Since the third quarter of last year, a series of policy combinations aimed at alleviating the financing difficulties of private enterprises have gradually improved the financing environment of private enterprises. This change is particularly prominent in the bond market. According to data released by the central bank recently, the number of bonds issued by private enterprises reached 66.1 billion yuan in April this year, an increase of 10% from the previous month. The net financing scale of private enterprises issued bonds in the month was 15.9 billion yuan, achieving the first turn since 2019.
Including the bond market,bankCreditThe financing channels including the market are becoming “more friendly” to private enterprises. Since the beginning of this year, the financing scale and financing costs of private enterprises have continued to improve. However, improving the financial supply to all types of ownership enterprises and achieving equal treatment for all types of ownership enterprises is not achievable overnight. At present, the discrimination against the financing of private enterprises still exists. The financing environment for the bailout of private enterprises is a “protracted war”. Many people in the industry have called for the financing costs of private enterprises to continue to decrease.interest rateThe parallel process needs to be promoted as soon as possible.
Private enterprise financing environment has improved
According to data released by the central bank, in the first four months of this year, private enterprises issued bonds of 205.3 billion yuan, which is at a relatively high level compared with the same period in 2017 and 2018. From the perspective of bond issuance costs, private enterprise bond issuanceinterest rateThere is also a downside. The weighted average interest rate of private enterprise bonds in April was 5.56%, a decrease of 64 basis points compared with January.
In addition to the improvement in financing in the bond market, private enterprises have improvedbankThe availability of credit has also increased. The data shows that as of the end of the first quarter, the balance of Pratt & Whitney small and micro enterprise loans exceeded 10 trillion yuan, an increase of 19.1% year-on-year, and the growth rate was 10 percentage points higher than the same period of the previous year; the newly issued Pratt & Whitney small and micro enterprise loans The interest rate is 6.87%, which is 0.52 percentage points lower than the interest rate (7.39%) for the whole year of 2018.
It is worth noting that from the perspective of the bond market, since the third quarter of last year, the reason why the private enterprise bond financing environment has improved significantly is inseparable from the creation and support of debt financing support tools. On October 22 last year, the State Council executive meeting decided to set up support tools to ease corporate financing difficulties in a market-oriented manner. After half a year, the latest data shows that the support tools have driven the gradual stabilization and recovery of the entire private enterprise bond financing. So far, 87 credit risk mitigation certificates (CRMW) have been created, and 56 private enterprises have issued debt financing instruments of 39.86 billion. yuan.
Zou Wei, deputy director of the Financial Markets Department of the central bank, said that the most important thing is to create a clear attitude of the government to support private enterprises, and it did produce practical results in the specific context at that time.
"Last year, influenced by many factors, the market has been emotionally panic about private enterprise financing, which has caused some private enterprises with good management to be affected, and temporary liquidity difficulties have arisen. Therefore, the positioning of debt financing support tools at that time also lies in supporting the operation. Enterprises with good prospects but short-term liquidity difficulties. At present, the effect of this tool creation is relatively obvious." Zou Yu said.
The creation of debt financing support tools is equivalent to providing “in the case of subscription of private enterprise bonds”Insurance"Not only boosted the confidence of market investors, but also improved the financing conditions of private enterprises, avoided the break of the corporate capital chain, and greatly reduced the bond default incident. In April, the bond market involved a total of 8 companies' default events. Among them, six companies have had defaults before; that is to say, there are only two companies that default on new bonds, and private enterprises only account for one of them.
Continue to reduce financing costs
Although this year, including the bond market,bankThe financing channels including the credit market are becoming “more friendly” to private enterprises, but it is a “prolonged war” to solve the problem of financing private enterprises. Industry insiders have called for further deepening of the policy orientation of treating all types of ownership enterprises equally, accelerating the promotion of interest rate marketization reforms, and further reducing the financing costs of private enterprises.
Yan Guijun, president of Everbright Trust, advised the Securities Times reporter that the next step is to continue to maintain the stability of private enterprise policies. The current private enterprise financing interest rate is still high. In reality, some central enterprisesbankCredit funds with a lower benchmark interest rate can be obtained, but private enterprises with higher ratings do not receive such low-cost funds. This shows that there are still institutionalized unequal treatments for private enterprises. If the private enterprises with the same rating can enjoy the same financing price as the state-owned enterprises in the future, it will be good for the development of private enterprises and economic growth.
According to the deployment of the State Council executive meeting in April, this year, the comprehensive financing cost of small and micro enterprises will be reduced by 1 percentage point on the basis of last year. Li Junfeng, director of the Banking Insurance Commission's Pratt & Whitney Finance Department, said recently that reducing the financing costs of small and micro enterprises cannot simply lower interest rates, but rather reduce the overall cost of financing. For example, the financing costs of small and micro enterprises have many intermediates besides interest rates. Fees (guarantee fees, evaluation fees, notary fees, etc.), the Banking Regulatory Commission is also promoting various additional costs for financing small and micro enterprises;bankThe cost of lending to small and micro enterprises needs to be reduced, and the next step is to guide non-bankThe pricing of lending institutions has decreased.
However, it is imperative to further reduce financing costs by advancing interest rate consolidation. The central bank has clearly and steadily pushed the interest rate "two tracks and one track" into the 2019 work target. Some analysts pointed out that this year's follow-upcurrencyPolicy regulation will continue to continue the structural characteristics, price tools to carry out TMLF "directed interest rate cut" mode, and further loose price tools may be launched in the form of deepening interest rate marketization reform.
Zhang Ping, deputy director of the National Finance and Development Laboratory, believes that in the case of maintaining a reasonable and sufficient liquidity, to reduce the cost of capital, it is necessary to further accelerate the reform of interest rate marketization, open up the barrier of “wide currency, tight credit” and solve market interest rates. Going low, but the loan interest rate does not follow. Resolve on this basisbankSystem andbankThe interest rate transfer mechanism outside the system.
“The monetary policy operation tools of mature economies are mainly price-based, and only in the case of market failures, quantitative models will be used. For example, after the financial crisis, the Fed conducts quantitative easing. Globally, China’s interest rate is relatively High, so the current monetary policy control tools need to change from quantitative to price-based, I have always advocated to cut interest rates." Yan Guijun said.
Huatai SecuritiesThe macro team expects that solving the problem of financing difficult financing for private enterprises is still the structural pressure of the current monetary policy. Therefore, the interest rate merger will accelerate, and the central bank is expected to cancel the benchmark interest rate for loans and replace it with LPR (Loan Base Rate). The policy rate will be lowered by 10~15 basis points to guide the LPR down, thus reducing the actual financing interest rate of the enterprise.
(Article source: Securities Times)