2018-12-06 06:01:35 Source: Daily Economics
At a private enterprise conference held on 1 November, General Secretary Xi Jinping gave an important speech and clearly set out the policy measures to support the development and expansion of private enterprises in six sides, and constrained on the development of the private economy. At this time, it has been a matter of concern for the financial community to solve the risks of exclusion of private enterprises and supporting the development of real private businesses.
There are many reasons for private enterprises "difficult funding, expensive funding"
In total, it is a problem of "financial and funding problems" that are in place; restricting the development of private enterprises. The problems in terms of funding difficulties, single lines, and high costs have been in work for a long time. So far, the Conservative Party Committee and its & The State Council has held special meetings and several measures have been supported, but for different reasons, they did not achieve the intended objectives. Suddenly speaking, this is the result of symbiosis between China's unique national and environmental situations; market.
On the one hand, in the financial market, private enterprises have always been "vulnerable groups". In the credit market, large banks have given the most favorable loan levels for station owned enterprises. Even & # 39; and when private enterprises are better than state-owned enterprises, the general increase in private enterprise loan interest rates does not increase the financial costs of private enterprises, but also welcomed the commitment of private enterprises. In the connection market, in terms of the threshold for the issuance of a band, state-owned enterprises can influence the level due to the state's gratifications of the state, and private enterprises tend to be & # 39; suffer more, and the same circumstances are not rated, and the cost of giving benefits is higher than in state-owned enterprises with the same level. Large investment centers have also made "private" private enterprise certificates, which have made it difficult to sell private enterprise bonds. In stock market, IPOs that are often delivered by private enterprises will often Through many hardships, investments are also built, and stock and scale reviews are only spread. The reorganization cycle for additional bonds for distribution and exchange (shift) is far beyond that of state-owned enterprises.
On the other hand, it's not a natural market in a & # 39; financial market for private enterprises and state-owned enterprises, but more from risk control and practical lessons. The safety risks of private enterprises come from serious problems of their own management and management, and the lack of revival and emergency measures for external hazards. The data shows that some of the private enterprises are highly involved in traditional manufacturing from internal and external factors such as raw material raising prices, operating costs Rising, Sino-SA's anti-bad trade, product profit loss, cash flow trading difficulties, bank credit and bonds. The funding lines such as committing commitments and stock commitments have been in place; get out of date and bankruptcy, and all government departments have not come in with appropriate and effective steps to solve them. As a result, this year's "full-seafood" private enterprises, which are caused by financial agencies, are involved. Of course, they have expanded their efforts to restore loan assets from private enterprises.
For financial institutions, it can not support the development of private enterprises to pass on the old policy-led poverty reduction route. In the short term, he "dries thirst" for "respite" private enterprises; In the long run, he did not help to use healthy market ideas and his / her; direct market expectations, and even bring new risks to the Chinese finance industry. Hidden problems.
Delivering sustainable funding of private enterprises and the sustainable development of financial agencies
Under the new situation, in the face of the difficulties in financing and finishing; development of private enterprises, we should explore the long-term "funding and funding" problems for private enterprises, and win a position for the sustainable financing of private businesses and the sustainable development of financial agencies.