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How Can The Shoe And Clothing Industry In "Waiting For Loans" Break The Funding Dilemma?

2011/6/18 9:20:00 149

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The silver bullet that was read "the magic spell".

"The people's Bank of China decided in June 14th to raise the deposit financial institutions again from June 20, 2011.

RMB

The deposit reserve ratio is 0.5 percentage points.

This is the twelfth consecutive start of the central bank since the beginning of last year, and the sixth time that the reserve requirement ratio has been raised in 2011.

Starting in January this year, the central bank began to raise the deposit reserve ratio of large financial institutions every month.

After the rise, the deposit reserve ratio of large financial institutions reached a historical high of 21.5%, and the deposit reserve ratio of small and medium-sized financial institutions reached a high of 18%.

It is estimated that this will freeze bank funds for nearly about 370000000000 yuan.

Let's take a look at the next set of figures - 5.85%, 6.31% and 6.80%. This series of figures is not simply a digital accumulation, but a second month interest rate increase of 6 months, a one-year loan and five years or more.

This does not include floating interest. Taking a commercial bank in Guangdong as an example, the interest rate of bank loans is up to 40% to 50%. As a result, the annual interest rate of loans for SMEs in Guangdong is as high as 8.83% to 9.47%.

Continuous tightening of money and continuous interest rates, so that a large number of small and medium-sized

enterprise

I feel breathless.

In the spring report of China's industrial economic operation in 2011, jointly issued by the Ministry of industry and information technology, the Coordination Bureau of industry and information technology and the Institute of industrial economics of the Chinese Academy of Social Sciences, the central bank pointed out that the central bank's monetary policy has also increased the number of enterprises while effectively suppressing excess liquidity.

capital

Pressure on small businesses to obtain bank loans is more difficult.

This year, the central bank raised interest rates two times to raise the financing costs of enterprises. According to the relevant institutions, the overall cost of obtaining loans by banks for SMEs increased by at least 13%, far higher than the one-year benchmark lending rate.

"Compared to the current economic situation, such a high lending rate does bring difficulties to many small and medium-sized private enterprises."

Zhou Dewen, President of Wenzhou SME Development Association, said.

In March this year, the National Federation of industry and Commerce lasted for more than two months, and conducted a systematic investigation on the situation of SMEs in 16 provinces.

The survey found that the current "small money" problem faced by SMEs, especially small and micro enterprises, may be more serious than the financial crisis in 2008.

Among them, according to Huo Jianguo, Dean of the Ministry of commerce research, the survey conducted by the National Federation of industry and Commerce in small and medium-sized enterprises in Jiangsu and Zhejiang shows that the situation of enterprises in Jiangsu and Zhejiang provinces is even more difficult than in 2008. One of the problems is shortage of funds.

A survey by the Wenzhou Municipal Economic and Trade Commission showed that local businesses generally faced difficulties in raising funds and raising financing costs in the first quarter of this year. Nearly half of enterprises in the above scale felt tighter, and the situation of SMEs was even more severe.

Only from the time of bank lending now can we feel the impact of tight money on SMEs.

Guo Bingchao, President of the Wenzhou Credit Guarantee Industry Association, said in an interview: "under normal circumstances, after the maturity of the business loan, the bank will renew the loan soon, the process will take only a week or so, but now the loan will have to wait at least for a month."

"At the height of the garment industry, there are more than 300 large and small garment factories in the town of Guang pan. Now there are only more than 20 garment enterprises in the famous clothing town."

Many people in charge of clothing companies in Zhejiang lamented that this line was not easy to do.

This year, the Hunan enterprises participating in the Canton fair show that at present, the interest pressure on loans is relatively high, and the price index remains high. The possibility of further raising interest rates is very large. Enterprises are more prudent in long-term loans.

In addition, because banks have reduced the scale of lending, small and medium-sized foreign trade enterprises with insufficient collateral have become increasingly difficult to borrow from banks, and some enterprises have difficulty in capital turnover.

