Asymmetric Money Shortage In China: Capital Starvation And Surplus Capital Coexist

On the one hand, capital is "famine" and the other is idle capital.

How to make up for it is a difficult problem to be solved at the moment.

With the tightening of monetary policy, the "money shortage" has sprouted from the banking system and enlarged in the capital market. The current situation of the "double cold days" in the interest rate market has a direct impact on the operation of the real economy.

In stark contrast, we can still see that more and more companies are getting huge amounts of money through the listing at home and abroad. Private funds are lending at high interest rates and lending rates are rising steadily. Gold and silver prices are rising and falling, and speculative funds are emerging.

The "drought" is becoming more frequent.

Interest rate market "ice and fire"

"Who pays" and "can not borrow money" has become the most tangled topic in the inter-bank capital market recently.

With the "money shortage", the interest rate of capital rises and rises again.

The interbank market repurchase rate, which directly reflects the "expensive" and "cheap" loans between banks, has basically hit a new high after the Spring Festival, regardless of the length of time.

In another market which is more closely related to the real economy, the rate of direct payment and pfer of interest is also rising.

"Money shortage" stems from the banking system, but compared with private interest rates, the official lending rate remains "very low".

All this is happening. The overnight interest rate of 5% is even higher than the interest rate level of the 10 year treasury bonds, and the private usury has become the helpless choice under the "money shortage".

In Zhejiang province where private economy is developed and small and medium-sized enterprises are concentrated, the high cost of financing has become a stumbling block for some enterprises to survive.

Some enterprises are already bearing the cost of private financing even up to 60% years' interest rate. On the other hand, the official loan interest rate is not high, causing the enterprises to encounter "two days of ice and fire", and the phenomenon of "double track system" has become increasingly fierce.

Small and medium-sized enterprises

Suffer from the pain of boiled frog in warm water

In the developed private economy of Wenzhou, the news of several well-known private enterprises' failures recently came to the attention of all parties.

Zhou Dewen, President of the Wenzhou SME Development Promotion Association, which has long been in the forefront of research, told reporters that there is no SME in general.

"This kind of" warm boiled frog "type of suffering, many small and medium-sized enterprises are suffering.

What we are seeing now is the crisis of survival. If this situation is not changed, it is possible to usher in a wave of closure in the second half of the year.

Zhou Dewen said.

According to the difficulties faced by small and medium-sized enterprises, economist Gu Shengzu called it "three famine, two high and one low": labor shortage, shortage of money, electricity shortage, high cost, high tax burden plus low profit.

In the predicament, what is the most difficult breakthrough for enterprises? A small and medium-sized enterprise owner in Cixi, Zhejiang, told reporters: "the price of labor and labor can not be recruited. It can be replaced by automatic equipment.

The price of raw materials is rising. According to our experience in many years, we can reserve more reserves at low points.

Of course, the premise of all this is money, no money and no risk escalation measures.

A survey by Hongyuan securities (000562, stock bar) shows that because of the tight credit line, the bargaining power of banks is generally strong, and the loan interest rate for SMEs can be up to 30%.

But even if it is up to 30%, many SMEs still can not borrow money and can only turn to the private market.

Yuan Lifeng, head of the Yuyao auto plastic products factory, told reporters that bang Tai mainly relies on private lending, without collateral or mortgage, and the monthly interest rate is about 1%.

In Jiangsu and Zhejiang provinces, it is more common to raise funds under one million yuan in this way.

Zhou Dewen said that 1% of the monthly interest rate is fair, because the money continues to tighten, this year the private lending market interest rates higher than in previous years, 3% of the monthly interest rate is relatively common, high can reach 6% to 8%, which means the highest annual interest rate of nearly 100%.

"Money shortage" affects China's stock market

Capital market suffers from "severe drought"

"Many private equity funds originally planned to liquidate their clients in June, and bear the bear market in May. This is to make many funds clear early so as to lock in the fairly good returns in the first 4 months of this year."

