It Is Difficult For Textile Enterprises To "Cut Interest Rates And Raise Financing Costs".

Recently, the so-called reduction of interest rates has not reduced the financing cost of the real economy, but it is surprising that the opposite is true.

I believe that this argument lacks sufficient grounds for support.

From the policy point of view, the interest rate cuts can be said to give

Alleviate excessive burden.

Since November 22nd, the benchmark lending rate for financial institutions has decreased by 0.4 percentage points to 5.6%, and the one-year deposit rate has dropped by 0.25 percentage points to 2.75%.

The rate of loan interest rate cut is greater than that of deposit interest rate.

Moreover, on the same day, the central bank also said that at the same time, in combination with advancing the marketization of interest rates, the upper limit of the floating rate of interest rates of financial institutions should be adjusted to 1.2 times the 1.1 times of the deposit interest rate.

So far, about three weeks have passed, and commercial banks, including five state-owned banks, have raised interest rates to the top, before they cut interest rates.

Therefore, the interest rate cut can basically be interpreted as "laying the foundation for the reduction of the pure lending rate", laying the groundwork for reducing the financing cost of the real economy in the future.

From the point of view of reducing interest rates, it is also true to reduce the burden on the real economy.

In the "half hour" program, which was broadcast on CCTV in December 10th, the president of a logistics company said, "at present, the bank loans of enterprises are about thirty million yuan. According to the stipulation of the central bank's annual interest rate cut of 0.4%, it is estimated that the enterprises will be able to save interest of $10000 in 14th Five-Year". The fourteen fifty thousand yuan may not be anything in the "dinosaur enterprise", but for a small enterprise, it can employ more two people and do more business.

There is also a textile enterprise said, "this cut interest rate can save about 140 thousand yuan for enterprises, equivalent to an increase of 7% profit."

It is obvious that interest rate cuts really reduce the financing cost of the real economy and directly complement the enterprises.

So, do we think that the basis for cutting interest rates and raising the financing cost of enterprises is tenable? From the perspective of some phenomena, it is true that the interest rate of funds in the financial market has risen slightly before the rate cut, and the sharp rise in A shares has stimulated the demand for funds, thereby pushing up the multiple asset interest rates outside the stock market.

However, although these phenomena are related to interest rate cuts, they are not equivalent causality.

The capital interest rate rose slightly before the rate cut, which still exposed the problem of bank liquidity mismatch, especially at the end of the year.

At the same time, the asymmetrical interest rate reduction, the narrowing of the loan to deposit ratio and the increase in the cost constraint of loans and the increase in the risk of economic downside, the banks are even less motivated to reduce the cost of financing, especially if they are unwilling to lower the loan interest rate and lend money to those high-risk SMEs and vulnerable industries.

As for the stock market's interest rate cut out of a rally, it can not blame the stock market for the difficulty of financing some unlisted companies.

From the rise of plate banking stocks and brokerage stocks, the more important reason for the rise is the valuation factor. Interest rate cuts play a catalytic role rather than a decisive role.

However, in the context of interest rate cuts,

The high cost of financing also illustrates a deep-seated problem, that is, the attraction of the real economy to capital is insufficient.

In the new normal of China's economy driven by factor driven, investment driven and innovation driven, how to stimulate internal viability through institutional innovation, technological innovation and management innovation, and enhance the attractiveness of peripheral capital, rather than waiting for policy "drip irrigation", are problems that need to be recognized and solved.