In June 7th, the Shenzhen Banking Regulatory Commission issued the first phase of SME operation and financial services index, indicating that the financing needs and gaps of SMEs in Shenzhen increased, and the cost of financing increased.

Compared with the end of last year, corporate financing demand increased by 10% in the first quarter of this year, and the financing gap increased by 22%.

The average credit balance of sample enterprises increased by 2 percentage points, and the cost of financing increased by 21%.

"Financing difficulty" is widespread.

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Unseen SMEs

Cao Xiao, deputy director of the small business financing research center of Shanghai University of Finance and Economics, said before that, in general, the contraction of bank credit will first shrink the loans of small and medium-sized enterprises.

For a long time, small and medium-sized enterprises want to get loans from banks is not an easy task.

First, according to the previous macroeconomic policies, social capital, including loans, is mainly used for infrastructure construction and large and medium-sized state-owned enterprises, and small and medium-sized private enterprises have been left behind.

Two, the primary financial system has a joint and several liability system for loans. The system of joint and several liability for the loan responsible persons, plus the lack of authorization and credit from the grass-roots banks, has brought some difficulties to the loans of small and medium-sized private enterprises.

Three, the capital gains of small and medium-sized private enterprises are not commensurate, affecting the enthusiasm of bank loans.

Bank loans to small and medium-sized private enterprises are generally small, and cumbersome procedures, large volume of business, time-consuming and arduous, high cost of business, small profits and high risk.

As a result, banks often fail to lend loans to dozens of small and medium-sized private enterprises.

The four is to prevent financial risks. In the financial system, mortgage loans or secured loans are applied to small and medium-sized private enterprises.

Small and medium-sized private enterprises have small assets, and enterprises are in urgent need of capital. They usually do not have effective assets to make mortgage loans or pledge. They can not provide enough collateral that banks usually need.

Five, the lack of information in small and medium-sized private enterprises is also an obstacle for banks to lend and invest in small and medium-sized private enterprises.

In addition, modern enterprises have not yet been fully established, and their financial system construction and management are not standardized, which is misleading to bank decisions.

"For large enterprises, banks are rushing for loans, but small businesses like ours are harder to get loans than to go to the sky."

Many owners of small and medium-sized enterprises have had such a feeling.

Small and medium-sized enterprises are very hard to get the attention of big banks. Usually only small and medium-sized banks such as cities and rural commercial banks can be chosen. Secondly, if there is no collateral to avoid risks, even if some SMEs are willing to pay high interest, they can not get bank loans.

Lin Tianfu, managing director of the Finance Department of Standard Chartered Bank, believes that the reasons for the difficulty in loans for SMEs are mainly due to high loan threshold, strict requirements for fixed assets mortgage, complicated procedures and long cycle.

"Now it can be said that the small and medium-sized enterprises in the winter, the financing costs are high and difficult."

The head of a joint-stock bank branch in Guangdong said that the financial position of small and medium enterprises is generally tight, and the demand for loans is very large. At the same time, banks' positions are also very tight, and they are striving for higher comprehensive income when lending.

At present, the loan interest rate of the bank to SMEs is generally 40% to 50% higher than the benchmark interest rate. Enterprises accept the interest rate of 50% and the loan is fast. 40% of them have to line up, and 30% of the outstanding small and medium enterprises can also go up.

Last year, the lending rate for SMEs increased by only about 10%.

At the same time, the loan thresholds for SMEs are higher than before. For those who have obtained loans but are not doing very well nowadays, they often stop lending.

No sign of "bottoming" has yet been seen.

Although only from the current situation, SMEs' "financing difficulties" have been very serious, but it seems that more serious is still behind.

In the spring report of China's industrial economic operation in 2011, it is not optimistic that CPI growth will continue to be higher in the two or three quarter, and that macroeconomic regulation and control in the second half of the year will continue to be tighter in monetary and financial environment.

Coupled with the uncontrollable factors abroad and the current tight regional factors such as drought and electricity supply, the interest rate increase or the reserve requirement ratio are expected to rise. The real economy will face the "tight balance" and "hard constraint" of various supply factors.

