Report on the credit investigation of private enterprises in Zhejiang
Report on the credit investigation of private enterprises in Zhejiang
In recent years, Zhejiang's economy has developed rapidly, and private enterprises have become the main force in Zhejiang's economic development. The rapid development of private enterprises in Zhejiang has become a beautiful landscape in China's current economic development, and there have been "Wenzhou mode" and "Zhejiang phenomenon" which have attracted worldwide attention. The healthy and rapid development of private enterprises has created a good credit environment for Zhejiang, which has enabled the rapid development of the credit business and other financial services of Zhejiang financial institutions, thus providing good financial services and financial support for the development of private enterprises. The mutual promotion of business and financial business has promoted the healthy and rapid development of Zhejiang's economy.
I. The development of private enterprises in Zhejiang The private enterprises in Zhejiang, represented by the “Wentai Model”, originated from the family workshop economy, and the development process can be basically divided into three stages. The first stage was from the 80s to the early 90s. The rectification of the chaos and the spring breeze of reform and opening up have made Zhejiang's long-awaited industrial and commercial culture and the people who dare to succumb to the world quickly bloom. The thousands of households in Wenzhou and other places have started their stoves, the villages are ignited, households are smoking, and the family workshop economy has sprung up. And out. At the same time, the market sales personnel in Wenzhou and other places went to all parts of the country. Wenzhou’s 100,000 supply and marketing army “has come from thousands of households, has gone through thousands of mountains and waters, has worked hard and earned thousands of dollars”, and is selling local In the process of producing small commodities in family workshops, it has accumulated rich market experience and realized initial capital accumulation. The second stage was in the mid-to-late 1990s. Some family workshops began to move toward the shareholding system, strengthening the cooperation between upstream and downstream enterprises, and the family workshop economy was on the road of corporate system. Private companies began to take shape, and at the same time, some professional markets and The block economy was initially formed. In the third stage, after entering the 21st century, after more than ten years of development, private enterprises have greatly enhanced their strength, and there have been a large number of group-type private enterprises with great scale and brand effect. Private enterprises occupy both scale and economic share. The absolute advantage of the Zhejiang economy, the Zhejiang economy has become the world of the private economy.
The development history of the private economy in the Hangzhou Bay area is different, but in the end, it will be the same. In the 1980s, the economy of these regions was basically the “Southern Jiangsu Model”. The collective economy with the township enterprises as the main body flourished and reached a certain scale by the end of the 1980s. In the 1990s, large-scale property rights reforms were carried out in this area. Through the participation of employees and corporate auctions, township enterprises and state-owned enterprises were transformed into private enterprises, and the economic structure was transformed from “Southern Jiangsu Model” to “Wentai Model”. The private economy has an absolute advantage. Due to the special development process of private enterprises in this region, the scale of private enterprises is larger than that of Wentai, and its enterprise mechanism is more flexible than Sunan.
After more than 20 years of development after the reform and opening up, the private economy has blossomed everywhere in Zhejiang. Apart from a few basic industries, the competitive industry has been completely privatized. According to statistics, at present, the total number of private enterprises in Zhejiang accounts for 98% of the total number of enterprises in Zhejiang, the employment of private enterprises accounts for 82% of the total employed population, and the output value of private enterprises accounts for 83% of the total output value of Zhejiang's national economy. Zhejiang economy has become a private economy. Synonymous with.
II. Development Characteristics of Zhejiang Private Economy In the development of more than 20 years, Zhejiang private economy has different characteristics from private economy in other regions. These characteristics have made Zhejiang's economy strong and unique vitality, and it is also healthy and fast for the financial industry. Development has laid a solid foundation.
1. Grassroots economy. Nowadays, people like to call Zhejiang private economy a "grassroots economy." It refers to the fact that private enterprises in Zhejiang are born and raised and grow up in their hometowns. Private enterprises in Zhejiang are developed by Zhejiang farmers on the basis of family workshops that are not separated from their hometowns. Unlike the foreign economies in the open areas, they are born in the local, longer than the local, and rooted in the local. Even today, after the development of Zhejiang private enterprises, the business has expanded to various places, and its corporate headquarters, production bases, and capital centers are still rooted in the mainland.
2. Block economy. The blocky characteristics of the development of private economy in Zhejiang are particularly prominent. Local governments have formed their own characteristic economy and leading industries. The regional division of labor is obvious. The leading industries in various regions are still prominent in Zhejiang and the whole country. Such as Yiwu Small Commodity City, Shaoxing Textile City, Ningbo Garment, Yongkang Hardware, Pazhou Tie, Haining Leather, Yongjia Button, Cangnan Trademark. The block economy has made up for the shortage of small enterprises and small commodity economy in Zhejiang. Through regional specialization and scale, small enterprises and small commodities have become bigger and stronger.
