Corporate financial consulting business of commercial banks refers to the financial planning and scheme design of commercial banks for their daily business management, financial management, foreign capital operation and other economic activities from the perspective of customers according to their own needs. Provide enterprises with all-round corporate financial consulting and management consulting services. Corporate financial consulting business is an intermediate business of banks. It is the concentrated embodiment of the financial innovation of banks and the core embodiment of the overall strength of banks. It is also an important business growth point and one of the main profit sources of many multinational banks.
First, the necessity of commercial banks to carry out corporate financial consulting business
At present, the traditional deposit and loan market of China's commercial banks has changed from a seller's market to a buyer's market, and the deposit and loan business has entered a meager profit era. The growth rate of deposits and loans of financial institutions is declining, the dependence of customers on banks is gradually decreasing, and the actual deposit and loan spreads of banks are shrinking. The direct result is that the profit margin of traditional banking business is greatly reduced, and this trend will be further strengthened with the further development of the capital market and the marketization of interest rates. Banks must change the present situation, break through the shackles of the traditional profit model, and vigorously develop intermediary business, and developing corporate financial consulting business is the best way for commercial banks to strengthen and expand intermediary business? Breakthrough? .
1, enterprise financial consultant-preventing moral hazard and adverse selection
Commercial banks can grasp the internal information of enterprises, effectively solve the information asymmetry, prevent borrowers from moral choice and adverse choice, reduce their own loan risks and strengthen the overall risk prevention and control of banks. Because the economic environment, market conditions, supply and demand pattern, competitors and other conditions will change at any time, the financial situation of borrowing enterprises will also follow? What? Change, is bound to affect the repayment ability of loans. Therefore, it can be said that every loan issued by a bank has different degrees of risk. The enterprise financial consultant of the bank has extensive participation and strong permeability in the operation and management of the enterprise, and can accurately understand and estimate the operation status and capital operation of the enterprise, find problems in time, prevent the adverse selection behavior of the enterprise, guard against the loan risk and reduce the creditor's rights loss of the bank.
2. Corporate financial consultants-commercial banks expand their business and increase their profits.
Corporate financial consulting business is the most dynamic in modern commercial banks? Rong Zhi? Class a intermediate business. Carrying out enterprise financial consulting business can not only get consulting fees directly, but also optimize the structure of bank credit assets, expand the sources of liabilities, realize the benign interaction with traditional bank assets and liabilities business, and combine intermediary business with traditional credit settlement business. We can also develop intermediary businesses such as asset restructuring, enterprise mergers and acquisitions, and financing consulting. It is conducive to promoting the development of off-balance-sheet business, increasing loan interest income and settlement fee income, and has a demonstration effect on other customers. In addition, in the current situation of diversified investment channels and serious diversion of bank deposits, developing corporate financial consulting business can become an important means for banks to increase deposits, discover and cultivate potential high-quality customers. It can be said that the development of enterprise financial consulting business is the financial innovation direction of commercial banks in China, and it is a low-risk and high-yield gold business that does not directly occupy the cost of capital and does not produce bad debts.
3. Corporate financial consultant-establish a good relationship between banks and enterprises.
Enterprises will have many service demands in the process of development. Banks should provide diversified, multi-level and three-dimensional services for enterprises as a starting point, help enterprises solve problems in the development process, and support enterprises to grow and develop to the maximum extent. Commercial banks try their best to make suggestions for entrepreneurs' investment and financial management by developing enterprise financial consulting business. The relationship between banks and enterprises has been further improved, thus establishing a new type of relationship between banks and enterprises and forming a pair of banks and enterprises? Win-win? Mode. This can not only improve the relationship between banks and enterprises, but also enable banks and enterprises to develop together in cooperation.
Second, the development status and problems of corporate financial consulting services of domestic commercial banks
In recent years, many banks have realized that developing corporate financial consulting business can not only bring rich returns, but also consolidate the development of traditional banking business. Many domestic commercial banks have taken effective measures and achieved certain results.