Not only that, insiders also believe that raising interest rates and raising the deposit reserve ratio will become the norm in 2011 if the overall liquidity is still too high and the pressure of rising prices will intensify.

Standard Chartered Bank expects to raise interest rates three times in the first half of 2011; JP Morgan expects to increase interest rates by at least two times in the year; Nomura expects that China will further raise interest rates by 75 basis points in 2011, and the central bank will further raise the deposit reserve ratio by 200 basis points and raise the deposit reserve rate by 250 basis points.

Lu Zheng commissar, a senior economist at Xingye Bank, also believes that interest rates will continue to increase in June or July.

Tan Yaling, Dean of China Foreign Exchange Investment Research Institute, thinks that there is still much room for raising the deposit reserve.

Earlier, central bank governor Zhou Xiaochuan said there was no absolute ceiling on China's deposit reserve ratio.

It is foreseeable that the "money shortage" will continue to increase as the deposit reserve ratio is raised again.

Because of the increase in the deposit reserve ratio, banks will be frozen up and banks will be faced with "no money to lend".

Guo Bing, chairman of the Wenzhou Credit Guarantee Industry Association, is not worried that if the reserve requirement ratio is raised again, some enterprises' capital chain may be broken.

Not only is the deposit reserve ratio and the rate hike expected to be obvious, but also the foreign trade enterprises, which occupy a large share of the small and medium-sized enterprises, will also suffer from the impact of RMB appreciation and export tax rebate reduction.

In 2010, the appreciation rate of RMB against the US dollar was 3.1%.

In 2011, although the pace of RMB appreciation has slowed down, the exchange rate still exceeded the 6.5 yuan mark, with an increase of more than 2%.

Like clothing trade enterprises, under normal circumstances, the renminbi appreciation of a point, the profits of enterprises will drop a point, the list of non profitable enterprises more and more.

This result will inevitably lead to more and more money shortage.

Many analysts pointed out that in view of the fact that China's economy will continue to maintain rapid growth and face strong inflationary pressures, the trend of long-term appreciation of the RMB is basically clear.

According to the analysis of Jin research center of Bank of communications, the intensity and frequency of monetary tightening in the future will depend on the time and magnitude of price fall.

They predict that in order to curb imported inflation, the appreciation of the exchange rate will also widen.

At the same time, some products export tax rebate rate reduction is still expected.

Although the export tax rebate policy has been basically stable this year, it has played a positive role in stabilizing enterprise expectations.

However, the tax rebate rate of resource products and labor-intensive products is lower.

According to statistics from the industry, plus the export rebate point of return, the profit of small and medium export textile and garment industry is less than 10%.

Taking the export textile and garment industry of Jinjiang as an example, the export tax rebate rate of Jinjiang will be reduced.

Many garment enterprises in Hunan also reflect that if the export tax rebate of clothing is reduced from 16% to 11%, most garment enterprises will become "negative profits".

Without profit, it means that the enterprise has no money.

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Capital confusion in operation

Peng Junliang, managing director of You You Ka fashionable children's wear, was once the general manager of Guangzhou fashion fish. With over 10 years of experience in children's wear industry, he encountered financing problems after he started his own business.

Peng Junliang said: "last year, I did encounter the funding gap. I thought about two ways: one is to bank loans, the other is to borrow from private funds."

In the first few years of operation, You You Ka fashionable children's clothing has encountered many fund problems of small and medium-sized enterprises. At this time, Peng Junliang found that the loan to the state bank was very difficult at the initial stage of the lack of fixed assets, and the only way to solve the problem was to borrow private funds.

"Most of the small and medium-sized garment enterprises in the start-up stage are not very rich in fixed assets, so they will encounter many difficulties when they borrow money from banks.

If banks can set up a credibility inspection system, inspect the operation of SMEs, the sales situation, the personal power of operators, the degree of concentration and the soft power of experience, and so on, so that a lot of small and medium-sized enterprises will be helped to grow and develop.

