Under the new wave of regulatory policies, how deep is the crisis of SMEs?
After the financial crisis in 2008, Zhejiang has become one of the regions intensively investigated by relevant central ministries and commissions. According to people familiar with the matter, a joint survey by local governments and ministries is being carried out in a low-key manner.
"This survey was issued by the relevant ministries and commissions at all levels," said a relevant government source from the Zhejiang Provincial Government. In fact, this is a concern caused by the "crisis" of small and medium-sized enterprises. Before and after this period, the events about the closure or closure of small and medium-sized enterprises have emerged intensively, which has attracted the attention of relevant central ministries and commissions.
According to insiders, Zhejiang is the key research area of the CBRC in the near future. The investigation in Wenzhou is also carried out at the same time by the banking regulatory bureaus of Zhejiang Province and Wenzhou.
Different from the previous focus, the last survey focused on the export trade of enterprises. This time, it focused on the financing situation of small and medium-sized enterprises and the regional financial ecology. Wenzhou is the focus of this research in Zhejiang.
Financial crisis
Since the Tomb Sweeping Day, Wenzhou has witnessed the departure of well-known business owners, and enterprises have fallen into a state of closure or bankruptcy. At least three of these enterprises. For example, three old enterprises in Wenzhou, Sanqi Group, Portman (catering chain enterprise), and Jiangnan Leather went bankrupt or closed down due to the capital chain break (this newspaper has reported in detail).
Zhou Dewen, president of the China Federation of Small and Medium-sized Enterprises, appealed to all circles that under the tight monetary policy control, the crisis will further spread due to the superposition of capital chain, RMB appreciation, labor costs and other factors.
Taking Wenzhou as an example, an enterprise owner in Yongjia County told reporters that in Huangtian Town, more than 100 enterprises were closed in the past month.
The reporter learned from various channels of the Zhejiang government that Wang Qishan, Vice Premier of the State Council, made an investigation and instruction on the economic and financial ecology in the Wenzhou region. The Zhejiang Banking Regulatory Bureau and the Wenzhou Banking Regulatory Branch attached great importance to it. Chen Derong, Vice Governor of Zhejiang Province and Secretary of the Wenzhou Municipal Party Committee, made an instruction: quickly organize a special investigation team to carry out investigations in various economic fields.
Since the beginning of May, this crisis has also attracted the attention of the Ministry of Industry and Information Technology and has launched an investigation. The Ministry of Industry and Information Technology requires the competent departments of all provinces, autonomous regions and municipalities to carry out a survey on the financing situation of small and medium-sized enterprises involving 16 items, such as the funding gap of small and medium-sized enterprises, the actual interest rate of private lending, and the number of small and medium-sized enterprises that have closed down due to the break of the capital chain. According to the results of the previous systematic survey conducted by the All-China Federation of Industry and Commerce in 16 provinces including Guangdong, Zhejiang and Jiangsu, the situation faced by small and medium-sized enterprises, especially small and micro enterprises, may be more difficult than the financial crisis in 2008.
Wenzhou enterprise crisis is also a national representative.
According to the data of the Ministry of Industry and Information Technology, in the first two months of this year, the loss of small and medium-sized enterprises above designated size reached 15.8%, an increase of 0.3% over the same period, and the growth rate of loss limit reached 22.3%; Small enterprises below the designated size may suffer more serious losses.
The profit space of small enterprises is further compressed.
The Wenzhou Central Sub-branch of the People's Bank of China once randomly selected 50 small and medium-sized enterprises in the region for investigation in the first quarter of this year, and found that the total profit in the first quarter increased only 8.67% year on year, and the gross profit rate was only 16.04%, down 0.96 percentage points year on year.
In sharp contrast, the profits of large enterprises increased significantly.
In the same period as the survey of the People's Bank of China, Wenzhou Economic and Trade Commission monitored 855 leading enterprises with an annual output value of more than 100 million yuan and an annual energy consumption of more than 1000 tons of standard coal, but the total profit increased by about 20% in the same period.
Obviously, it is estimated that this is one of the factors that make small enterprises difficult to cope with the crisis under the new round of regulation.
May 18 is the date when the central bank raised the deposit reserve ratio. Since then, the deposit reserve ratio of large and small financial institutions has been the highest in the history of 21% and 17.5% respectively. How strong is the pressure bearing capacity of the originally tight SME financing chain?
Financing chain ecology
"When the monetary policy is loose, bank credit rarely benefits small and medium-sized enterprises. When the monetary policy is tight, it is often small and medium-sized enterprises that are first 'tightened'." A credit person of ICBC Zhejiang Branch said that, even in the period of loose policy, the bank financing cost of small and medium-sized enterprises is higher than that of large enterprises. The more tightening, the higher the cost, which has become a rule. "At this time, it is very good to get bank financing."
Private lending and bank funds have increased and decreased in the flow of funds. After the tightening of formal financial supply, private lending has become more active.
According to the results of a recent sample survey of 350 enterprises conducted by Wenzhou Financial Office, at the end of the first quarter of this year, the proportion of self-owned funds, bank loans and private loans in the composition of enterprise working capital was 56:28:16. The proportion of bank loans decreased by 2 percentage points compared with the same period last year, and the proportion of private loans increased by 6 percentage points compared with the same period last year.
Under the influence of the central bank raising the benchmark interest rate for many times, the interest rate of private lending rose sharply.
According to the monitoring data of Wenzhou Banking Regulatory Branch, the annual interest rate of private lending in Wenzhou reached 17.29%, 18.09% and 18.46% respectively from January to March. In addition, according to the monitoring caliber of the Wenzhou Central Sub-branch of the People's Bank of China (the monitoring object increased the financing intermediary), the comprehensive annual interest rate of Wenzhou private lending in January and March was 23.01%, 24.14% and 24.81%, up 11.91% in a single quarter, 8 percentage points higher than the previous quarter.
The president of Wenzhou Small and Medium-sized Enterprises Association said that more than 2000 of the associations were basically small and medium-sized enterprises, and many of the member enterprises turned to the association for help because of the lack of access to financing. In April, he once helped the two enterprises tie the knot. However, more small and medium-sized enterprises can only turn to usury for financing at this stage.
Moreover, at present, the financing chain of SMEs is the key to survival.
Ying Yunjin, director of the Development Planning and Guidance Division of the Zhejiang Provincial Bureau of Small and Medium-sized Enterprises, said that for a long time, small and medium-sized enterprises have been used to survive and develop under the loose monetary policy, so every time the macro-control is accompanied by monetary tightening, some enterprises always die suddenly overnight. Fund management is the weakest of small and medium-sized enterprises.