企业破产率下降6.2% - 破产损失增加了50%以上

企业破产率下降6.2% - 破产损失增加了50%以上

1. 德国公司破产已跌至1999年以来的最低水平

2016年德国企业破产数字呈下降趋势,从2015年的23,222家,下降到2016年的21,789家,共降低了6.2%。“企业破产率连续7年下降,去年更跌至自1999年的新低。” Bürgel董事总经理Klaus-Jürgen Baum 说到。在2009年的危机中,德国有33,762家企业申请了破产,约占企业总数超过百分之50。

在德国,企业受益于持续稳定的国内经济政策以及财务条件,同时欧元走弱亦帮助了以出口为主的企业。此外,近年的积极趋势,也在发挥作用。许多公司近年以提高资本的方式,搭建起风险缓冲来进行风险规避。Bürgel预计本年度企业破产的数量会稍稍减少。Klaus-Jürgen Baum 说到:“最近我们没有看到任何逆转的趋势,2017年预计破产的公司将减少至21,000家,减少幅度达到3.5%”。然而,由于一些国际政治以及经济的不确定性因素,这个预测将会受到一些未知数所影响,比如英国脱欧、美国政府的换届、以及德国和法国的选举。

  1. 公司破产造成的财务损失正在急剧增加

2016年,尽管公司破产的数量是减少了,但是它所导致的财务损失的增加是十分显着的。2016年由于破产而导致的损失达到了270亿欧元。相比2015年,数据的涨幅高达54%(2015年为175亿欧元)。多家对经济有重要影响的公司的崩盘导致了这一数值急剧的上扬。其中Steilmann,Sinn-Leffers,German Pellets 的破产便是明显的例子。2016年每间公司平均导致接近120万欧元的损失。高破产损失造成多米诺骨牌效应,例如這可能使以前稳定的供应商或合作伙伴陷入困境,从而导致相关的破产。

 

  1. 联邦政府的比较:大多数破产都在不来梅和北莱茵 - 威斯特伐利亚州

 

从联邦国家的角度来看,公司破产案显示出明显的地区差异。 在绝对数字中,北莱茵 - 威斯特法伦州(6,678家公司破产),巴伐利亚(2,777),下萨克森州(1882)和巴登 - 符腾堡州(1,741)位列统计数字之首。

 

对破产密度的分析(每万家公司的公司破产数)显示略有不同的结果。 在德国,大部分个案发生在北莱茵 - 威斯特伐利亚州和不来梅州,每万家公司便有100个破产案件。 2016年全国平均每10,000家公司有67家破产。 萨尔兰(98),汉堡(95),柏林(88),石勒苏益格 - 荷尔斯泰因(86)和萨克森 - 安哈尔特(79)显然超过了这一数量。 萨克森(73)和下萨克森(69)略高于平均水平。 2016年破产最少的是巴登 - 符腾堡州,每10,000家公司有39家破产。 但是,图林根(44),巴伐利亚(46),莱茵兰 - 普法尔茨(49)和勃兰登堡(55)的公司也有提出破产。

 

  1. 大城市排名:多特蒙德是破产领导者

 

除了联邦政府之外,Bürgel还分析了德国30个最大城市的破产密度。 根据这一分析,多特蒙德破产的风险最高,每10,000家公司有127家破产。 其次是埃森(115),杜伊斯堡(107)和盖尔森基兴(104)等北莱茵 - 威斯特伐利亚的其他三个城市。 慕尼黑在大城市排名中看起来最好。 在慕尼黑,破产率为每10,000家公司有家48家破产企业。 紧随排名的是德国南部的两个城市纽伦堡(49)和斯图加特(51)。

 

  1. 百分比变化:四个联邦州的企业破产率上升

萨尔州(加上10.3%),布兰登堡(加上7.4%),萨克森州(加上6.7%)和汉堡(加上1.5%)都没有看到全国范围内公司破产减少的趋势。 2016年莱茵兰 - 普法尔茨州的破产数量明显减少(减16.7%)和图林根(减15.3%)。 然而,即使在北威州(减去8.8%),萨克森 - 安哈尔特(减8.1%)和巴伐利亚(减8.0%)的情况下,企业破产数量也比全国平均水平下降了6.2%。

