Bills are mainly divided into checks, promissory notes and acceptance bills. Sub-branches are divided into cash checks and transfer checks. Cash checks can be withdrawn or used as cash, and transfer checks are used to transfer money. Promissory notes are mainly used to transfer large amounts of money. Acceptance bills are divided into bank acceptance bills and commercial acceptance bills. Bank acceptance bill is a bill that is unconditionally paid to the holder by the issuing bank as the acceptor, relying on bank credit. A commercial acceptance bill is a bill that the drawer (enterprise) as the acceptor, relies on the credit of the enterprise, and unconditionally pays the holder. The acceptance bills mentioned in the title should be silver bills and commercial bills. In acceptance bills, the credit of silver bills is much higher than that of commercial bills. Even in this contractor incident, there was almost no loss of silver tickets, and the main loss was interbank deposits.
Bill discount and endorsement transfer
The bill is issued by the drawer (buyer) and paid to the payee (seller). If the payee needs funds after receiving the ticket, he can apply to the bank for discount. After deducting the discount interest, the bank will return the remaining funds to the payee, who can use them.
Another way. After receiving the bill, the payee needs funds, but he doesn't want to bear the discount cost. As long as his payee accepts the bank payment, he can transfer the bill to the other party by endorsement, which is equivalent to paying the money.
Example: A bought a batch of goods from B for 5 million yuan and paid a sum of money. After receiving the ticket, B went to the bank to discount it. The discount rate was 3%, that is, 6.5438+0.5 million yuan, so B received 4.85 million yuan, and then made up 6.5438+0.5 million yuan with its own funds and paid it to C 500 million yuan. B can also directly transfer the endorsement of the ticket to C, which is equivalent to paying 5 million yuan.
As a final example, ordinary banks can discount silver tickets (without occupying the credit line), while commercial tickets can only be discounted by using the credit line (directly posting the credit line B, and the guaranteed post occupies the credit line A, which requires A's consent, so it is difficult to discount commercial tickets and there are too many restrictions). Endorsement transfer requires C to accept B to pay by bill, because B is equivalent to transferring the discount cost to C.
Profit model of bill intermediary
To put it bluntly, it is actually buying high and selling low.
In the above example, B found a bill intermediary and gave the ticket to D through endorsement and transfer. Generally, Company D will give a discount rate lower than that of the bank (for example, 2.8%, so that B will receive 4.86 million yuan, which is 1 10,000 more than going to the bank, and the procedure is simple). After payment, the bill will be discounted by the cooperative bank. The discounted price will be lower than 2.8%, and there will be a price difference (the discounted price of the bank actually adds some profits, and the bill intermediary can negotiate the discounted price with the cooperative bank after receiving a large number of bills, and there is also a lot of gray space in the middle). The awesome bill intermediary can also operate a number of banks, such as cash transfer, which is out of control in the process, resulting in many large bills.
In this process, the bill intermediary actually assumes the role of discount bank.
Silver tickets can be accepted through intermediaries, that is, different prices will be set according to different acceptance banks and face values; Due to the restriction of bank discount, many intermediaries do not accept commercial tickets. Of course, some intermediaries with smooth channels also receive business tickets.
Current risk
The original intention of the ticket exchange was to standardize the circulation of bills. Therefore, the crackdown on bill intermediaries in the current market is still very strong. Formal bill companies, such as Shanghai Pulan, have heard that they no longer do discount business. With the increase of the crackdown, the living space of the intermediary will be compressed, and it has already faced great transformation pressure.
In fact, the bill intermediary is a bank business, but without a bank license, the biggest risk is policy risk.
Bill arbitrage
At present, many intermediaries also do bill arbitrage business. They control a number of trading companies and arbitrage by forging trade processes between companies.
Example: A and B are both intermediaries, but they are not related in terms of equity. A buys goods from B at a price of100000. Party A deposits RMB 6,543,800,000 into the bank, and then issues a full amount of silver ticket by pledge (that is, the due amount of silver ticket can be paid to Party B with this RMB 6,543,800,000, and Party B will discount it after receiving the ticket (the bank or intermediary, but ultimately the bank). As long as the deposit interest rate is higher than the discount interest rate, the spread between them is arbitrage space. In this process, there are problems of paying interest first and paying interest later. At present, there are very few banks that accept interest in advance, and most of them are paid later.
Here's the principle. In practice, we will encounter various problems, such as taxation (the trade process involves invoices, which are generally hedged by input-output deduction, but some costs will still be generated and deducted from profit accounting), interest rate, operation and so on.
On the whole, due to the influence of policies, the living space of bill intermediaries is gradually compressed, and the possibility of extinction is not ruled out. However, there are many business innovations, and regulatory policies can only limit the old model. If there is a new model, it can also make the intermediary reproduce the second spring. Answer: to do this, we still need to assess the risks, because after all, it is a gray business, and there are many examples of being caught in the market.
We have this kind of business here. The main business scope includes: buying and receiving, selling and receiving, ticket exchange (large bills for small bills) and advance payment.
