Money Shortage And "Cardiopulmonary Bypass" Of Money

Since the beginning of the year, Shi Bo has found that money is scarce.

Shi Bo is a star private equity fund manager. In the past, people always chased him money and asked him to take care of investment. In 2011, he regretted that the return on the stock market had lost its appeal and the collection of funds became more and more difficult.

When the monetary policy of the aorta is firmly locked, from banks to enterprises, from investors to governments at all levels, they wake up in the dream of money in the past two years and everywhere, and all walks of life feel desperate suffocation.

But the weird thing is that a lot of money is flowing away from traditional financing channels.

Private lending advertisements on the streets of Shenzhen. many Small and medium-sized enterprises I feel that this is harder than the financial tsunami.

Strange changes in money

On this capital corridor, the money raised and the money borrowed are often "extracorporeal circulation" outside the balance sheet of banks.

People's money is undergoing a strange change from stock market, property market and bank. deposit And become financial products of banks.

In April 2011, the movement of savings increased by 467 billion 800 million. The size of assets managed by the fund dropped from more than 3 billion yuan in 2007 to 2 trillion and 300 billion yuan at present. In addition, the scale of financial management of securities companies is only 127 billion yuan, and sunshine private placement is 100 billion yuan.

Li Xunlei, chief economist of Guotai Junan, observed that the money of ordinary people was returning from the stock market to the banks and became financial products.

In 2006, the total scale of financial products was only around 400 billion yuan, and this year it reached 7 trillion, which was 17.5 times higher. It is only in the first 5 months of this year that bank financing products attract more than 5 billion yuan. According to the financial products website's financial products report. As of the beginning of June, the bank has issued 5228 financial products since the beginning of this year, breaking through 1000 in recent months.

Why did financial products suddenly flourish? Banks are thirsty for money more than ever.

In June 14th, once the monetary policy tightened again, the central bank announced another 0.5 percentage point increase in the deposit reserve ratio and raised the deposit reserve ratio to a new high. After the increase, the deposit reserve ratio of large financial institutions will reach 21.5%, which means that 100 yuan of deposits and commercial banks can only lend 78.5 yuan.

After another batch of funds were forced to freeze, and the CBRC carried out strict loan to deposit ratio assessment for banks, making banks facing a widespread "money shortage" and had to carry out a deposit sawing battle. "Banks have never been so tight. At the end of every month, 18 of our bank presidents start PK and pull deposits. It will be more stringent immediately, depending on the monthly average loan to deposit ratio, and the president is getting more and more difficult. Speaking is Chen Wenrong, director of the Finance Office of Shaoxing County, Zhejiang province. "If the enterprise reserves 10 million, the bank will have interest deposit of 5 to 80 thousand." "High interest collection" let the owners who have some spare cash on the account start a "bank day tour", and small depositors get different grades of physical feedback from bank eggs and edible oil according to the amount of money deposited. {page_break}

However, Negative interest rate The new secret of making deposits unattractive is financial products, which yield far more than deposits. For example, the expected yield of Minsheng Bank's annual financial products climbed to 6.2%, while the annual yield of another 32 day financial products of joint stock banks was as high as 4.35%.

For banks that do not have much money to lend, these financial products have become a new channel for blood transfusion for real economy projects. The usual path is: trust companies collect trust for a certain project, and the bank makes the trust products into financial products to distribute to the public, and the funds raised are invested in the project in the real economy.

Sometimes, banks will put money more directly by way of entrusted loans: direct money directed from somewhere to invest in a project.

However, on this capital corridor, the money raised and the money borrowed are not in the bank's balance sheet, but in its cardiopulmonary bypass.

In order to get the money collected by financial products to enter the "table" to meet the regulatory requirements of the CBRC on loan to deposit ratio, many banks came up with a small trick: in order to cope with the check of the loan to deposit ratio at the end of the month, many financial products on the market began to collect at the end of the month, but they were officially launched at the beginning of next month, and all the money collected before the start of the project entered the "table" in the form of deposits.