However, the current situation is that banks often decide on loans by means of fixed assets, which leads to difficulties in loans for small and medium-sized garment enterprises. Therefore, many small and medium-sized clothing enterprises will turn to private funds to borrow money.

"Why do businessmen in Zhejiang grow up very fast? The biggest reason is the relative ease of financing between Zhejiang businessmen. The credibility built up by their native land and local accent makes financing more efficient. Therefore, many small and medium-sized enterprises in Zhejiang grow and grow, and there are Zhejiang businessmen everywhere.

If an organization is willing to make small and medium-sized enterprises financing into a financial product, there will surely be a large market and will rapidly promote the development of small and medium-sized enterprises.

It will also have a very positive impact on the country's economy. "

Peng Junliang said that small and medium-sized enterprises need funds to pass the checkpoints at many juncture. For clothing enterprises, the six and the July of the Spring Festival after March are both off-season. At this time, there may be pressure on capital. At the same time, enterprises need to invest money in order to go up to another level.

And at this time, small and medium-sized enterprises began to make trouble, and most of the small and medium-sized enterprises will turn to private capital after they have difficulty in lending to banks. Peng Junliang also made a breakthrough in the financing gap with private floating capital last year.

When it comes to the role of investment banks in financing, Peng Junliang said, "the theory of capital is to invest money when you are not short of money, and to ignore you when you are short of money."

Peng Junliang believes that for the development of enterprises, too huge capital for enterprises is also a burden, the financial cost will be very high, just like stepping up the ladder, the help of funds allows enterprises to have a grade one step to four steps and four steps to cross the ladder, but if let enterprises step ten steps, the enterprise's control ability and team have not grown to that point, even if they have stepped up is also unstable, so every enterprise must soberly realize how much money they need, not the more money, the better.

Cao Shengkui, chairman of Beijing Carmen Clothing Co., Ltd., a well-known brand of children's clothing brand in Beijing, is also from the small and medium-sized enterprises. Cao Shengkui said: "SME loans have improved than before, but they are still difficult.

In the past, loans could only be made from enterprises' real estate. Now banks have begun to accept mortgage loans such as trademark mortgage and owner's personal property mortgage. This shows that there is a window for SME loans. "

But at the same time, Cao Shengkui said that banks will also need to cooperate with the collateral of fixed assets when making trademark pledge, while fixed assets are mainly real estate.

Most of the private enterprises in China have been developed in irregularities. Many enterprises have not obtained the formal property certificates, and small and medium-sized enterprises do not have so many fixed assets in the early stage of development. Therefore, it is still a big problem for small and medium-sized enterprises to raise funds.

Cao Shengkui also said that in foreign countries, bank loans mainly depend on the operation and profitability of enterprises to decide whether to lend to enterprises. Intangible assets can be used as collateral, and no bank in China can do so.

"Of course, the state has also set up some channels for loans to SMEs. For example, Shijingshan District has set up some small loan companies, but small and medium-sized enterprises will find it difficult to operate.

Their loan interest rate starts at 16%. If the collateral is insufficient, it will reach more than 20%. As a garment enterprise, which has such a high profit? It is said that the state also allocated billions of dollars to these loan institutions that specializes in small and medium enterprises every year, but the money is not available to SMEs.

Therefore, I believe that the loan companies serving SMEs must be truly in the service of small and medium-sized enterprises, and the state should control them, such as controlling loan interest rates, so that these organizations can really serve SMEs. "

Chairman Cao Shengkui also talked about giving financial support to small and medium-sized enterprises.

He believes that small and medium-sized enterprises that really operate well and benefit from rising periods should really support them, and those who are in poor financial position should not lend any more money.

Because the business is not good enough, the market itself will be better than the fittest. We should not try to make up for the bad and do things that are not in line with the laws of the market. That is also a waste.

And those companies that are in good condition need capital to expand their production and do better than before. Therefore, chairman Cao Shengkui believes that we should not give up in the snow but add flowers to the icing on the cake.