I don't know if it's legal or not. Should belong to the gray area of law. If it is legal, it will not take out grain and oil in the store, but do this business in the store. The main income sources of this kind of business are bid-ask price difference, ticket exchange income and deposit interest income.
It is difficult for SMEs to obtain financing from banks. Even if banks are willing to provide loan services, there will be a series of loan packages. Some banks require the purchase of wealth management products, and some banks stipulate that one-year working capital loans must include two full acceptances. Everyone in the bank knows about loan-to-deposit ratio. If the bank doesn't have enough deposits, it will lend and pull deposits at the same time in this way. As a result, the financing cost of small and medium-sized enterprises will rise sharply.
Acceptance is not the mainstream payment method for small and medium-sized enterprises, and many enterprises do not recognize acceptance. Therefore, enterprises have to find an intermediary to discount after acceptance, so as to obtain cash flow. If there is no deposit, they will also ask the intermediary to pay the deposit in advance and then discount and accept it to them after the ticket is issued. Although the deposit is only for one or two days, the amount is large and it is also a lot of income.
For example, enterprises offer discounts, and 400 yuan is discounted for every 10,000 yuan. If you accept it at 200,000 yuan, you can get192,000 yuan in cash, and 8000 yuan is a discount. If there happen to be other enterprises that can accept payment, it is the intermediary who posted it for him. According to the discount of every 200,000 yuan, he can get an acceptance of 200,000 yuan by paying196,000 yuan to the intermediary. As soon as this goes in and out, 4000 yuan will be available.
If the ticket-holding enterprise has a large ticket of 50. 1 10,000, but needs 300,000 yuan to pay for the goods, it can only find an intermediary to change it into a small ticket, and a handling fee is required to change the ticket.
Of course, if there is an acceptance that has recently expired, you can also hold it due, then find an endorsement from the company and go to the bank for collection procedures, and you will receive the face value of the acceptance.
Of course, it is not without risks. If you receive a fake ticket, it is not as simple as losing the discount, but the principal. Now electronic acceptance has also begun. I wonder when the paper acceptance will last. I don't think even if I do, it won't take long.
The common acceptance bill in reality is the bank acceptance bill, which is a deferred payment bill issued by the bank on behalf of the payer. The bank has the obligation to pay the bill at sight, and the term of the bill is within 6 months.
The bank's risk control and supervision system is very strict, and the risk of acceptance bill intermediary is too great (mainly tax risk, which will be discussed later). Let's briefly sort out the operation methods of the parties to the acceptance bill in reality.
1, drawee
Bank acceptance bill is a financing method with low cost, but it needs credit line. Not any enterprise can go to the bank to open an acceptance bill, and the credit line needs collateral. For example, if I have a house with a valuation of 1 100 million, the bank will grant credit at about 60%, that is, the credit line is 60 million. You can make a loan within 60 million, or you can use a bank acceptance bill.
In specific use, the bank needs you to provide the contract and invoice of the payer, which is very important here. The payer's invoice cannot be provided casually. Today, the invoice management in China is very strict, especially now the tax bureau has a golden tax system, and the invoices of all enterprises in the country are networked. Therefore, many enterprises that do not invoice cannot use bank drafts to pay for goods. In addition, when drawing a draft, they have to pay 30%-50% to the bank.
2. Payee
After the payee receives the bank draft, there are generally three ways to operate.
1) discount
This is very common. In reality, most small and medium-sized enterprises are short of funds, so they will go to the bank to discount the bills immediately after receiving them, which will lead to discount costs. Originally, this bill could not be recovered until it expired. Now you must pay a fee to the bank in advance. In reality, the payer is willing to pay this fee, which is included in the financing cost of the payer. Generally, the contract price is negotiated or paid by private households afterwards (generally, small amount can be operated by private households).
2) Transfer to a third party
This is also common, but it depends on whether the payee can find an endorser, that is, a third-party bill collector, and the third-party bill collector also has real business dealings with the payee, otherwise the tax account set will not be even and the tax will not pass. Today's tax and financial requirements are capital flow, and invoice flow is consistent with third-rate logistics, especially through Gong Hu.
3) Maturity of bills held.
This situation is not common in small and medium-sized enterprises, but it will happen in powerful companies or companies with too many bills.
Ok, let's talk briefly about the bill intermediary. The intermediary is nothing more than buying high and buying low, getting the ticket from the ticket holder and then going to the bank to discount it. But there is a big problem here, that is, the tax problem mentioned just now. For example, payer A issues a bill to payee B, and payee B transfers the bill to intermediary C. There are real businesses and invoices between A and B, so A and B are legal and there is no problem, but there is no real business between B and C, only Gong Hu Fund. In terms of finance and taxation, you will see that B paid C a sum of money to the company but there is no invoice or other funds to hedge it, so this account will never be settled, so B will ignore it for a short time, but even if it is cancelled by the company. You still have to pay taxes, and the cost will be high, while intermediary C is more troublesome and has nothing. Shell companies have no real business.