In recent years, China's financing guarantee institutions have mushroomed, and the financing guarantee business has achieved rapid development, which has built a bridge between the development of small and medium-sized enterprises and financial institutions and played an important role in alleviating the financing difficulties of small and medium-sized enterprises.
I. Business Model of Financing Guarantee
Financing guarantee refers to the behavior that the guarantor agrees with creditors such as banking financial institutions that when the guarantor fails to perform the financing debts owed to the creditors, the guarantor shall bear the guarantee responsibilities stipulated in the contract according to law. At present, most of the businesses with financing guarantee institutions are small and medium-sized enterprises. What are the characteristics of the funds used by SMEs? Short, frequent and urgent? Guarantee companies use their own professional and resource advantages to achieve docking with financial institutions in the following aspects:
1, in the choice of loan projects. Guarantee companies can explore and recommend projects to banks in a market-oriented way. Because most guarantee companies operate locally, it can solve the information asymmetry problem in bank-enterprise loans more effectively. For banks, it is also necessary for guarantee companies to expand and cultivate high-quality customers for a long time.
2. It can effectively solve the timeliness problem of loans. The bank loan process is complicated and there are many approval procedures. The operation mode of guarantee companies is more flexible and changeable, which greatly saves the time and energy of enterprises and can meet the needs of business owners for urgently needed funds.
3. There is no substitute for the risk release mechanism afterwards. After the risks of bank projects appear, it often takes a long time to dispose of collateral, with high litigation cost and poor liquidity. The overdue compensation of guarantee institutions can effectively eliminate the bank's risky loans in time.
Second, the guarantee company's profit source analysis
Guarantee companies belong to non-bank financial institutions, while banks belong to the financial industry. Both of them are similar in form and can provide help for enterprise financing in function, but there are still essential differences: the guarantee company does not lend with its own funds, but guarantees with the reputation of the enterprise and the bank lends. That is to say, if an enterprise can't meet the loan standard in the bank's credit reliability, it can find a guarantee company to guarantee, and the relative risk of the relatively flawed business that the bank is unwilling to do is borne by the guarantee company. Therefore, banks must have a necessary understanding and analysis of the "profit source" of guarantee companies to ensure that they can maintain normal profit levels and solvency.
Profit sources of guarantee companies (taking guarantee companies with registered capital of 1 100 million yuan as an example):
(1) Banking business. Suppose its banking business is 500 million yuan, calculated according to the guarantee magnification 1: 10. According to the relevant provisions of the state, the guaranteed interest rate should be controlled within 50% of the benchmark interest rate of banks (the current industry prevailing interest rate is 3%) in the same period. Its annual operating income is: 50000? 3% =150,000 yuan.
According to the Interim Measures for the Management of Credit Guarantee Funds for Small and Medium-sized Enterprises (No.72 of Caiqi [2065438+00]) promulgated by the Ministry of Finance and the Ministry of Industry and Information Technology on April 30, 20 10, the guarantee institution shall withdraw the unearned liability reserve at 50% of the guarantee fee of the current year; According to a certain proportion of the balance of guarantee liability at the end of the current year and the profit after income tax, which does not exceed 1%, the risk reserve is drawn for guarantee payment. After the accumulated risk reserve reaches 10% of the guarantee liability balance, the difference shall be withdrawn. According to the above requirements, the final pre-tax profit of the enterprise is 2.5 million yuan, while the monetary capital of the company is frozen by 50 million yuan, and the gross profit margin is only 16.7%. The main indicators are shown in the following table:
(2) Private financing business: mainly including bridge loan business and private guarantee business.
Bridge loan mainly refers to the dismantling funds given by the guarantee company to meet the needs of small and medium-sized enterprises by using its information advantages after the bank loan expires and before the renewal business is issued; Or real estate development enterprises apply for funds from guarantee companies before bidding for land to obtain a large amount of bidding funds. After the real estate enterprise obtains the land formalities, it obtains the mortgage loan from the bank to repay it. Before the reorganization of the guarantee company, the cost for the guarantee company to absorb funds from the private sector was 1- 1.2 cents per month, while the financing price in the guarantee market was usually 1.5 cents, even reaching 2 cents. Lending with the company's remaining monetary funds of 50 million yuan, its profit can reach120 thousand yuan/year.