A private equity business in Shanghai, after a new low in the stock market, shows a reason why A shares are moving fast.

And the sharp decline in market turnover is verifying speculation that no new capital has been admitted.

In May, the second trading days in the last few days, the Shanghai and Shenzhen stock markets not only set a new low this year, but also set a new low in the 4 months since the single day turnover. The turnover in the two cities is only 120 billion yuan, which is not as good as the 544 billion 300 million yuan in the Chinese stock market in November 2nd of last year, the 1/4 of the Dan Richeng turnover.

Since May, journalists have learned from the parties that many cash rich people seem to be more willing to invest their money in private lending.

"Annual interest rate of 20% has been very low, but at present, the funds from Zhejiang and Fujian are only for borrowers who are trusted and trusted by friends."

When a group of securities circles talked about the whereabouts of the latest batch of funds, frankly, "compared with the huge fluctuations in the stock market, the power of private capital entering the market is very weak."

The "great drought" of the stock market is not only because of "too little precipitation". Under the current situation of tight bank credit, the A share market has become the most convenient "pumping pool" for acquiring capital.

According to statistics from WIND (WAN de), in the first 4 weeks of May, 47 companies in Shanghai and Shenzhen two cities held 124 reduction actions, and the total amount of cash holdings amounted to more than 7 billion yuan.

Including Haitong Securities (600837, stock bar), Huayi Brothers (300027, stock bar), pan sea construction (000046, stock bar), zinc industry shares (000751, shares bar), Jinjian rice industry (600127, stock bar) and other financial, service, real estate, non-ferrous metals, agriculture all walks of life listed companies shareholders appear to reduce cash holdings.

The extravagant wealth under the "money shortage"

While the two tier market is seriously short of funds and is still heavily drawn blood, many traditional industries and even sunset industries have raised a lot of capital through the IPO (initial public offering). The chaos in the stock issuing market is exacerbating the public opinion about the "shortage of money" in China's capital market.

In May 4th this year, the China Securities Regulatory Commission's issuance examination committee held its eighty-fifth meeting in 2011, and the IPO examination of Yao Chi poker, which was mainly engaged in poker production and marketing, was approved.

In a lot of similar traditional industries and enterprises are in the predicament of being in a dire straits, Yao Qi poker, which has acquired the key of listing financing, has been questioned by public opinion.

"Yao's listing is legal compliance, but not necessarily the most reasonable one."

Gui Haoming, chief analyst of Shenyin Wanguo, said: "in the case of tight money, it is probably not the best choice for resource allocation to lead capital to Yao, rather than a more promising new industry."

Li Xunlei, chief economist of Guotai Junan Securities, said: "the stock market has expanded greatly, and the stockholders have strengthened the listed companies, but the circle of money has marginalized the stock market."

And enterprises hope to get the once and for all way of life through raising capital as soon as possible. On the one hand, they may cause unhealthy development of capital market, and they may also take more water resources in China's stock market.

On the one hand, enterprises get capital through venture capital and listing, and on the other hand, they are in urgent need of finding export funds, but they are breaking through in the Chinese market.

Under the background of the constant escalation of real estate regulation and the tightening of liquidity in the bad market, private funds are being promoted.

Stir fry garlic, stir fry apples, stir fry Chinese herbs, stir fry gold and stir fry silver.

Including collectibles, artworks and so on, have been pushed to new heights by hot money.

In China's jade market, the price of green jade has risen from 8000 yuan to 10000 yuan per gram in 2000 to 200 thousand yuan to 300 thousand yuan per gram in 2010.

In the view of Shi Hongyue, the Deputy Secretary General of the China jewelry and jade jewelry industry association, the fundamental reason for the staircase growth of the price of Chinese jade is the hype of hundreds of billions of yuan.

After every round of speculation, the "cold winter" of bubble burst is left behind.

After a lot of goods and investment products have been fired, it is not only thinking but also confusion and suspicion of market investment.