1995, China Construction Bank was established by Morgan Stanley and other companies? China International Capital Corporation (CICC)? . 1997 set up China merchants bank department in the international business department of the head office to provide corporate financing and related policy advice; Enterprise financing structure design; Design M&A mode; Formulate corporate financial consulting business such as corporate development strategy. 1997, Bank of China established a wholly-owned subsidiary investment bank in London? Bank of China International? The following year, BOC International was reorganized and registered in Hong Kong, mainly engaged in enterprise investment and financing, project financing, mergers and acquisitions, asset restructuring/management, debt management, syndicated loan arrangement, enterprise restructuring and listing, bond and bill issuance, management consulting, research and analysis, training services and enterprise? Diagnosis? Other aspects of corporate financial consulting business. During the period of 1998, China Industrial and Commercial Bank set up China Merchants Bank Department in the development planning department of the head office, and set up investment banking department in the head office in 2002, which mainly engaged in enterprise listing consulting, project financing consulting and enterprise financial consulting, including enterprise financial management consulting and planning, merger and acquisition consulting, etc. In recent years, commercial banks such as Agricultural Bank, Bank of Communications, China Everbright Bank, Minsheng Bank, Shanghai Pudong Development Bank, Industrial Bank and China CITIC Bank have also set up investment banking departments to vigorously expand corporate financial consulting business. As a new business in China's banking industry, corporate financial consulting business has been initially developed, but most of the corporate financial consulting projects marketed by banks are financing consulting projects, while other types of corporate financial consulting marketing are less or have not really started, and most of them have no special departments to carry out systematic management, and they are still in the initial stage, with small scale and obvious direct benefits; There are still some problems in development. Some banks have narrow business scope, few varieties, low starting point and extremely slow development speed, and cannot provide customers with all-round, multi-variety and package financial services to meet the diversified needs of customers. In addition, the lack of innovative talent mechanism and incentive mechanism, long-term impact of the planned economy, financial innovation ability can not keep up with the needs of economic development.
Third, the market positioning and key development direction of enterprise financial consulting business
At present, under the policy background that China's small and medium-sized enterprises are about to start and develop the western region, commercial banks should take listed companies, listed companies, private enterprises, multinational companies and large-scale infrastructure projects as their main customers, subdivide the target market, focus on strengthening the financial consulting business of small and medium-sized enterprises, and provide consulting services on investment and financing to meet their extensive financial consulting needs in asset restructuring, mergers and acquisitions. Bond issuance and other fields, and venture capital for some small and medium-sized enterprises with their own talent advantages and capital advantages.
1. Strengthen the financial consulting business of small and medium-sized enterprises.
First of all, the development of enterprise financial consulting business can help commercial banks reduce the problem of market information asymmetry. Due to incomplete information, commercial banks cannot fully understand the operating conditions of some small and medium-sized enterprises. In order to prevent moral hazard and adverse selection, some banks directly adopt? One size fits all? Ways to simply reduce the financing of small and medium-sized enterprises, so that some small and medium-sized enterprises with good assets and good development prospects are also rejected, and these enterprises happen to be the most dynamic and growing, with strong financing desire and extensive corporate financial consulting needs.
Secondly, with the upcoming launch of China Growth Enterprise Market, corporate financial consultants will play a vital role in the listing of GEM enterprises. They are indispensable institutions for enterprises to list on GEM. They will be the designers and coordinators of enterprises' listing on GEM, and play the role of consultation, design, planning, organization and coordination. Therefore, it will be both opportunities and challenges for commercial banks to carry out corporate financial consulting business. The future GEM listing will be very different from the main board market. Most companies listed on GEM are engaged in high-tech business with high growth, but they are often established in a short time, with small scale and outstanding performance. Commercial banks can rely on their own advantages to find enterprises suitable for listing on GEM among a large number of enterprise groups. Provide financing before listing or seek and introduce domestic and foreign strategic investors or venture capital funds for private financing, make rational use of listing conditions, help enterprises to carry out in-depth restructuring, and make enterprises fully qualified for listing; Under the principle of keeping consistent interests with listed companies, corporate financial consultants will also help enterprises to conduct business negotiations with sponsors, audit institutions, law firms and evaluation institutions, so as to select the most suitable intermediary agencies to provide services for listed companies. In the process of listing declaration, the corporate financial consultant will also act as a coordinator to coordinate the relationship with listed institutions. Therefore, before the launch of the Growth Enterprise Market, commercial banks should make timely preparations to carry out corporate financial consulting business on the Growth Enterprise Market, seize market share in advance, and lay a good foundation for the future development of banks.
