Article/Li Honghan, columnist of Sina Financial Opinion Leader (WeChat official account kopleader)
How to solve the difficulty and high cost of private enterprises' financing has become an urgent problem to be solved. There are many reasons for the difficulty and high cost of private enterprises' financing. This paper only analyzes from two aspects of financial institution system and guarantee system, and proposes countermeasures and solutions.
After decades of development since the reform and opening up, China's private enterprises have become an important part of China's economy and the most active growth point. Private enterprises are playing an increasingly important role in promoting economic growth, increasing employment, creating taxes, and maintaining social stability.
According to statistics, private economy accounts for nearly 60% of GDP, contributes more than 50% of tax revenue and solves 80% of employment. Due to the asymmetric information between banks and enterprises, and the implementation of various inclusive policies to alleviate the financing difficulties of private enterprises, banks cannot accurately understand the actual operating conditions of loan enterprises, leading to an upward trend in the non-performing asset ratio of commercial banks. How to solve the difficulty and high cost of private enterprises' financing has become an urgent problem to be solved. There are many reasons for the difficulty and high cost of private enterprises' financing. This paper only analyzes from two aspects of financial institution system and guarantee system, and proposes countermeasures and solutions.
1、 The financial institution system supporting private enterprise financing is not perfect
The defect of financial institution system is an important reason for the difficulty of private enterprise project loans. The imperfection of financial institution system is mainly reflected in the following four aspects.
First, private enterprises lack the financial support from commercial banks. With the encouragement of government policies, the friendliness of banks to private enterprise financing has been greatly improved in recent years. However, because the risk of private enterprise lending business is also significantly higher than that of large and medium-sized enterprises, the amount of single financing is small and the cycle is short, and banks need to invest more work costs, but the profits are smaller. In addition, private enterprises will cause the rise of non-performing loan rate of commercial banks, and there are fewer credit products used for private enterprises' needs, so many commercial banks are unwilling to give more financing support to private enterprises.
The second is the lack of professional private enterprise financing financial institutions. At present, the main financing channel of private enterprises in China is still the mainstream large commercial banks in society, but these banks often provide loans for private enterprises under the requirements of government policies and social pressure, so the effectiveness and efficiency of financing services are difficult to be guaranteed. In view of this situation, there should be special financial institutions serving private enterprises. However, due to the high threshold of access to the financial market in China, there is still a great resistance to the popularization of this form of financial institutions.
Third, there is a lack of policy based financial institutions. The purpose of policy financial institutions is to create a favorable financing environment for private enterprises and promote their development. This is mainly because private enterprises are obviously at a disadvantage under the competitive financing of large and medium-sized enterprises. If they rely solely on market self-regulation, private enterprises are difficult to develop. Therefore, there must be policy financial institutions to intervene in the market. But at present, China lacks such policy institutions that can solve the financing difficulties of private enterprises.
Fourth, private financial institutions lack market norms. In recent years, informal financial institutions have sprung up in the market, and the emergence of private finance has promoted the solution of private enterprises' financing problems to a certain extent. However, at present, there is a lack of corresponding laws and regulations to regulate and protect these private financial institutions, which makes it difficult to ensure the security of informal financial activities, and it is also difficult for private financial institutions to fully play their role in financing private enterprises.
2、 The credit guarantee system supporting private enterprise financing is not perfect
The perfection of the credit guarantee environment in the region where private enterprises are located will have an important impact on their own project loans. Since the establishment of the market economy system, especially after the 18th National Congress of the Communist Party of China, the construction process of China's credit guarantee system has been steadily accelerated, and some progress has been made. However, at present, China's credit guarantee system is still not perfect, which seriously restricts the effectiveness of private enterprise project loans and hinders the development of private enterprises. The main problems of credit guarantee in China are as follows.
First, the administrative color of credit guarantee is too strong. In China's current credit guarantee system, policy guarantee occupies an absolute guiding position, while mutual aid guarantee and commercial guarantee are auxiliary to policy guarantee, which are divided into the central, provincial, municipal and county levels. This form of guarantee system is less flexible in operation and is greatly affected by government intervention, The guarantee demand for private enterprise project loans cannot be met. The administrative guarantee system further causes such defects as high guarantee cost and small coverage.
