But this 766.6 billion yuan market is not all that the trust can participate in. The "Regulatory Guidelines for Listed Companies No.2-Regulatory Requirements for the Management and Use of Raised Funds of Listed Companies" issued by the China Securities Regulatory Commission puts forward two requirements for listed companies to invest in products with idle raised funds: first, it is highly safe and meets the capital preservation requirements, and the product issuer can provide a capital preservation commitment; Second, the liquidity is good, which does not affect the normal operation of the raised funds investment plan.
Collective trust products obviously cannot meet the requirements of the CSRC to provide capital preservation commitments.
According to industry insiders, listed companies pay more attention to meeting the regulatory capital preservation requirements when choosing wealth management products. Generally, the funds will be invested in bonds or money market instruments with high credit rating and good liquidity in the interbank market, such as bond repurchase, interbank lending, central bank bills, government bonds, financial bonds, corporate bonds with high credit rating and other low-risk assets. It is precisely because the exchange has strict regulatory requirements on the raised funds that most of the idle raised funds of listed companies invest in capital-guaranteed wealth management products, with low returns, while a small amount of self-owned funds can choose high-yield trusts or other types of products.
The investment of its own funds is considerable.
Even so, the amount of self-owned funds available for investment by listed companies is considerable. According to statistics, in 20 16, listed companies subscribed for wealth management products, and the proportion of idle funds and self-owned funds raised was 58% and 42% respectively. That is to say, in 20 16, the amount of listed companies' own funds invested in wealth management products was as high as more than 300 billion yuan, while the amount of trust products only accounted for 3.6% of the amount of free funds invested in wealth management, and the space for development is still very broad.
The person in charge of information disclosure of a listed company told the reporter that at present, the company buys wealth management products mainly to improve the utilization rate of funds and make rational use of idle funds. At the same time, the purchase of wealth management products is also conducive to increasing the company's income. Moreover, the person in charge said that the company has strict risk control standards when selecting wealth management products, and will comprehensively consider the strength of the wealth management product issuing company, the safety of funds, and whether it promises to protect the capital. In the face of the reporter's question "Will you consider buying trust products with higher returns?", the person in charge was noncommittal.
From the perspective of investment income, most of the bank wealth management yields purchased by listed companies remain between 2% and 3%, and even some wealth management products have yields below 2%. Although this ensures the relative safety of funds, it is difficult to compare with the average expected return of trust products of 5%-8%. In fact, in the face of lower and lower annualized rate of return on bank wealth management, some directors said that more listed companies are willing to choose high-yield and high-risk wealth management products through other channels.
Judging from the current situation, trust companies still need to continue to work hard and dig deep into resources to treat high-quality customers like listed companies. However, how to serve such high-quality customers well is an important issue facing trust companies. A business person of a trust company said that at present, the company will regularly carry out daily maintenance for high-quality institutional customers including listed companies, understand the investment needs and provide corresponding products in time, but there are no other positive measures.
Listed companies still have trust "fans"
However, although trust accounts for a relatively small proportion in entrusted financial management, it does not prevent the existence of a group of trust "fans" of listed companies.
The data shows that 27 listed companies used trust financing last year. The listed company that loves trust financing most is Zhao Chi (2.43+1.25%, buy). In 20 16 years, Zhao Chi invested14.65 million yuan to purchase trust products for more than 30 times. Followed by the western mining industry (6.19+1.31%,buying), the company's subsidiaries bought trust products 1 1 times for 201290,000 yuan.
However, the reporter found that a major factor to promote listed companies to buy trust products is their relationship with trust companies. "In this way, the information communication between the two parties is relatively smooth, which can enable listed companies to reduce the risks caused by lack of trust." Some insiders said. Among the 65,438+004 trust products purchased by the listed companies mentioned above, 65,438+09 transactions were related transactions, with a total amount of 65,438+666 million yuan. For example, Yangnong Chemical (56.22 -0.37%, buy) bought the trust products of related party foreign trade trust six times last year, totaling more than 400 million yuan.
Zhongrong Trust is the most favored issuer of trust products by listed companies. Last year, at least five listed companies subscribed for the trust products of Zhongrong Trust at 14 times, with a total amount of10.84 million yuan.