  1. 不同法律形式的公司破产情况:创业型公司依然存在风险

分析显示,不同法律形态的企业,破产风险亦大有不同。在2016年,创业型有限公司面临破产风险的可能性最大,破产密度是209,即每10,000间公司便有209间破产。然而,股份公司(114)以及有限责任公司(115)破产的风险亦在增加。

 

从绝对数字来看,在德国,独资企业(占39.7%; 8,659个案)和有限责任公司(占39.1%; 8,533个案)占破产最大比例。

 

  1. 破产的主要行业:建筑业高居榜首

建筑业首当其冲,破产密度达到85,即每10,000间公司便有85间破产,紧随其后的是物流(83)以及贸易(70),它们的破产比率均高于平均值。在德国服务行业破产绝对值是最高的,达到了9,532家。破产密度最低的是能源类企业,破产密度为32,即每10,000间公司便有32间破产。

 

  1. 企业破产与员工数的关系:小型企业受影响较重

以企业规模来看,在2016年,特别是一些小型企业需要申请破产。其中员工数5人或以下的企业,破产比率高达81.1%。员工越多,企业的破产率便降低。6-10名员工的破产率已降至7.7%,而拥有51名或以上员工的企业,破产比例更减至2.4%。

  1. 破产公司与企业年龄:58.9%的破产企业运营不超过10年

在德国,那些在市场上运作少于2年的企业,破产比率达到了14.9%。调查显示,58.9%的破产公司的寿命都不超过10年。那些年轻公司的失败原因主要是归咎于企业经营的理念。如果公司的生产线十分低效,产品没有销路,这些公司便没有生存的机会,最后只能申请破产。另一个原因则是经常性的融资困难。此外,公司创始人还要面对市场变化,战略错误以及专业知识匮乏等问题。

 

  1. 有趣的统计:在德国,男性领导的公司之破产概率是女性领导的两倍

有不少研究均以男女之间的差别作比较。而多年来,越来越多与平等和经济政策相关的讨论更以女性在企业管理层的比例与企业成功之关系为重点课题。但当中的比较却没有包含到企业破产情况。因此,Bürgel第二次探讨企业破产与管理层性别的关系。通过相关数据的支持,结果显示:相比于女性,男性经营的公司最后破产的数量较多。

 

在17,277家只有一位管理决策人的破产公司中,80.3%的公司(13,883家)之负责人为男性。在1,951家有两位管理决策人的破产公司中,男性的比例仍然高于女性。由两位男性领导的公司,破产比例占了68.1%,相反的,有两位女性领导的公司,破产的比例仅有2.8%。其余29.1%的公司决策层是男女混合。近似数字出现在决策层为3人的破产公司。三位决策层人员都为男性的比例达到64.9%,三位全部为女性的公司只占了1.9%,其余男女混合型管理层占据的比例为33.3%。最后,破产公司,包括决策者人数,与所有的公司来对比。结果发现,一人或以上的男性决策者的公司,其破产比例,是女性决策者的差不多两倍。根据分析,每10,000家公司中有79家以一位或以上男性为决策人的公司申请破产,相比较之下每10,000家公司中,仅有41家决策层有一位或以上为女性的公司申请破产。而男女混合型管理的公司破产比率相對而言也是较低的(每10,000家有50家公司破产)。

 

  1. 多方面因素导致公司破产

公司的破产有许多不同的原因,大多时候不是单方面而是多方面的因素共同造成的结果。经济形势只是影响公司最终成功或者失败的其中一个因素。除此之外,公司的破产亦由一些内在以及外在因素共同影响。首先,最主要的原因是由于公司长期没有新订单或者已下达的订单被取消或推迟。其次,由于多米诺骨牌效应,破产公司拖累其他公司破产。第三,管理层的错误常常导致破产风险增加。破产其余的原因包括没有长远的商业规划、没有合理的调控以及缺乏信用管理等。