Private guarantee business is similar to banking business, but compared with banking business, guarantee companies can reduce the capital cost of deposit payment and improve the guarantee rate to a certain extent. Compared with the users of small and medium-sized enterprises, the cost of capital is higher than the loans they get from banks.
(3) Investment business: According to the relevant provisions of the state, the financing guarantee company's investment with its own funds is limited to fixed-income financial products with high credit rating, such as government bonds, financial bonds, debt financing instruments of large enterprises, and other investments with no conflict of interest and a total amount not higher than 20% of its net assets.
(4) The entrusted loan of subsidy income and premium subsidy is also the financing re-guarantee business of small and medium-sized enterprises carried out by the institution, and the subsidy shall not exceed 0.5% of the annual re-guarantee amount.
Three, the guarantee company problems and risk sources analysis
(A) the reasons for the problems of the guarantee company. At present, the problems existing in the guarantee industry are caused by the out-of-control of the national monetary policy and the internal and external factors of the profit-seeking impulse of the guarantee industry.
1. External factors: In the past 10 years, the average growth of China M2 currency exceeded 18%. The loose monetary policy of the central bank and the surge in foreign exchange reserves have led to a rapid increase in the stock of base money, which directly affects the price increase and RMB depreciation, and private capital urgently needs to find effective exports;
2. The excessive use of deposit instruments by the central bank and the tightening policy of banks have led to a rapid decline in the bank money available to SMEs, while SMEs rely heavily on external funds in their development. In this case, it is inevitable for enterprises to raise funds from the private sector;
3. The profit obtained by guarantee companies from private lending is much higher than that of banking business, and the supervision ability and measures of external supervision departments for private lending business are far weaker than that of banking business.
(2) Risk analysis of the guarantee company. During the operation of guarantee business, due to various factors, the factors leading to the loss of guarantee institutions are uncertain. This has brought many risks to the operation of guarantee enterprises, mainly including the following points:
1, the business risk of the guarantee company in its own business management.
(1) Institutional risk. The business operation of guarantee institutions should have strict system norms, and the business audit should have a collective discussion mechanism. If the guarantee institution does not formulate a sound business management system, it will be difficult to avoid illegal operation in the guarantee process, and both human guarantee and relationship guarantee will lead to the loss of the guarantee institution. (2) Operational risk. Control operational risks and prevent possible losses due to work mistakes, human factors or other imperfect management. Controlling operational risk at a low and reasonable level is an important guarantee to enhance risk control ability, enhance the core competitiveness of guarantee institutions and promote the survival and development of guarantee institutions.
2. Risks brought by economic cycle and national policies.
(1) The periodicity of economic fluctuations is the main risk faced by the guarantee business. During the economic downturn, guarantee institutions often increase their compensation due to the sluggish market in the debtor's industry, difficulties in performance, reduced income, difficulties in recovering principal and interest, and increased bad debts. Whether the guarantee risk management is prudent, comprehensive, stable and efficient is often best reflected in the period of economic depression.
(2) The influence of national economic policies. National economic policies will inevitably lead to changes in production, distribution, circulation and consumption in the field of social reproduction, as well as changes in the total amount, structure, industry distribution, price, tax and foreign exchange flow of social products and resources in economic activities, thus affecting the operating efficiency of enterprises and bringing risks to guarantee institutions.
3. Risks of financing guarantee enterprises caused by debtor's credit problems.
The main goal of guarantee institutions to provide guarantees for debtors is to expect debtors to repay loans within the agreed time limit. If the debtor fails to repay at maturity, the creditor will transfer part or all of the loss to the guarantee institution; If the debtor is insolvent or even bankrupt, the loss suffered by the guarantee institution will be even greater.
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