3. The professional market is developed. On the basis of the block economy, a series of professional markets have been established in Zhejiang, serving regional leading industries, such as Yiwu Small Commodity Market, Yongjia Button Market, Yongkang Hardware City, Ningbo Clothing Market, Cangnan Trademark City, etc. Professional market. The development of the professional market provides a good supply and marketing channel and market information for private enterprises, so that Zhejiang private enterprises stand at the forefront of the same industry.
4. The regional development is relatively balanced. The common feature of economic development in developed coastal areas of eastern China is regional imbalance. The private economy in Zhejiang has been well developed in various places. Whether it is Ningbo or Shaoxing in the Hangzhou Bay area, Wenzhou in the southern mountainous area, or Yiwu, Yongkang and Dongyang in the hinterland, the private economy is relatively developed. The ubiquitous flowering of the private economy has led to a more balanced development of the economy in Zhejiang as a whole, and the effective hinterland of the economy is larger than that of other provinces.
5. SMEs are the mainstay. The majority of private enterprises in Zhejiang, which originated from family workshops, are still small and medium-sized enterprises, of which 92% are employees with less than 100 employees. Only 1% of enterprises with operating income of more than 100 million yuan. Zhejiang has a large number of private small and medium-sized enterprises, flexible operation, sensitive market response, and production and sales. A considerable number of enterprises also have small, excellent, small and specialized characteristics, and the company has good benefits. However, these enterprises also have the disadvantages of family-owned enterprises, low management standards, financial irregularities, and poor risk resistance.
6. Manufacturing is the mainstay. Private enterprises in Zhejiang have developed from family workshops. Private enterprises are generally engaged in manufacturing, and other industries account for a relatively small proportion. Private enterprises in Zhejiang rely on their hard work and hard work. At present, there are fewer speculative components in the economy, which makes the existing foundation of the Zhejiang economy more solid.
7. Small commodity production accounts for a large share. A large number of private enterprises in Zhejiang are engaged in the production of small commodities. They seize the opportunity of industrial transfer and use their low cost advantages to make small commodities into a large market, further strengthening their low-cost advantages through the scale effect of the big market. The technical level of these small commodities is not high, and the market competition mainly lies in cost competition. After the low-cost advantage of private enterprises in Zhejiang is strengthened, it is difficult for other enterprises to compete with them. Although these small commodities are traditional products, they are closely related to people's daily life, and the market volatility is small. After Zhejiang private enterprises occupy this market, they have obtained long-term stable market space, and their business operations are relatively stable.
III. The development of financial environment finance business created by private enterprises in Zhejiang is based on the development of local economy. The flourishing development of Zhejiang private economy has laid a solid foundation for the development of local financial business. Its distinctive private economy and social and cultural atmosphere It provides a good platform for bank credit business. In recent years, the credit business of Zhejiang banks has developed rapidly, and the quality of credit assets is excellent. These benefits from the good credit environment formed by the local private economy.
The Jiangsu-Zhejiang area is the most historical and culturally-precipitated area in China. Due to the historical origins, the people in Zhejiang have a high level of quality, and the folk style advocates honor and pays attention to fame. After entering the industrial and commercial society, this historical culture and folk customs gradually evolved into an honest and trustworthy social environment. The grassroots economy generated by Zhejiang based on private enterprises will further strengthen the social environment of integrity. There is currently no social credit system in Zhejiang, but the grassroots economy has formed a natural social credit system in Zhejiang. Since the private enterprises in Zhejiang are born and raised in Zhejiang, the credit information of the business history, assets, industry conduct, historical reputation and social relations of enterprises, operators and legal representatives can be communicated smoothly, and the contradiction of credit information asymmetry is grassroots. The economy is resolved. At the same time, the characteristics of the grassroots economy make it easy for Zhejiang financial institutions to obtain the dynamic information of enterprises. The development and changes in the operation of private enterprises can be transmitted to the credit business personnel in a timely manner, so that the credit business personnel can dynamically monitor risks, at any time according to the private enterprise. Business change adjusts the credit strategy and adopts targeted risk control measures. Therefore, the grassroots economy enables the credit business to be based on more adequate and timely information. From the pre-lending to the post-loan business process, the credit risk is more controllable and the bank's initiative is stronger.
From the perspective of the microeconomic environment, the characteristics of the private economy make the property rights of the microeconomic entities in Zhejiang natural and clear, and the deep contradictions in the operation of enterprises are solved, and the rights and responsibilities of the operators are naturally one. Most of the private enterprises in Zhejiang are still small and medium-sized enterprises, which have the disadvantages of weak anti-risk ability. However, the local professional market and block economy provide a good living environment for small and medium-sized private enterprises in Zhejiang, and their small commodity production has a unique market space; The private manufacturing enterprise shareholders have a large investment and the debt ratio is generally low. The characteristics of Zhejiang private enterprises are that the credit institutions of Zhejiang financial institutions have created a good micro-environment for enterprises, laying a solid foundation for the excellent credit assets of local banks in Zhejiang.