The pain of Keqiao town

These two types of paper financing are also in the bank's "external".

"Physical enterprises are very troublesome, basically have no access to the supply of funds needed for survival and development." Chen Wenrong worried to reporters, "the cost of financing enterprises that can get money has increased by 50%."

Known as the world's textile capital of small Shaoxing County, the industrial output value is the top 100 counties in the fifth place. "In Dubai, Paris's purchasing businessmen do not know Shanghai, nor do they know Beijing, but they all know Shaoxing Keqiao."

Here, a private enterprise is next to each other, and this town has become a must for banks. A Ke Qiao town is full of 18 large and small commercial banks.

But now, this vibrant place is experiencing the most severe pain since 2003, because it is difficult to borrow money. "There is no financial tsunami, but the feeling of the enterprise is more difficult than that of the financial tsunami." Chen Wenrong said.

With the increasing shortage of funds, an unsuspense accompanying fact is that capital prices are rising steadily, and banks are paying higher costs to absorb deposits, which are transferred to enterprises.

Generally speaking, in the normal market environment, the average cost of capital in the banking industry is 2 yuan per day, which is guaranteed by the average daily deposit of 100 million yuan in a year. However, at present, the cost of funds has risen to 5 per thousand -6 per thousand banks. Some banks are even as high as 1%, which is nearly 10 times higher than the average.

According to the bank's internal revenue model, a joint stock bank has a bonus of 100 million yuan or more and a total of 10% of its internal revenue.

Even if the loan price is staggering, the interest rate of the loan will rise by 30% at least on the base of the benchmark interest rate, and there are often various kinds of intermediate fees. A bank staff told reporters that many banks now have no loan quota, unless you and the bank relationship is very "iron", and banks have money back in, otherwise it is difficult to borrow money.

"In the case of an enterprise having a bank's credit line, but if the bank does not have a loan scale, it can only use domestic letters of credit and acceptance bills, which can alleviate the short-term financing difficulties of enterprises." The president of the Wuxi branch of a joint-stock bank told reporters.

In the past, domestic letter of credit was only a kind of settlement tool, but nowadays, with the shortage of funds, more and more enterprises regard it as a financing tool.

The so-called letter of credit business refers to the written commitment of the issuing bank to the beneficiary (seller) in accordance with the application for the enterprise (buyer) to pay a certain amount of the documents stipulated in the letter of credit within a certain period of time. On the bank's financial statements, it belongs to the off balance sheet business, and does not take up the credit scale for banks issuing letters of credit.

For buyers, the cost of using domestic letters of credit to solve capital problems is not great. Suppose an enterprise has issued a domestic letter of credit amounting to 10 million yuan and a term of 3 months, and the cost will be 30 thousand yuan.

Bank acceptance bills, which also belong to the off balance sheet business of banks, are widely used.

The acceptance of a draft is understood in general terms, that is, a cheque is issued to the seller by the purchaser, and the seller sends the goods to the bank by cheque. Like the letter of credit in China, the longest period is 6 months.

It is understood that the discount rate in Zhejiang has risen from 3 per cent at the end of last year to the current 8 per cent. Unlike the letter of credit, the ratio of margin required by a bank's acceptance bill is usually higher than that of the domestic letter of credit.

The reporter asked a number of commercial banks from Inner Mongolia to Zhejiang. At present, the margin ratio of domestic letters of credit is about 10%, while the margin ratio of bank acceptance bills is relatively large, which generally requires about 50% of the margin. Some banks require some margin slightly worse than the others to ask for a margin ratio of 100%. The same is 10 million yuan of "financing", opening a letter of credit, you only need to deposit 1 million yuan deposit in the bank, and issuing a bank acceptance draft, generally needs about 5 million yuan.

It is not cash that a company gets directly, but a bill of acceptance or a letter of credit.

