve service will save a lot of pressure on fixed investment, so that the appropriate use of limited funds on projects. The fourth involved the introduction of private capital and foreign investment in China Netcom's fixed assets. public financing, bank loans and corporate bonds are all is to solve its own funds for the purpose of business enterprise management risk has not spread but is more concentrated and the introduction of private capital and foreign investment in fixed costs Netcom shell U conducive to resolving the fixed assets of the funds diverted to ease the pressure of liquid assets of contradictions. this investment does not in the form of corporate earnings as income but the operation of the enterprise income in the accounting treatment of foreign private capital and investment income accrued to the enterprise operating costs, this means the introduction of capital investment not only reduces the pressure and there Netcom conducive to the improvement of equipment utilization. Some experts believe that this investment is essentially a one-off investment in fixed inputs into the form of installments. Finally, the introduction of key operations within the company and the investment efficiency indicators for the quantitative key performance indicator system provide a basis for comparison to improve the transparency of company performance, given sufficient drive within the organization to improve the performance of power to persuade, and change of the external stimulus to internal promotion, change the additional investment to improve operating results of the extensive operations and reduce the new debt growth, digestion of existing debt, the debt pressure dispersion. Jitong Netcom face after the acquisition of debt crisis and its huge funding gap pressure. not all old and new borrowing through debt-equity swap can be solved, these methods only the significant Youyi in the physical and business risks, and the optimistic expectations of future earnings estimates in the form of the hidden. With Netcom expansion and capital investment increased demand,[link widoczny dla zalogowanych], the risk must also continue to improve, and improve their capital allocation Netcom management efficiency and return on investment to accelerate their cash flow speed, the implementation of various investment and financing channels and reduce the fixed cost of inputs, in order to effectively prevent and digest the existing debt burden and capital shortages.
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