Entrepreneurs ask questions about financing: financing channels, capital investment, and guarantee methods are difficult

Financial life, economic life. Creating a sound financial environment for the development of the real economy is an important task for the steady and healthy development of the economy.

The reporter recently conducted field investigations in many provinces and cities. Many entrepreneurs have reported that at present, the phenomenon of financing difficulties exists to varying degrees, and the channels for financial entry into the real economy need to be further dredged.

Asking about financing channels

“The company that started from scratch lacks collateral, and the bank procedures are too troublesome.” Guangzhou Wuxing Technology is a creative park company that incubates the service industry. After more than 8 years of operation, the person in charge of the company witnessed the difficulties of financing the real economy.

Many SMEs rely mainly on equity financing. As long as the project is good and the profit rate is high, the project company will be set up, and the strategic investors will be introduced to the shares, which are generally private loans. "If you don't find a venture capital company, it is very troublesome to talk about, and the cost and conditions of capital are not low."

Jilin Xiangchen Food Company has begun to integrate with the virtual economy in recent years and has laid out its own financial sector. "The real economy is really hard to earn money." General Manager Yang Ying said that he wants to develop, but the financing pressure is greater. In her view, SME financing is still difficult. "Banks, especially state-owned banks, are more icing on the cake, not in the snow. Commercial bank loans are easier, but interest rates are high."

"Enterprises like us are cumbersome in bank lending procedures and need to mortgage items. Objectively reduce the efficiency of financing." Wu Lina, general manager of Jilin Kunlun Construction Company, introduced that the company is mainly engaged in public decoration, technicians, designers and relatively light assets. .

Jilin Rongde Optical Co., Ltd. did not have financing loans before 2014, and relied on the development of the company itself. After 2014, the market continued to expand and funds were urgently needed. “At that time, the government financed equity financing, only for one year, because the proportion was too high.” General Manager Ni Guodong said that in 2016, he relied on personal relationships for two rounds of financing, mainly social funds. He believes that government equity financing is the most difficult, followed by bank loans, and social capital integration is relatively simple.

Some small and medium-sized enterprises also said that they are feeling that government support is increasing and financing talks are increasing.

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This year's two sessions of the National People's Congress, Miao Wei, Minister of the Ministry of Industry and Information Technology said that the financing problems of small and micro enterprises are mainly manifested in three aspects: commercial banks are still cautious about small and micro enterprise loans, and the lag of guarantee system makes small and micro enterprises less likely to obtain loans, and enterprises themselves resist Weak risk capacity does not reach the financing threshold. The Ministry of Industry and Information Technology will carry out the three-year special action of the small and micro enterprise receivables financing with the central bank; cooperate with the Ministry of Finance to accelerate the construction of the guarantee system; guide and promote social capital support.

Second question capital investment

"The situation of state-owned enterprises in financing is slightly better, and private enterprises are even more difficult." Song Dewu, chairman of Jilin Chemical Fiber Group, said that because it is a listed state-owned enterprise, in addition to loans to state-owned and commercial banks, it can also be equity financing.

However, in recent years, the competition in the textile industry has become increasingly fierce. The process of enterprise differentiation and internationalization has become more apparent. The stronger the stronger, the weaker the weak. Although the financial cost is not the most urgent issue for Jilin Chemical Fiber, it is difficult to raise funds before 2016, “the improvement has been made this year”.

Credit loans are the main way of lending by banks in China for a long time, but the risks are high. The economic benefits and development prospects of the borrower are the key to bank evaluation. Skyworth, a home appliance brand started in Guangdong, has been basically stable in recent years, and has remained at around 8 billion yuan, mainly based on credit loans.

Since the first half of 2016, the situation of home appliance enterprises has become increasingly severe, and the market share of international leading enterprises has gradually narrowed. The competition of domestic brand enterprises has intensified and the profit margin of products has been compressed. "Credit loans have higher requirements for corporate profits. As far as the current real economy is concerned, the company's financing capacity may decline." The head of Skyworth said.

Many manufacturing entrepreneurs said that with the development of smart manufacturing and high-tech industries, they are looking forward to diversified capital markets and hope that more resources will be invested in industrial fields with great development potential.

“Financing difficulty is mainly related to macroeconomic policies.” The same is the Galanz in the household appliance industry. The sales scale has changed from the rapid growth to the steady growth in the past 2-3 years, and the sales price of the same functional products has been declining year by year. The relevant person in charge of the company believes that large-scale enterprises are relatively easy to finance because of the scale of operations and the quality of operations, and under the same macro currency and financial policies.

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Whether the investment bank's loan funds are invested and structured is reasonable, which largely determines the efficiency of the financial services real economy. Qiu Zhaoxiang, a professor at the University of International Business and Economics, believes that commercial banks should be based on revitalizing the real economy, revitalizing loan resources that are deposited in zombie enterprises and inefficient areas, and investing them in the real economy that is in line with the major development strategies of the country and region.

Three questions guarantee method

At present, China's opening up to the outside world is growing, and some “going out” export-oriented entities are also facing financial problems.

Headquartered in Tianjin Binhai New Area, Tianjin Julong Jiahua Investment Group is a multinational oil company with a full industrial chain. At present, financial institutions such as CDB and Export-Import Bank have provided maximum financing support for enterprises.

With the continuous expansion of overseas oil palm plantations and the construction of agricultural industrial parks in overseas economic and trade cooperation zones, the financing needs for Julong overseas project construction are increasing. Executive Director Zhang Ya said that agricultural projects tend to have large investment and long cycle, and the enterprises have invested a lot in the early stage. The 10,000 hectares need 100 million to 150 million US dollars. For example, palm planting generally takes 3-5 years to produce oil, and financing is critical to business development.

However, China's existing guarantee laws require that “external insurance loans” should be implemented for overseas project loans. At present, the company's domestic guaranteed resources are limited, and overseas assets cannot be fully revitalized, keeping up with the scale and speed of overseas investment.

Some companies that “go out” like Julong hope that relevant departments can coordinate financial institutions and investment institutions to provide multi-capita capital markets and various financial support to early-harvest projects by focusing on “going out” enterprise projects.

Tianfu Sanyue is a clothing company specializing in style design and fabric research and development. It is closely interacting with many international fashion companies and is developing a production base in Southeast Asia. The trade space continues to expand. However, the identity of private enterprises, the integration of trade and industry, and the simultaneous growth of funds are superimposed, and financing is difficult.

“We are advancing with the bank, but the financing methods are mainly real estate mortgages, affiliated company guarantees, procedures increase, and time is lengthened, and the difficulty is increased.” Chairman Ma Weimin suggested that relevant departments and institutions should be particularly concerned about such rigid demand consumer industries, especially autonomy. Enterprises that design, research and develop and enter the international market will receive financial support.

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Bao Minghua, a professor at the School of Economics of Renmin University of China, suggested implementing a differentiated credit policy and resolving the issue of financing for export-oriented enterprises by revitalizing credit resources. The government should do a good job of subtracting the law and sort out the existing preferential policies and restrictions as soon as possible to see which financial support can be loosened. In addition, the “One Belt, One Road” initiative has received more and more international responses, providing policy credit guidance to Chinese companies developing trade in countries and regions along the route, and making medium- and long-term plans.

(The original title is "Entrepreneur Three Questions: How to Crack the Financing")