The People's Daily Approved The Listed Companies Not Doing The Right Job &Nbsp; Huge Sums Of Money Hit The Financial Market.

From real estate, stock to buy financial products And usury... Listed company Capital investment can be described as varied. From the semi annual report of the listed companies that have just been released, we can find that in the financial situation of adjusting structure, promoting transformation and tightening financial environment, there is a structural imbalance in market funds. Opportunity Under the drive of high interests, the phenomenon of "not doing business" is becoming more and more serious, which may aggravate the risk of Industrial Hollowing.

　 Huge sums of money hit the financial lending market

Against the backdrop of the stock market downturn, market regulation and high inflation, the capital of the listed companies that originally bought stocks and hoarding land began to search for him this year. The popular choice of bank financing, usury and other private funds has also entered the vision of the listed companies.

Incomplete statistics on semi annual reports of listed companies show that since the beginning of this year, more than 50 listed companies have purchased financial products and issued "entrusted loans", and the amount of purchase funds and the total amount of loans have exceeded 20 billion yuan and 16 billion yuan respectively.

Among many listed companies, conch cement is the most attractive. The company announced that in order to improve the efficiency of operating capital, the total amount of operating capital of 4 billion yuan will be invested in trust and bank financial products. Shaanxi Province, a leading enterprise in the major equipment manufacturing industry, has accumulated a total of 2 billion 650 million yuan to buy financial products. Although the conch cement and the power of Shaanxi drum are astonishing, it is only the tip of the iceberg in the financial market. The central guard, the West LAN, the Dong'e donkey hide gelatin, the walker and the Shuanghui development company all spend hundreds of millions of yuan to buy financial products. Most of these investment products are 1 - year short - term products with an expected annual yield of 5% - 6%.

At the same time, the trend of lending has intensified. Listed companies have also become an important member of the company, and there are not many loans to non related companies, and the loan interest rate is generally higher than the market interest rate. Among them, Wolong real estate, Wolong electric, Wuhan Jianmin, Qianjiang biochemical, Ningbo Weili and other listed companies entrusted loans involving hundreds of millions of yuan.

Combing the announcement of listed companies found that the annual interest rate of entrusted loans reached 12%, while the highest reached about 20%, which is a "usury" compared with the annual interest rate of 3.5% of one-year fixed deposit.

Wuhan Jianmin is the representative of the lucrative profiteers. The announcement shows that its external entrusted loan is 150 million yuan, the annual interest rate is 20%, and the interest income in one year will reach 30 million yuan. Wuhan Jianmin's semi annual report shows that the company's external entrusted loans earn 13 million 44 thousand and 100 yuan, while the net profit for the same period is 36 million 196 thousand and 200 yuan, and the profit exceeding 1/3 is derived from the loan income.

　 Replacement of funds for his use

It is understandable for listed companies to maximize profits by using idle funds through financial management and lending. However, if they invest in the financial market in disguised form, they should not invest in financial markets.

From the past small and medium sized boards, the final use of gem raised funds, there have been used to raise funds to replace their own funds or bank loans, diverting him to use. Capital replacement does not change the number of funds on the surface, but through replacement, the funds raised by enterprises become listed companies' own funds, so that they can no longer be restricted by only investing in the main business.

Sun Lijian, vice president of the school of economics, Fudan University, said: "it is difficult for regulators to identify whether funds for financial investments are funded or raise funds.

Although there is no evidence that the financing of listed companies has "deviant" phenomenon, conch cement has just announced the issuance of bonds only once a month before buying financial products. financing The announcement of the announcement was a coincidence. {page_break}

Judging from the refinancing announcement, the total scale of public bonds issued by conch cement is no more than 9 billion 500 million yuan, and the ratio of 1 to 1 will be used to repay the liquidity of commercial bank loans and supplementary companies. According to this calculation, the repayment of commercial bank loans is about 4 billion 700 million yuan and the other 4 billion 700 million yuan is the liquidity of enterprises.

If the company's liquidity is insufficient, the reintegration of capital is understandable, but only 1 months later, the company has 4 billion yuan of its own funds to invest in financial products, and does not say whether there is any capital replacement phenomenon. At least, there is no shortage of cash flow.

It is understood that enterprises through bond issuance financing relative to the A share market financing is less regulated, for profit, cash flow, and the specific investment restrictions after fund-raising are also less. However, since the beginning of this year, the A share refinancing market is also surging. At the beginning of September, the SFC issued a refinancing application for 7 listed companies in batches, involving an amount of nearly 35 billion 300 million yuan.

Shi Weixiang, a strategist at Guotai Junan, told reporters: "because of the tight bank lending this year, many enterprises have turned to the direct financing market, and regulators have also encouraged them." However, some direct financing is not for the development of industry, and it is difficult for investors to understand how to buy financial products and loan sharks.

　　 Shadow banks breed risks

It is not uncommon for listed companies to use idle funds to invest from real estate to stocks. However, it is a new phenomenon this year that large-scale funds will be directed against banks, trust products and loan sharks. In Sun Lijian's view, the market is not really short of money. "Money shortage" is just an excuse for some enterprises to get money for low cost.

Haitong Securities industrial economic analyst Liu Tiejun analysis pointed out: "this is an unreasonable distribution of the existing financial system."

This "reselling wind" has made banks' off balance sheet business and shadow banking grow stronger and stronger. Through margin leveraging bills, bills are directly financing, and loans issued outside the system have become a part of "total social financing". The move avoids the channels of credit supervision, not only causes fund disintermediation, but also reduces the implementation effect of monetary policy, and has become a source of breeding risks.

"The central bank intends to extend the scope of the reserve payment to margin deposits, which means that it will reduce bank off balance sheet activities, make up for regulatory loopholes, and help the central bank manage and measure the real liquidity of the system more effectively." Wang Tao, chief economist at UBS, said.

Li Zhiping, a macroeconomic analyst at state securities, also said that three parts of the funds included in the bill of exchange, letter of credit and letter of guarantee were included in the deposit reserve base, which in essence suppressed the available funds of commercial banks, raised the opportunity cost of off balance sheet business, and forced the proportion of margin required to open bills and letters of credit.

During the opening year of 12th Five-Year, enterprises' "adjusting structure and promoting transformation" is the main direction of development. Such a large number of listed companies "do not work properly" seems to mean that they have not found the direction and breakthrough of transformation, and have concealed the bad phenomenon that the performance of enterprises may decline, putting the cart before the horse.