 



 

 

 

 

 

 

 

 


2. Financial losses due to corporate insolvencies: Insolvency losses have risen sharply

The amount of losses caused by company insolvencies rose significantly in 2016, despite the declining number of cases. The insolvency losses totalled 27 billion euros in 2016. Compared to the year before, this is an increase of almost 54 percent (2015: 17.5 billion euros). Multiple collapses of economically important companies are responsible for this dramatic increase. Prominent examples from last year are the companies Steilmann, Sinn-Leffers, or German Pellets. On average, each company insolvency in 2016 amounted to a loss of approximately 1.2 million euros. The domino effect resulting from the high insolvency losses, for example on suppliers or partners, can also place previously stable companies into difficulty, thus leading to associated insolvencies.

3. Comparison of the federal states: Most of the bankruptcies are in Bremen and North Rhine-Westphalia

A look at the federal states shows that there are pronounced regional differences for company insolvencies. In absolute figures, North Rhine-Westphalia (6,678 company insolvencies), Bavaria (2,777), Lower Saxony (1882), and Baden-Württemberg (1,741) are at the top of the statistics.

The analysis of the insolvency density (company insolvencies per 10,000 companies) shows a slightly different result. Consequently, most cases were in North Rhine-Westphalia and Bremen with 100 insolvencies per 10,000 companies throughout Germany. The national average in 2016 was 67 bankruptcies per 10,000 companies. Saarland (98), Hamburg (95), Berlin (88), Schleswig-Holstein (86), and Saxony-Anhalt (79) clearly exceed this amount. Saxony (73) and Lower Saxony (69) are slightly above the average amount. The fewest bankruptcies in 2016 were in Baden-Württemberg, with 39 bankruptcies per 10,000 companies. However, companies also had to file relatively few insolvencies in Thuringia (44), Bavaria (46), Rheinland-Pfalz (49), and Brandenburg (55).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


4. Large city ranking: Dortmund is the insolvency leader

Apart from the federal states, Bürgel has also analysed the insolvency density in the 30 largest German cities. According to this analysis, the risk of insolvency in Dortmund is highest at 127 insolvencies per 10,000 companies. This is followed by Essen (115), Duisburg (107), and Gelsenkirchen (104), three other cities in North Rhine-Westphalia. Munich is looking best in the big city ranking. In Munich the insolvency rate is at 48 bankruptcies per 10,000 companies. Ranking behind it are Nürnberg (49) and Stuttgart (51), two cities in southern Germany.

5. Percentage changes: Corporate insolvencies rose in four federal states

The nationwide trend of declining company insolvencies was not seen in Saarland (plus 10.3 percent), nor in Brandenburg (plus 7.4 percent), Saxony (plus 6.7 percent), and Hamburg (plus 1.5 percent). There were significantly fewer bankruptcies in Rhineland-Palatinate in 2016 (minus 16.7 percent) and Thuringia (minus 15.3 percent). However, even in North Rhine-Westphalia (minus 8.8 percent), Saxony-Anhalt (minus 8.1 percent), and Bavaria (minus 8.0 percent), corporate insolvencies decreased more than the national average (minus 6.2 percent).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


6. Company insolvencies in accordance with legal forms: Entrepreneurial companies (limited liability) are still at risk of insolvency

An analysis of the legal forms shows their danger of insolvency varies greatly. Entrepreneurial companies (limited liability) had the highest risk of insolvency in 2016. In this case the insolvency density was 209 bankruptcies per 10,000 companies. However, stock corporations (114) and GmbHs (115) also have an increased risk of bankruptcy.
In absolute figures, the legal forms of commercial enterprises, sole proprietorships (39.7 percent; 8,659 cases), and GmbHs (39.1 percent; 8,533 cases) exhibit the largest proportions of insolvency in Germany.