Second, the internal management system of the guarantee institution is unreasonable. The growth of guarantee demand of private enterprises in society has accelerated the development of guarantee institutions, but the development of their management system and risk prevention and control system is difficult to adapt to it, which is mainly reflected in the low professional quality of guarantee personnel, fewer types of guarantee products and high guarantee risks. The internal problems of guarantee institutions make it unable to provide effective credit guarantee services for private enterprises.
Third, the external environment cannot adapt to the normal operation of the guarantee institution. Credit guarantee institutions need to be in an appropriate external economic environment to give full play to their functions. However, at present, China's credit guarantee related legal system is not perfect, and there is a lack of standardized credit market management system and market risk prevention and control system. In addition, credit guarantee institutions The failure to establish the information sharing platform for commercial banks and enterprises has led to information asymmetry among all aspects. In this credit environment, China's private enterprises can not meet their credit guarantee needs, and it is difficult to get out of the difficult financing situation.
3、 System and mechanism construction measures to support private enterprise financing
First, improve the construction of the capital market and actively promote the reputation and credit mechanism and financial skill mechanism of the manager market. The capital market is a barometer of the national economy. The ability of operators and the performance of companies will ultimately be reflected through the capital market. An effective capital market can make the company's share price reflect the company's value truly, thus increasing the public's trust in the manager market. At the same time, it can also truly reflect the professional skills of company executives. Only managers with excellent professional quality and financial skills can be recognized by the market, and only excellent financial skills can bring scientific and feasible financing solutions to private enterprises.
Second, establish a corporate credit guarantee system to smooth the relationship and communication barriers between banks and enterprises. The presence of bank representatives on the board of directors of private enterprises, on the one hand, is conducive to strengthening the connection and communication between banks and enterprises so as to reduce the loan risk caused by information asymmetry; on the other hand, from the perspective of creditors' interests, it will implement more rigorous supervision on enterprises, making it difficult for enterprises to get trust and help from banks in difficult times. The establishment of an effective enterprise credit guarantee system can strengthen the bank's trust in private enterprises, thus weakening the supervision, so that private enterprises can enjoy the benefits of the relationship mechanism and communication mechanism more.
Third, encourage private enterprises to establish both banking and non banking financial connections. The background of bank and the background of securities, trust, insurance, funds and other non bank financial institutions can not replace each other in the role of private enterprise credit financing, but have a certain complementary effect in extending the loan term. Therefore, in order to better play the role of reputation, credit mechanism and financial skill mechanism of non bank financial association, private enterprises need to strengthen the relationship and communication between banks and enterprises by establishing bank association.
Fourth, promote the process of interest rate marketization and dredge the transmission channel of monetary policy interest rate. China's monetary policy mainly produces effects through credit channels, which mainly affect small and medium-sized enterprises (especially private enterprises facing credit discrimination) that rely on external financing. When the monetary policy is tight, the government's intervention in enterprises is strengthened, and the distribution of bank credit resources is subject to the inefficient goals of taking care of state-owned enterprises and stabilizing employment, which leads to more serious credit financing constraints faced by private enterprises. The purpose of monetary tightening is to curb overheated investment and speculation in some industries, while private enterprises suffer from the threat of survival and development. Therefore, the marketization of interest rates is conducive to reducing the government's intervention in banks during the period of monetary tightening, thus easing the credit financing constraints faced by private enterprises during the period of monetary tightening.
Fifth, accelerate the reform of the financial system and optimize the financial system environment. The financing dilemma of private enterprises mainly stems from the imperfection of the institutional environment. It is just a helpless act to make up for the existence or development of private enterprises through informal institutions. When the macro-economy is depressed, the role that informal institutions can play is also weakened. Therefore, the fundamental solution is to reform the existing financial system and broaden the financing channels of private enterprises.
(The author of this article is a researcher from the Institute of International Currency, Renmin University of China.)