At the same time, private enterprises in Zhejiang blossomed in the southeast and northwest, which promoted the balanced development of Zhejiang's economy as a whole, thus creating a relatively broad economic hinterland for Zhejiang financial institutions. It should be said that the current leeway of credit granting business of Zhejiang banks is relatively large, and the connotation and extension space of business development are relatively wide.
IV. Credit Policy of Zhejiang Financial Institutions to Private Enterprises The credit policies of private banks in Zhejiang have a gradual evolution process. In the early and middle stages of the development of private enterprises in Zhejiang, private enterprises are basically restricted access for several major state-owned banks. Bank credit funds are mainly supported by state-owned and collective enterprises. At that time, the credit funds of private enterprises mainly came from underground banks and local quotas. The private financing in Wenzhou and other places was very developed. By the mid-to-late 1990s, the development of private enterprises in Zhejiang entered a new stage. The joint-stock banks took the lead in selecting private enterprises as the main source of credit support and achieved rapid development; while state-owned and collective enterprises began to withdraw from the field of economic competition. As a result, the development of several major state-owned banks, which have consistently supported state-owned and collective enterprises, lags behind joint-stock banks, and asset quality is far behind the joint-stock banks and is on a downward trend. By the late 1990s, banks in Zhejiang had changed their understanding of private enterprises and increased their support for private enterprises. In this century, not only large and medium-sized private enterprises have received active support from various banks, but also small and medium-sized private enterprises with many products and markets have become the target of credit financing for various banks.
Due to the rapid development of Zhejiang private enterprises and their unique economic characteristics, local banks are generally optimistic about private enterprises. Each bank innovates the credit concept of private enterprises, adjusts the traditional credit policy, re-creates the credit process, strengthens product innovation, and increases the credit granting to private enterprises. In the credit business of private enterprises, the joint-stock commercial bank method is more flexible, and the measures are more powerful. The investment of small and medium-sized private enterprises is greater than that of state-owned banks.
In the customer strategy of crediting small and medium-sized private enterprises, Zhejiang's joint-stock commercial banks advocated a customer cultivation strategy. The Zhejiang Branch of Guangdong Development Bank called it “seed sesame and hold watermelon”. We will adopt a positive cultivation policy for small and medium-sized private enterprises with clear property rights, foster and cultivate small and medium-sized private enterprises, cultivate customer loyalty, share the growth and growth of small and medium-sized private enterprises, and grow together with private enterprises. Some banks have embodied this policy into performance appraisal, and the relevant business personnel and responsible persons who train small and medium-sized private enterprises into high-quality large enterprises will receive performance rewards. In the choice of credit for small and medium-sized private enterprises, we adhere to two principles of development and growth. First, the development of the enterprise is developmental and growth-oriented. Second, the prospect of cooperation among the silver enterprises is developmental and growth-oriented; Benefits, first, the comprehensive benefits provided by customers, and second, the medium and long-term benefits provided by customers.
In view of the difficulty of guaranteeing small and medium-sized private enterprises, Zhejiang's joint-stock banks fully exploited the company's guarantee resources in two aspects and strengthened business innovation. First, fully tap the enterprise's asset resources, all kinds of movable property pledge, warehouse receipt pledge, receivable pledge, brand pledge, intellectual property pledge, etc.; second, to tap the customer's customer resources, through the customer's upstream and downstream enterprises and some relationships Customers open up guarantee channels.
Financial statements are the main channel for obtaining credit information. The problem of non-standard financial statements for small and medium-sized private enterprises also exists in Zhejiang. However, in most cases, the assets of enterprises are not reflected in the statements. The Zhejiang banking sector is called benign information asymmetry. In response to the distortion of financial information of private enterprises, commercial banks did not stick to financial information and turned to the living information of private enterprises. When the banking sector conducts credit investigations and quota ratings for small and medium-sized private enterprises, it will seriously investigate the active information such as enterprise electricity consumption, bank settlement volume, corporate cash flow, and tax amount, and incorporate these activity information into the enterprise quota rating system. These activity indicator systems can more accurately reflect the real situation of production and management of enterprises. Starting from these activity indicators, credit investigation and credit rating can not only better control credit risk, but also facilitate the expansion of credit business of small and medium-sized private enterprises.