 

 

 

 

 


7. Corporate insolvencies in the main sectors: The insolvency rate in the construction sector is at the highest

The construction sector is at the forefront in the analysis of the main sectors, at 85 insolvencies per 10,000 companies. However, in logistics (83) and trade (70) the insolvency rate is also higher than the average. The services sector has the highest absolute amount of insolvency in Germany at 9,532 cases. The lowest insolvency density is 32 bankruptcies per 10,000 companies in the energy sector.

8. Corporate insolvencies by employee number: Small businesses affected by insolvency again

A look at company size shows that in 2016 it was particularly small businesses that had to file for insolvency. The proportion of companies with at most 5 employees was 81.1 percent.  The larger the workforce, the lower the proportion of insolvent companies. Furthermore, 7.7 percent of companies declaring insolvency had 6-10 employees. For companies with 51 or more employees, the proportion of overall insolvency dropped to 2.4 percent.
 

9. Corporate Insolvencies by company age: 58.9 percent of insolvent companies are not older than 10 years

14.9 percent of insolvent companies in Germany have been active on the market for only up to two years. The current study also shows that more than half (58.9 percent) of insolvent companies are not older than ten years old. The reasons for the failure of young companies are primarily seen in the business idea. If it is not marketable or if the products are not produced efficiently, the company will have no chance of survival, and will have to file for insolvency. Another reason lies in the frequent difficulty start-ups have in obtaining financing. In addition, the company founders have to deal with market changes, strategic mistakes, and lack of expertise.

 

 

 

 


10. Point of interest: Men lead companies into insolvency almost twice as often as women

In many subjects there is a comparison between men and women. The question of whether there are correlations between the success of the company and the proportion of women in management positions, how strongly such a connection comes into play, and what it depends on, has for years increasingly been the focus of equality-and economic policy discussions. The subject of company insolvencies has been excluded from this comparison thus far. Therefore, in their study the Bürgel credit bureau examined corporate insolvencies for the second time as to whether more men or women are leading the insolvent companies. The result is clear: men run companies more often into insolvency than women. This is supported by both the absolute and relative figures. For 17,277 of insolvent companies there was only one person in charge (Managing Director, owner, etc.) in the top management position. For 80.3 percent of these companies (13,883) that responsible person was male.  For 1,951 of the insolvent companies, there were two decision-makers holding the top management position. For these companies also the proportion of men is higher than that of women. In 68.1 percent of the cases the insolvent companies were led by two men. By contrast, only 2.8 percent of the companies with two women managing were affected by insolvency. The remaining proportion (29.1 percent) pertains to companies with mixed management. Similar figures are present for companies with three people at the decision-making level. For 64.9 percent of insolvent companies all three managers were male. There were three female decision-makers for only 1.9 percent of the companies. 33.3 percent of the companies are characterised by mixed-gender management. The relative comparison is more interesting. To this end, the insolvent companies, including the number of decision-makers, were compared with the total number of companies. Again, the result is clear. In almost twice as many cases, one or more men are at the head of an insolvent company. According to analysis, 79 per 10,000 companies with one or more male decision-makers file for insolvency - in comparison to only 41 per 10,000 companies with one or more women in the boardroom. Also, companies with mixed-gender management appear less exposed to insolvency (50 per 10,000 companies).

11. Causes of corprate insolvencies: Several triggers are jointly responsible for insolvency

There are pronounced differences in the reasons for company insolvencies. In many cases, rather than there being just one cause of insolvency, several triggers are jointly responsible for the insolvency. The current economic situation is only one factor in the ultimate success or failure of companies. Bankruptcies also arise from other reasons, both internal and external to the company. Firstly, the main causes of company bankruptcies continue to involve the absence of new orders, or the cancellation or postponement of already-placed orders. Secondly, domino effects insure that insolvent companies take other companies into insolvency with them. Thirdly, management errors are often responsible for an increased insolvency risk. Other relevant criteria include a lack of business planning, no controlling, or insufficient or absent credit management.

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