关于民营企业中的互保圈信贷危机分析

A, Event Review

一、事件回顾 

December 20, 2011, "Tian Yu building" a division of illegal fund-raising, all accounts were frozen and property seized. January 2012, Jia Yu Yat Holdings Limited by day building impact is China Construction Bank received loans, then trigger a chain reaction, one after another by eight banks received loans 115 million yuan, and there are 120 million loan is overdue. Jia Yi Rong Group has hurt the facts Industry Group Co., Ltd., Zhejiang, early in March 2012, Bank of Beijing Rong facts industry has been recovering loans 30 million yuan. Wing facts by industry, coupled with the acquisition of the problems caused by energy Hongfa, Tiger Group on 26 March 2012 by China bank loans received 40 million yuan, on 27 March 2012 by the Bank of China received 40 million yuan loans and the relevant banks have indicated will no longer loan maturity Tiger Xudai. April 2012 Tiger Group guarantees circle downstream enterprises have received loans appear to be the case. Affected by the impact of Tiger Group, Bond hydropower in just 45 days by four banks received loans 105 million yuan. Meanwhile, Tiger Group associated with Pliocene pipes, Zhejiang happiness electromechanical six mutual insurance companies, have gradually been recovering loans. Within six months, the credit crisis through mutual insurance chain, from the construction industry spread to the furniture industry, furniture industry and from threatening the hydropower industry, followed by another impact to the textile, chemical and other industries. Figure 1 for the event chain of transmission. http://www.ukthesis.org/dissertation_writing/Ecommerce

2011年12月20日，“天煜建设”下属分公司涉嫌非法集资，全部账户和房产被冻结查封。2012年1月，嘉逸集团有限公司受天煜建设影响，被建设银行收贷，随即引发连锁反应，陆续被8家银行收贷1.15亿元，并有1.2亿贷款逾期。嘉逸集团又连累到浙江荣事实业集团有限公司，2012年3月初荣事实业被北京银行收贷3000万元。受荣事实业影响，加上收购引发宏发能源的问题，虎牌集团于2012年3月26日被华夏银行收贷4000万元、于2012年3月27日被中国银行收贷4000万元，且相关银行均表示贷款到期后将不再对虎牌续贷。2012年4月虎牌集团下游担保圈的企业陆续出现被收贷的情况。受虎牌集团的影响，正邦水电在短短45天被4家银行收贷1.05亿元。

July 2012, more than 600 private enterprises in Hangzhou unbearable reminder loans, loans pressure pumping, a joint letter to the Zhejiang provincial government for help. This mutual insurance crisis has spread to much of Zhejiang, where there are two hundred Zhuji problems due to mutual enterprises face closure, Wenzhou banking sector non-performing loan ratio rose to 2.85%.#p#分页标题#e#

2012年7月，杭州600多家民企不堪催贷、抽贷压力，联名上书浙江省政府请求帮助。这场互保危机还波及到浙江多地，其中诸暨因互保问题有两百多家企业面临倒闭，温州银行业不良贷款率飙升至2.85%。 

Second, private enterprises choose mutual motivation

Mutual insurance mutual insurance is short, refers to some kind of risk with the same protection needs of individuals or groups, to take the form of mutual assistance organization, to meet the insurance needs of all members of the insurance form. This case, the mutual insurance is a form of security overlay, refers to use of mutual guarantees for SMEs to improve credit rating to get a bank loan financing. The relationship between these companies guarantee the formation of a guarantee chain; if there is cross-guarantees, to form a more complex relationship between security net.

SMEs due to the scale of production, the creation of life, various factors such as limited market position, it is difficult for direct financing in the capital markets, so most of the funds also rely on indirect financing to acquire, mainly indirect financing is bank loans.