The development of water children has now developed into an enterprise of above scale. The annual profits and taxes have been surpassed 20 million. However, Cao Sheng Kai still remembers the first 2 million loan that water boy got. At that time, the water boy did not get the bank loan. It was a guarantee made by the government of Shijingshan District for the water boy. At that time, the water boy was just out of the stage of development and upgrading, and the loan solved many problems for the water boy.

Cao Shengkui believes that China is now in a state of market economy and national guidance. Therefore, the state is also saying that the governments at all levels are talking about the financing of small and medium-sized enterprises, but they do not solve the fundamental problems.

Therefore, small and medium-sized enterprises have to rely on themselves, enterprises do not do well, everything is empty talk, if the enterprise is ready, many problems can be solved.

"For example, many of our employees are willing to lend money to the company. The company will pay interest to the employee at a higher interest rate than the bank, so that the employee will benefit and the company will also reduce the financial cost.

Enterprises are developing well, paying more profits and taxes, and making profits for the country. This is a win-win thing for the three parties.

Of course, this way can only solve some of the funding problems.

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Multi pronged breakthrough of capital dilemma

One sentence has been stressed: textile and garment industry is a pillar industry and an important livelihood industry in China's national economy, and is also an obvious industry with international competitive advantages.

However, it should not be overlooked that the textile and garment industry is also a concentrated industry of small and medium-sized enterprises. More than 99% of the industry belongs to small and medium-sized enterprises.

Therefore, once the external macroeconomic environment changes, such as tightening the money and appreciation of the renminbi, SMEs will easily encounter financial difficulties.

For banks, loans are usually rarely made to SMEs.

Often, in order to "save the rush", SMEs sometimes have to rely on the strength of private lending to push up financing costs.

A survey conducted by regulators in April shows that the average cost of bank loans in the PRD is at 8%~9% per annum, but the cost of private lending has reached 30% per annum, which is far higher than that of many borrowers.

Before this, how to solve the financing difficulties of SMEs in the textile and garment industry, the reporter once interviewed an authoritative person in the industry.

He said that to solve the problem of financing difficulties for SMEs, first of all, we should solve the problem of lagging behind the construction of financing institutions, and solve the contradictions between big banks and small businesses.

Because state-owned commercial banks and joint-stock commercial banks are unwilling to engage in risky and high cost SMEs' loan business, a series of social problems arise in the development of SMEs due to the breakup of capital chain and bankruptcy of enterprises and unemployment of workers.

"Therefore, it is imperative to accelerate the construction of various microfinance companies, including Guarantee Corporation, which are specialized in financial services for SMEs."

For example, in September 18, 2009, with the approval of Shanghai financial services office and Municipal Association, Shanghai Association of small loan companies was established.

At present, there are 55 small loan companies under the association.

CITIC Shanghai branch has maintained close cooperation with the association. As of the end of May this year, CITIC Shanghai branch has established a credit business relationship with 26 small loan companies. The credit market share of the credit window accounted for 47%, ranking the first among the interbank banks.

The practice of microcredit in Shanghai has a model significance for supporting the growth of SMEs.

This person also stressed: "we should combine the approach of far and near, and further emancipate our minds. We should speed up the work with the spirit of reform and innovation, including further increasing the varieties of financial services, issuing small and medium-sized enterprises to collect bonds, and so on. At the same time, in order to control financial risks, we should speed up the construction of credit system and solve the problem of mortgage difficulties in small and medium-sized enterprises.

And the credit system of small and medium-sized enterprises is not complicated.

Corporate credit, like human credit, can be quantified by indicators.

On the basis of full evaluation of SMEs, enterprises should grant a certain amount of credit loans to enterprises. "

Another expert said that through the guarantee of the government and the guarantee system at all levels, SMEs could solve the problem of low credit and low credit capacity.

At the same time, some effective measures should be taken, including the establishment of government funds, the provision of various government guarantees, and the reduction of tax revenue for small and medium-sized enterprises, so as to enable SMEs to obtain funding sources.

