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Bank of China 4. 15-0.04-0.95%
In order to ensure the availability of funds and sustainable production and operation of small and micro enterprises, it will be the key issue in the next step to rationally disperse and share credit risks.
For a long time, low credit rating and high credit risk have been one of the crux of financing difficulties for small and micro enterprises. The introduction of special financial bonds, preferential calculation in loan-to-deposit ratio and the reduction of risk weight have mobilized the enthusiasm of commercial banks to "transfuse blood" for small and micro enterprises, but they will also accumulate a lot of credit risks. Obviously, from the perspective of ensuring the sustainable development of financing for small and micro enterprises, the implementation of risk mitigation mechanism is the key to improve the credit rating of small and medium-sized enterprises and solve the financing problems of small and medium-sized enterprises.
Traditional risk mitigation measures are mainly participated by guarantee companies and professional credit enhancement institutions, and credit risks are borne by commercial institutions providing credit enhancement services. With the increasing demand for direct debt financing of small and medium-sized enterprises, limited by the development scale of credit enhancement institutions and the amount of external guarantees, this credit risk mitigation model is unsustainable.
Due to the small scale and small assets of small and micro enterprises, the design of risk mitigation mechanism can not be separated from the government's support while adhering to the principle of market-oriented operation. "Several Opinions of the State Council on Further Promoting the Development of Small and Medium-sized Enterprises" points out, "Establish multi-level financing guarantee funds and guarantee institutions for small and medium-sized enterprises, including central and local financial contributions and joint establishment of enterprises. Finance at all levels should increase support and comprehensively use various methods such as capital injection, risk compensation and incentives to improve the financing guarantee ability of guarantee institutions for SMEs. " Under the guidance of the above policy spirit, recently, the China Association of Interbank Market Dealers launched the "regional optimal financing model", which actively innovated on the basis of the collection of bills by small and medium-sized enterprises. Especially in the aspect of risk mitigation mechanism, the concept of risk mitigation by means of government and society is put forward, which changes the pattern of relying entirely on credit enhancement institutions to support the credit level of direct debt financing of SMEs. By giving full play to the organization and coordination role of the government, we can realize the organic combination of government guidance and market mechanism, expand the overall credit increase of the direct debt financing market, and ensure that the direct financing funds flow to industries and industries supported by local governments, so as to realize the long-term sustainable development of direct debt financing for small and medium-sized enterprises.
At present, Weifang and Foshan have successfully adopted the regional centralized financing model and issued 539 million yuan of collective bills for small and medium-sized enterprises. In the first batch of regional centralized financing models, there are two ways to mitigate risks: one is to set up a direct debt financing risk mitigation fund funded by the government and society; The second is to organize local credit enhancement institutions as anti-guarantee institutions to provide various risk mitigation measures including mortgage, pledge and guarantee. Relevant government departments set up special risk mitigation measures in accordance with the principle of marketization, and clearly agreed on specific management measures through contracts with lead underwriters and credit enhancement institutions. Special risk mitigation measures operate legally and legally, form an effective risk decentralized sharing mechanism, and help high-quality small and medium-sized enterprises in the region achieve capital market financing.