1, mutual help SMEs to provide more adequate and credible information on loans

(1) Enterprise basic conditions: such as business size, business formation, corporate and political background. China's financial market, there is no universal "size discrimination" (Zhang Jie, Wang Xiao, 2003), which makes it more difficult for SME financing. Difficult to find from the facts, the larger the enterprise, the more likely to obtain loans from banks, often because of the smaller and medium-sized rather restricted. Moreover, banks are more inclined to have a good credit history to corporate loans, in the early growth of SMEs often do not credit records, bank loan applications in the audit of its lack of judgment basis, these companies would be very difficult to get loans. In addition, companies often have a political background to get the number of firms larger than the other, longer-term loans (Yuming Gui, 2008). Which for SMEs, especially private enterprises is also very unfavorable. SMEs in all sectors of criteria for the classification in Table 1.

(2) financial situation of enterprises: is the main currency in the form of data, indicating the status of enterprise fund movement and characteristics of economic information. Mainly comprise corporate assets-liability ratio, operating conditions and other indicators. Corporate balance rate is lower, the better operating conditions, the easier to get bank loans. Luozheng Ying (2005) Empirical evidence shows that the profitability of small and medium enterprises to obtain loans to its probability of existence of a significant positive correlation. Therefore, companies operating in its difficult times, if you want to get a loan to inject funds to revitalize the production situation is quite difficult.

(3) Guarantee Status: guarantee refers to the parties based on a certain property can be used to supervise the performance by the obligor to protect bond-implemented method ("PRC Security Law"). The main way is guaranteed, mortgage, pledge, lien, deposit. SMEs, due to its size limitations, can not provide sufficient collateral assets will seek guarantees to other enterprises to obtain bank loans.

Currently, the bank loans as the main evaluation criteria: the basic situation of the borrower and the guarantor, the previous year and the borrower before applying a financial report, the original loan, a loan purpose and feasibility. First, the assessment of the borrower and the guarantor of basic conditions, mainly refers to firm age, industry, etc., you can understand some of the risks facing businesses and their experience and ability to cope with risks; secondly, assessment of last year and the borrower before applying a financial reporting , we can understand the current business situation and business asset structure, etc., which can reflect the company's future solvency; Again, the original loan appraisal situation, you can understand the business of the credit situation, for there had been no further cases of overdue companies should pay more consider; Finally, assessment and feasibility of use of the loans, you can know where enterprises will be invested in loans and whether to generate profits. Mutual insurance helps to provide a more adequate and credible banking enterprise data, improve access to credit may be an effective solution to the development of SMEs in the financing constraints.

2, mutual help SMEs to get a lower interest rate

Table 2 is the benchmark interest rate on bank loans several recent changes, you can see the short-term lending rate has been 6% plus or minus, and long-term interest rates remain at 6.5% and 7.1%, respectively.

Figure 2 is derived from private lending in Wenzhou's private lending service network composite interest rate chart, it can be seen from the figure, the private lending interest rates generally at about 15%, the highest even reach 21%, the lowest it has 9.8%.

By law, private lending interest rates as long as less than four times the benchmark lending rate is subject to legal protection. From Table 2 and Figure 2 shows that bank lending rate was significantly lower than private lending interest rates. So if we can obtain bank loans, corporate financing costs will be greatly reduced. Fidelity provides classes for SMEs credit model, opening up a new path to bank loans, so there will be so many companies to choose the way mutual loans.

3, mutual help reduce the risk of default by borrowers and lenders

Default risk refers to the trading participant fails to meet the agreed contractual obligations resulting in financial loss risks. Private loans, the borrowers and lenders often lack of understanding of each other and can not be timely warning of potential default risk, and ultimately when the lender or the borrower fails to advance still recovering loans, etc. occurs, the lenders will affect the business or so borrowers facing property damage. Instead, banks and other financial institutions have a complete loan audit standards, to more accurately determine the lender of funds, repayment ability and credit status, and even appeared in non-performing loans, the banks through their economic strength and the kinds of means to resolve clearance received; Moreover, SME loans to banks pumping almost no advance loans to happen, which ensures a stable period of the borrowings of SMEs in the operation and development. This also explains why the more inclined to mutual insurance companies to obtain loans.#p#分页标题#e#