2. Corporate Financial Consultant-Developing Venture Capital
At present, the government has fully realized the great role and significance of developing venture capital and is vigorously promoting the development of venture capital industry. Venture capital is a high-risk, high-growth and high-return investment and financing method, and the investment direction is mainly concentrated in emerging, fast-developing high-growth and high-tech small and medium-sized enterprises. It is beneficial to improve the efficiency of resource utilization, change the traditional mode of economic growth in China, and play an important role in promoting the development of high-tech industries. The whole process of venture capital operation is a systematic project, which needs the guidance of professional consulting units. The selection of venture capital projects, the investment of funds, the time and quantity of investment, when to withdraw, the way, timing and quantity of withdrawal are not simple things. It is almost impossible to complete the whole operation only by venture enterprises and venture capitalists, but commercial banks can use their own talent advantages and capital advantages to provide financial advice and guidance for venture capital, and also provide financial support for expanding their business.
3, corporate financial adviser-mergers and acquisitions
China has become an emerging market for global mergers and acquisitions. After the establishment of the new state-owned assets management system, in order to promote the strategic adjustment of state-owned assets and establish a modern property right system of state-owned enterprises, it is urgent to reorganize operational state-owned assets; Most private enterprises are faced with the task of starting a second business and transforming into modern enterprises; The transnational activities of enterprise capital operation are increasingly frequent, and these factors provide good external conditions for commercial banks to carry out enterprise mergers and acquisitions.
With the intensification of economic globalization and market competition, M&A has become a trend for enterprises to develop rapidly and improve their competitiveness. Between Xinjian and M&A, enterprises choose M&A as a means to realize industrial upgrading, which is helpful to shorten input-output time and reduce entry barriers. Economic globalization blurs the boundary between internal market and external market. Multinational companies need to face the global market directly to gain competitive advantage, and cross-border M&A has become a rational choice for international expansion of enterprises. Mergers and acquisitions need professional guidance, and the pricing, strategic procedures, anti-merger strategies and post-merger integration of mergers and acquisitions all require the accumulation of very professional financial knowledge and practical experience. Therefore, only professional financial departments can act as corporate financial consultants and guide mergers and acquisitions. Banks have a large number of high-quality financial experts who can provide theoretical and practical guidance for mergers and acquisitions and provide suggestions for post-merger restructuring and integration; Banks have a natural capital advantage. When M&A needs financial support, banks are naturally a better choice. Banks have a good reputation and advantages in all aspects. Banks have a good relationship with the government, relevant enterprises and departments, have a comprehensive grasp of policies, and have a better reputation than ordinary financial companies. Therefore, it is a correct and reasonable choice for banks to be financial consultants of M&A enterprises.
4. Corporate Financial Advisor-Project Financing
As an important part of international finance, project financing has developed into an effective and increasingly mature means to raise funds for the construction and development of large-scale engineering projects in recent decades, and its operation mode is more flexible and diverse. With the output of the project as the guarantee, it can obtain a much larger loan with much less capital. Focusing on the financing of large-scale public infrastructure construction and large-scale energy development projects, it has rapidly developed into an important form of financing for large-scale engineering projects because of its small investment and high leverage. In 1980s, China began to use this financing method in large-scale capital construction such as electric power, roads, bridges and airports. With a stable cash flow, and then gradually expanded to science and technology, services and other fields. The main sources of project financing to ensure loan repayment are limited to the future net cash flow of the project and the asset value of the project itself, so that the project borrower's responsibility for the project is separated from its own other businesses to a certain extent, and the project borrower can be prevented from going bankrupt due to project failure to a certain extent. This financing method is of great practical significance for developing countries with rapid economic growth, lack of domestic funds and many good investment projects. Project financing involves many relationships and financing is very complicated. Commercial banks can actively participate in the planning and evaluation of projects, mainly including the risk assessment of projects, the determination of structural financing schemes, the arrangement of financing methods, the organization, supervision and management of loan syndicates, etc.
In short, in addition to the above points, corporate financial consultants can also provide services for syndicated loans, structured financing and asset management of enterprises, and the financial consulting business is often closely integrated with bridge loan to meet the needs of enterprises. Therefore, the development prospect of corporate financial consultants is very broad.
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