These two bills are also in the "external" of banks. {page_break}

Microfinance suddenly thrive

With the central bank constantly raising the deposit reserve ratio, although the bank as a financing artery is firmly seized, funds continue to flow from the smaller branches of blood to the thirsty economic body.

Another consequence of such tight money is the unexpected boom in private lending. "Now Wenzhou's money does not engage in resources, nor does it engage in coal. It is even more displeased to go to industry, and all the money goes to usury." Zhou Dewen, chairman of Wenzhou SME Promotion Association, told reporters anxiously.

The highest private interest rate has reached 1 cents to 1.5 cents per month, and if the annual income is obtained, the profit of the civil usurious loan can reach 12 to 18 times a year.

With the central bank constantly raising the deposit reserve ratio, although the bank as a financing artery is firmly seized, funds continue to flow from the smaller branches of blood to the thirsty economic body.

Microfinance companies are one of them.

In 2006, the first batch of officially approved 4 microfinance companies began to trial. As of the end of 3 this year, there were 3027 small loan companies nationwide. In the first quarter, they lent 42 billion 700 million yuan. Since its inception, a total of 240 billion 800 million yuan has been loaned by small loan companies, which is equivalent to the scale of loans of a national joint-stock bank.

Now, small loan companies do not worry about not paying loans at home, and in order to expand the utilization rate of funds, they only deal with short-term loans within 3 months.

Yang Jun, vice president of the rural microfinance company in Suzhou Industrial Park, said: "since its establishment in 2009, the loan volume has almost doubled every year."

"A loan has expired, and there are 10 to 20 eligible customers who are waiting for the loan." Zhang Lei, vice president of Shanghai Songjiang Jun He group, told reporters. The former Real Estate Company, a small celebrity in Songjiang, has long been ahead of its transformation, and has moved its businesses to microfinance, pawn, investment and other financial businesses. Zhang Lei conservatively estimated that "this year's net profit can reach 15%."

A small loan company employee disclosed that, because there is no higher than the central bank lending benchmark interest rate 4 times regulatory requirements, small loan companies in the loan, the loan interest rate stated in the contract monthly interest rate is 1% or 1.5%, and then through consultation fees, service charges and other items, so that it can better avoid the risk of violation. "15% of the net profit, for the very small loan companies that run very much, no one is willing to transfer the license, and some people are coming home to buy shares. Now the momentum is good, and we are also preparing to increase capital and expand shares."

In the past, microfinance companies have been developing slowly because they are faced with two restrictions, namely, "no loans" and "no more than 1.5 times of capital". The Southern Weekend reporter interviewed in Chongqing and other places found that many licences were being transferred on the market, and there were few respondents.

Zhang Yufeng, director of the Shanghai Association of small loan companies, told reporters that only 3-4 Shanghai microfinance companies were waiting for government licenses, and the threshold of registered capital was rising all the way, from the initial 50 million to 2 hundred million now.

When the mainstream financial channels were restricted, the microfinance companies actively cooperate with all kinds of leasing and trusts, and do everything possible to revitalize the existing credit funds. Many small credit companies are beginning to fall into the predicament of no money. For example, Li Yigang, director of the Inner Mongolia microfinance Association, told reporters: "the loan of our microfinance companies has long been over."

Recently, Shanxi trust has launched the Millennium Huixin small loan company loan aggregate trust scheme. Trust funds are used to supplement the liquidity of Shanxi Millennium Huixin small loan company in the form of loans. The scale of the trust product is 30 million yuan and the investment threshold is 600 thousand yuan.

Insiders said that in the current trust products, the rate of return is quite stable for small loan companies. The rate of return of investors is between 7%-8%, and trust companies are generally "knowledgeable". The financing cost of small loan companies may be over 10%. "If we really want to solve the problem of usury and reverse the situation of too high private interest rates, the most fundamental way is to liberate private finance, maximize the supply of finance, and develop private finance in a large number. The government will approve more small loan companies." Chen Zhiwu, a finance professor at Yale University, appealed.