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SME financing model needs to be changed

"To solve the financing problem of SMEs, must radically change the financing of SMEs. Indirect financing, founder of chain of banks, small banks complement each other, direct financing, develop a multi-level capital market, especially the focus on the development of the securities markets, such as new third Board market. "A few days ago by the investment Association of China to host the 2015 international investment fair, school of finance and Economics and finance Professor, said he Qiang, Director of the Institute of securities and futures.
financing are international problems. In China, it is the root cause of difficult financing financing model is too simple, relying solely on bank loan not possible 30 million or 40 million private enterprises to solve their financing problems.
so he Qiang made two changes in ways of financing models. Chain banking system was seen as indirect financing of the breach. "From large banks to small banks, private capital can step in and replicate continuously like a supermarket, big bank brands, technologies, personnel strength and risk capacity to develop small banks, and bank contacts, head cooked cooked, low bad debt rates, small banks complement each other, and to some extent solve the financing difficulties of small and medium enterprises. "
in his view, the way to solve the financing difficulty of small and medium enterprises or developing direct financing, enabling direct into the capital market, to obtain the necessary funds through capital market. "Debt-servicing pressures on short-term bank loans, even capable of servicing short-term loans can support short-term, quick wins, while capital markets long-term use without debt. "
Although the benefits of direct financing and easy to see, but now the high threshold for capital markets, Exchange, small, small and medium enterprises to obtain entry opportunities amounted to wishful thinking. In this regard, he Qiang believes that market is the core of the securities market of the stock exchange, guide, but definitely not the subject of the securities market, securities market subjects should be more widely, the threshold is lower OTC market. And the true meaning of multi-level capital market, is more level of on-site and off-site because they are completely different conditions and capacity, can not only meet the needs of multiple levels of enterprise development, and establish links between the different levels of the market mechanism, thereby increasing elasticity and the security of the capital market.
the fast rise in M2, side of it is companies serious money, capital structure problems is self-evident. "Large sums of money to hoard FRY to fry in the virtual economy, capital Lake, large volumes of water flow into thousands of acres of fertile farmland?? In the real economy, and how to revitalize the stock? Most in need of the most critical, is a hole dug lakes, breakthrough is to vigorously develop China's stock market, direct money into the real economy. "He Qiang said.
he think, on SMEs for, new ban market can be described as benefits many: first, new ban channel convenient, no financial threshold; second, tone Hou local Government to subsidies; third, financing channel more, can first sent unit financing, also can first sent debt financing, or sent finished debt again sent unit financing; IV, can improve credit degrees, has brand effect; v, tone Hou shares can pledge loan; VI, Bank willing to active provides award letter.
but he Qiang also ban hidden risks in the market, the new model was analyzed. "One is just out of this market, some agencies lack self-discipline, FRY, speculation at the first opportunity, eager for quick success and make a lot of money, this kind of mentality is undesirable; the second is the new ban only more than 200 companies in the market-making transactions, left more than more than 2000 dead cards without transactions, precisely because of the lack of resources, organizations, led to the current inflation situation. "He suggested that, on the one hand, how to strengthen the new Board of supervision, to prevent excessive speculation is a topic worthy of research, on the core of the market is trading, only deal in order to give the company a reasonable valuation, accurate pricing.
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