Some time ago, some media reported that some small and medium-sized enterprises in Jiangsu and Zhejiang provinces had already stopped half of their work and stopped working. Many small and medium-sized enterprises were faced with the risk of breaking up the capital chain.

Later, although the Zhejiang banking regulatory bureau and the Wenzhou banking regulatory sub Bureau issued a survey on the operation of Wenzhou's private enterprises, the contents showed that three large enterprises such as Jiangnan leather, Portman and three flag group failed, and the problem was mainly their own, not universality.

However, the concern about the survival state of small and medium enterprises caused by public opinion has been highly valued by the state.

Recently, the China Banking Regulatory Commission issued the notice of the China Banking Regulatory Commission on supporting commercial banks to further improve the financial services of small enterprises, and issued a number of restrictive measures to encourage commercial banks to lend loans to small businesses.

The notice is known as "silver ten".

"Silver ten" includes: giving priority to accepting and examining the relevant applications of small enterprises' financial services market access matters, improving the efficiency of administrative examination and approval; carrying out differentiated assessment of the ratio of non-performing loans to small businesses, improving the tolerance of small businesses, and lowering the threshold of loans for SMEs.

For the "silver ten" requirement, "when calculating the deposit loan ratio, the small business loans corresponding to a single commercial bank issuing 5 million yuan (or below) can not be included in the scope of the loan to loan ratio assessment". Some securities analysts believe that the small business loans corresponding to the issuance of financial bonds by commercial banks will not be included in the loan to loan ratio assessment scope, which will greatly alleviate the pressure of bank loan to deposit ratio.

"Silver ten" also stipulates that "according to the specific circumstances of the risk, cost and verification of small business loans of commercial banks, we should carry out differentiated checks on the ratio of non-performing loans to small businesses, and appropriately increase the tolerance ratio of non-performing loans of small businesses."

Analysts believe that this move can solve the financing difficulties of small businesses.

This year, monetary policy shifted from loose to tight. Small businesses bear the brunt of tightening policies.

Because small businesses themselves are weak in resisting risks and sensitive to changes in the economic environment, the risk of loans is most likely to erupt during the economic downturn.

If we do not carry out differentiated supervision of SMEs credit, under the pressure of capital, banks will first reduce the loans to small businesses. Financing difficulties will further exacerbate the risk of bankruptcy of small businesses, and form a vicious circle of "economic deterioration - the increase in the rate of loans for small businesses - pressure reducing corporate loans - financing difficulties aggravating small business failures - the further deterioration of the economy".

The introduction of "silver ten" is a financial support for small and medium-sized enterprises from a policy perspective at the national level.

Through differential regulation and incentive policies, commercial banks can further increase credit support for small businesses, which will help optimize credit structure, reduce loan concentration, promote sustainable development of financial services for small businesses, and promote industrial upgrading and economic restructuring.

However, it is worth noting that the financing difficulties of small and medium-sized enterprises can not be solved by a few national policies. It involves many aspects such as government, financial institutions, enterprises, market environment and so on. Experts suggest that the government can learn from the experience of developed countries, guide and standardize private lending activities, and improve China's direct financing and indirect financing, so as to form a more mature SME financing market.

From the enterprise level, the fundamental way out for SMEs to get out of the dilemma of "money shortage" lies in pformation and upgrading.

Professor Ma Lianghua, deputy director of the Institute of industrial economics, Zhejiang University, believes that at present, the scale and size of Zhejiang enterprises in the process of pformation and upgrading have begun, and we should recognize their own conditions and conditions to distinguish them.

For traditional manufacturing enterprises with certain economic strength and good foundation, pformation and upgrading is undoubtedly the first important meaning; for enterprises with strong prospects, it is now an opportunity for development. They should focus on technology, brand, channels and industrial chain construction, participate in market integration, and enhance market competitiveness; and for small businesses lacking capital strength, lack of technological innovation and lack of market development capability, stopping work and closing business and preserving their strength can be regarded as a strategic choice.