Large Enterprises Become Gold Black Holes &Nbsp; Low Interest Rates On Residents' Deposits Subsidize Bank State Enterprises

In July 25th, the state grid was 10 billion yuan.

This business intensive debt issuance has been going on for some time, though since the beginning of the year.

Monetary tightening continued, but the financing channels for large enterprises remained unblocked.

W ind statistics show that as of July 20th, a total of 1 trillion and 133 billion 593 million yuan of corporate debt financing instruments (including corporate bonds, corporate bonds, convertible bonds, medium-term notes and short-term financing certificates) were issued.

However, small and medium-sized enterprises can get little support. During the same period, only 1 billion 418 million yuan of SME collective debt was issued, and 1 billion 845 million yuan was set up by small and medium-sized enterprises.

"Economic reference daily" reporter learned that this phenomenon from another perspective reflects the increasingly prominent domestic financial structure two yuan trend.

Strict interest rate control.

Financial market in the monopoly system of large enterprises

According to statistics, last week, 16 enterprises announced the issuance of new debt financing.

This trend of intensive debt issuance shows the change of social financing structure in the first half of this year.

However, this structural change has little benefit to solve the financing difficulties of SMEs.

W ind statistics show that as of July 20th, a total of 151 billion 748 million corporate bonds, 64 billion 640 million corporate bonds and 31 billion 870 million convertible bonds were issued. Large and medium-sized enterprises also issued 347 billion 495 million medium-term notes and 537 billion 840 million short-term financing coupons.

However, the scale of SME debt collection is only 1 billion 418 million yuan.

Insiders say that the current bond market is mainly targeted at big enterprises and big projects.

The central bank's data show that in the first half of this year, the total amount of social financing was 7 trillion and 760 billion, of which RMB loans accounted for 53.7%, up 3.2 percentage points lower than the previous year, and corporate bonds accounted for 8.5%, up 0.5 percentage points higher than the same period.

Lian Ping, chief economist of Bank of communications, said that in the first half of the year, the scale of social financing decreased, and the proportion of corporate bonds and stock financing increased, which reflected the trend of gradual optimization of financing structure.

With the decline of the overall new loan scale, the difficulty for SMEs to obtain loans from banks is increasing, and the threshold for issuing stocks and bonds is relatively high. Financing for SMEs is more difficult.

Moreover, many non bank financial institutions have also become big enterprises.

The diversification of financing channels, financial market and product design are inclined to large enterprises as a whole, so that they can "absorb gold".

Not only that, there is also a fund "black hole" is a government project.

According to the audit data, as of the end of 2010, the provincial, city and county governments at three levels set up 6576 financing platform companies, and the national local government debt balance was 10 trillion and 700 billion yuan.

From the source of borrowing, bank loans amounted to 8 trillion and 470 billion yuan in the balance of local government debt at the end of 2010.

According to the preliminary statistics of the economic reference daily, the public information shows that as at the end of 2010, the balance of loans for local financing platforms for industry, agriculture, China, construction and financing was about 2 trillion and 200 billion yuan. In addition, in the joint-stock commercial banks, China Merchants Bank was about 130000000000 yuan, Minsheng Bank was 197 billion 200 million yuan, and CITIC Bank was 118 billion 400 million yuan.

Although 9 banks have compressed the loan balance of the local government financing platform since the first quarter of this year, the balance of loans of the 16 main commercial banks in the local government financing platform is still 2 trillion and 920 billion.

Many analysts believe that the local financing platform has "kidnapped" the financial and banking.

Low efficiency of capital and not entering the real economy

low cost

In June 15th, conch 9 billion 500 million cement company listed on debt, but spent 4 billion yuan on the same day to invest in trust schemes and bank financial products. However, its purchase of 750 million yuan, the Bank of China set up rich financial products, and expected annual yield of only 4.80%.

Following the 1 billion 200 million short-term financing coupons and 10 billion votes, TSE in May 27th continued to issue 900 million yuan in the second phase this year. However, the amount of stock fund used by the company to purchase financial products was close to 1 billion yuan.

W ind data show that this year, nearly 20 listed companies have released nearly 30 related idle funds for financial investment announcement.

This means that even if the funds raised by listed companies do not invest in any specific project, they can enjoy a profit spread of hundreds of millions of dollars through the arrangement of buying financial products after financing.

Moreover, when it comes to cooperation between big enterprises and trust companies, many central enterprises also raise funds in the market to raise funds for trust companies for investment.

In April this year, the State Grid in the inter-bank bond market issued two short-term financing bills with a total of 20 billion yuan and 90 days. The purpose of raising funds was "all through the operation of the British International Trust of the company to supplement the working capital of the company's system, repay the bank loans and replace the company's debts".

The annual interest rate of the two short-term financing bonds of the State Grid is only 3.75%, which is far lower than that of the market in the same period.

That is to say, there is risk free arbitrage space objectively.

The deputy director of the Financial Research Institute of the development research center of the State Council, Ba Shu song, told the economic reference Daily: "last year, the profits of central enterprises exceeded one trillion, and the profits after tax were over one trillion, and IPO and refinancing exceeded one trillion. This indicates that private capital is forced to be in the low-end service industries such as low-end manufacturing, catering and other industries, and a large number of resources are concentrated in monopoly industries, which results in the current economic system may be more fragile."

One extreme monopoly at one end, excessive competition at one end, many industries in the middle are missing, inefficient operation of the economic system, and weak absorptive capacity to deal with external shocks. At the same time, a large number of profits are concentrated in banking and monopoly industries. Profit control has led to the banking industry becoming a great pfusion tube for social profits.

The low capital utilization rate of large enterprises occupies a large amount of financing resources in the financial system. On the other hand, it also hinders the entry of funds into the real economy, and tens of thousands of small growth enterprises are hard to obtain.

Financial reform is waiting to be solved.

This year, since the implementation of a series of tightening measures, the financing difficulty of enterprises has increased significantly. On the one hand, the amount of loans granted by banks to enterprises has been significantly reduced; on the other hand, raising interest rates and floating interest rates have significantly increased the cost of financing.

However, from the overall situation of financial market, the internal contradictions of the two element structure of financial pformation in China's pitional economy are becoming increasingly prominent.

Historically, banks in order to control the overall risk, credit funds to large and medium-sized cities, economically developed areas and large projects concentrated.

Guo Tianyong, a professor at the school of finance at Central University of Finance and Economics, pointed out to the "economic reference daily" that on the one hand, "the government must ensure that these large state-owned enterprises and government projects operate at low cost, so the interest rate level should be lowered to a relatively low level, and the financing level is very high."

On the other hand, large enterprises and central enterprises with "Guo" size did not participate in the competition of interest rate marketization, which led to small businesses with weak capital strength pushed to the cusp of interest rate marketization.

"At present, the amount that small businesses can borrow from banks is less than 10% of their demand, and large banks have loans to small and micro enterprises. Under the economic system of China, it is a fantasy for a long time."

Zhou Tianyong, deputy director of the International Strategic Research Institute of the Central Party School of the CPC Central Committee, pointed out that information asymmetry, high cost, long monitoring chain, and low mortgage assets and other reasons led to the difficulty in lending large banks to small banks. The so-called proportionate loans to small businesses actually accounted for a small proportion.

"Most of the banks' loan quotas have long been inclined to lend to state-owned enterprises. Residents have subsidised banks and state-owned enterprises with low interest deposits. State owned enterprises have produced low interest and low price resources and sold them to residents at a high price."

Zhou Tianyong said.

"If we talk about the previous stage, China's finance