Under the continual tightening monetary policy, the financing difficulties of SMEs have received much attention. On July 6, the central bank announced that it will raise the benchmark interest rate for RMB deposits and loans of financial institutions from July 7. The one-year deposit and loan benchmark interest rate was raised by 0.25 percentage points. Is this a blessing for the SMEs? Who will benefit from raising interest rates? Many analysts believe that the central bank’s tightening monetary policy has made it difficult for SMEs to raise financing. However, more people feel that in the process of austerity, it is precisely the big companies that are most affected. The performance of SMEs is relatively stable. Guo Tianyong, director of the China Banking Research Center of the Central University of Finance and Economics, said that the central bank’s interest rate hike should be a choice after repeated trade-offs. Although interest rate hikes have negative factors in terms of economic slowdown and hot money, the current nominal interest rate of bank deposits and loans is far lower. At the market interest rate level, it is necessary to raise interest rates. On the one hand, it is a correction of negative interest rates, which is conducive to the management of inflation expectations. On the other hand, it can leverage the interest rate, squeeze out projects with high capital and low returns, and thus move more funds into SMEs. "At the beginning of the year, we communicated with a large enterprise in the country. They expected interest rates to rise. We are studying new channels such as debt issuance and overseas financing. Large enterprises and large projects have two characteristics. First, they have many financing channels and do not rely on bank loans. Second, there are many projects that do not expect high yields. Therefore, interest rate increases will increase their crowding out effect, which will benefit SMEs,†said Guo Tianyong. Lu Zhengwei, chief economist of Industrial Bank, agrees with his views. The political commissar of Lu believes that large enterprises are already very sensitive to external financing costs. After raising interest rates, large enterprises with multiple financing channels think that loans are no longer cost-effective, and they will consider more low-cost other issues such as issuing bonds and issuing stocks. Ways of financing. For SMEs, even if the “official interest†rises, it is still much lower than the private financing rate, which is conducive to the relative improvement of the financing environment of SMEs. The reporter learned that many large companies have issued debt financing this year, mainly to replace bank loans. The reduction in the amount of credit required by large companies may result in banks having the remaining amount to support SMEs. Although the economic downturn brought by the banks to the tight monetary policy is an indisputable fact, the sayings such as "hard landing" are overstated, and inflationary pressures will remain high for some time. The central bank's monetary policy committee last week's latest regular meeting It also emphasizes that "it is necessary to pay attention to the stability of the policy", which means that the current policy focus is still on the side of controlling inflation, and will not immediately turn to the easing that the market expects. From a bank perspective, this may cause its loans to large companies to continue to drain. Perhaps the banks have long realized the growth potential of SME loans in the context of austerity. Since the beginning of this year, under the encouragement and appeal of the China Banking Regulatory Commission, banks have also set off a banner to support the development of small and medium-sized enterprises. Take CITIC Bank as an example. In order to get rid of the “collateral worship†of lending to SMEs, CITIC Bank launched a small enterprise credit risk control model, which allows many SMEs to make their dreams come true through bank risk management without providing collateral. At the beginning of 2011, CITIC Bank focused on small and medium-sized enterprises, especially “one chain, two circles and three clusters†(one chain, referring to the upstream and downstream of the supply chain; two circles, referring to the business integration circle and manufacturing agglomeration circle; three clusters, referring to the market). The small enterprises of the Chamber of Commerce, the park cluster, and the small-enterprise “growth loan†series of products have achieved good market response. From January to May this year, “growth loan†products increased by 16.5 billion yuan, which is much higher than the average loan. At present, CITIC Bank’s non-performing loan ratio for small businesses is only 0.34%. The reporter learned from CITIC Bank that it is expected that 25 branches will establish a franchise organization during the year, which will form a franchise system for small enterprises that basically covers the whole country, and will further simplify the process and expand credit. On the one hand, the scorecard will be introduced to replace the traditional corporate rating, simplify the pre-lending investigation and post-loan management procedures; on the other hand, decentralize the business approval authority to the grassroots level, implement the full-time letter review personnel stationing system, cancel the letter review meeting, and also Special human resource allocation will be added.
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