Directional falling can melt a small micro-enterprise financing expensive ice
local governments and commercial banks ' hidden game constitutes a raise under the strength of small and micro enterprise financing cost, bank capital supply channels were distorted, funds available to small and micro businesses cake is getting smaller and smaller, prices remain high. If loose monetary policy from quantitative easing to price, as can more directly reduce business costs.
fine read state recently issued of on duocuo simultaneously to ease enterprise financing cost high problem of guide views, in 2300 Word concentrated out of 10 article (following referred to "country 10 article") new deal in the, has nine at mentioned "small micro-enterprise", so high frequency of with word description, in solution enterprise financing cost high of problem Shang, small micro-enterprise "financing your" has into senior most concern of zone, while is "country 10 article" first to cracked of problem.
found that small and micro enterprises to pay banks ' financing costs the minimum of 10%, third party reports indicate that small and micro enterprise bank credit availability is only 46.2%. High interest rates reflect currency supply and demand imbalances, which supply contraction, or a strong demand-side, or both. From the supply side, Central Bank's latest statistical report shows that by the end of July, outstanding broad money (M2) grew by 13.5% and long time interface is not difficult to find M2 balance on behalf of the nearly 10-year compound annual growth rate is much higher than GDP growth, its ratio to the GDP scale is also rising. Obviously, the main driver of interest rates in the money demand-side. On one hand, government infrastructure projects long investment cycle, most of the medium-and long-term investment projects not completed before the expiration of the credit, credit need to constantly extended, on the excess capacity in industry enterprise "zombies", and based on the risk of resolving social needs such as employment, regulators can only "blood transfusion". Not only that, compared to the private sector, public or state gets credit from the bank sector has a natural advantage, combined with the soft budget constraints and Government endorsed, even the high cost of capital, debt principal would dare borrow and banks in order to meet the financing needs of these departments, also through innovation to bypass credit constrained and loan supervision for its "blood transfusion". Which makes small business had a "crowding out" strife and suffer high funding costs.
in order to bypass the institutional barriers and overcoming the institutional problems, this year the Central Bank has twice directed down to encourage financial institutions to improve the configuration of loans to small and micro enterprises, plus 50 billion small loans, two directional falling currency multiplier should have more than 400 billion. Driven by this, at the end of June, financial institutions small business loans grew by 15.7%. However, the "financing" stress reliever is not equal to "financing your" troubleshooting. Except must bear Bank 10% of cost outside, small micro-enterprise also must accept guarantees, and assessment, and registration, and audit, and insurance, intermediary institutions and about sector of charges, and this part will will financing cost pulled high two to three times times; if again plus loan due turned loan Shi of "bridge" costs and various shadow Bank of "stealth" costs, many small micro-enterprise eventually may will undertake 40% to 50% of credit cost!