In the industrial policies and regional policies of small and medium-sized private enterprises, the credit policies of private enterprises in the Zhejiang banking sector also have certain characteristics. All industries generally regard industries with excessive competition and strong product substitution as restrictive industries, and support traditional industries with local characteristics. Some areas with developed professional markets and prominent block economic characteristics have become the key areas for credit support of various banks. Some banks have straightened the management of these areas, and some banks have given relatively large credit authorizations to these regional branches.
V. Credit risk control of private enterprises In view of the problems existing in private enterprises, especially small and medium-sized private enterprises, Zhejiang commercial banks have not simply avoided these risks, but have adopted a series of flexible and effective risk control measures. These risk controls make credit protection safe. The protection of sex is better, and the credit granting of private enterprises can be rapidly developed. In recent years, commercial banks in Zhejiang have made super-conventional multi-type credits for private enterprises, but the quality of credit assets is generally good, and the asset non-performing rate is generally below 5%. In many regions, joint-stock commercial banks are controlled below 1% and become domestic. A miracle in the banking world. This miracle is related to Zhejiang's good credit environment, but it also benefits from the bank's active and effective risk control measures.
Banks attach great importance to risk control in private enterprise credit grants. In recent years, banks have strengthened the weight of asset quality in their performance appraisal system and increased the intensity of rewards and punishments. Banks in some regions directly link credit quality to the top-level assessment pay. The risk management of Guangdong Development Bank Hangzhou Branch has a certain representativeness. The bank educates employees that “the credit business receives interest, the loss is blood,” “the one who lie to you is the best friend.” “The risk of credit should be the same as that of airlines.” “It’s like protecting your eyes.” Protect credit assets as well." In the concept of credit risk, the bank adheres to the principle of risk control and opposes the principle of minimum risk, which will maximize business opportunities and profits, and vice versa will lose business opportunities and obtain lower profit returns. In focusing on corporate monitoring, the bank emphasizes on dynamic and active information such as capital flows and material flows, rather than on financial statements. The bank's credit system for small and medium-sized private enterprises implements the chief talk system of business operators, which enables accountability approvers to form an intuitive understanding of small and medium-sized private enterprise operators. For the small and medium-sized private enterprises, the credit investigation is conducted by a double survey system. The content of the survey should focus on the active information rather than the financial statements. Some enterprises should conduct joint investigations of business personnel and approving personnel. Some enterprises directly participate in the contract negotiations of enterprises and obtain the first of the enterprises. Hand business information. In the post-lending monitoring of credit grants for small and medium-sized private enterprises, the bank took the initiative to deepen. After the credit was granted to a certain scale, the bank required enterprises to increase the registration of funds to regulate the relevant management. The employees in the key positions must meet the requirements of their requirements. After the post-loan monitoring requirements, it is determined to collect loans. These flexible and effective risk control measures have resulted in better returns, with a defect rate of only 0.4% for its 14 billion credit assets.
In order to control the access risk of small and medium-sized private enterprises, some banks have set their own access index system from some activity indicators; some banks require the top leaders to grant credit card distribution, package management, and principal and interest recovery for small and medium-sized private enterprises. The "Three Guarantees" is linked to the year-end assessment of the top leaders; in the authorization system, differential authorization and dynamic authorization are implemented according to regional risks and institutional risk control standards, and authorized warning lines are set; risk portfolio management is implemented for various forms of small and medium-sized private enterprise loans. In order to solve the risk premium of credit granting for small and medium-sized private enterprises, the method of bank interest rate floating is more common. Some banks also require credit grants for small and medium-sized private enterprises, and they are not allowed to renew their loans and repay loans.
Sixth, Zhejiang private enterprises credit the enlightenment to us Zhejiang commercial banks face the private enterprise credit environment is different from Shenzhen, the private enterprise credit granting practices, we can not simply transplant the copy; but its private enterprises credit some ideas, management methods, Operational mechanism and business innovation have high reference value to our current credit business and management, which is worthy of our attention.
1. On the credit granting of enterprises, on the surface, we do not discriminate against private enterprises by ownership. But we still have shortcomings in understanding. First, the understanding and preparation of the future development of private enterprises is insufficient. The development of private enterprises in Zhejiang indicates the direction of enterprise property rights reform. The reform of enterprise property rights is the core of enterprise reform. Private enterprises cater to the future of enterprise reform with the natural clarity of their property rights. At the same time, the internal machine manufacturing of private enterprises is in the market economy. Strong competitiveness, with the further advancement of China's economic marketization process, private enterprises will certainly occupy an absolute share of the future market. Therefore, in the credit business connotation of the future, it is possible for us to miss the future by treating the booming private enterprises with equal treatment. It is necessary to re-examine and plan the future of private enterprise credit grants. In the current private equity-based enterprise property rights reform, due to the lack of preliminary research and preparation, in the face of private credit business such as EMBO, MBO, and corporate mergers and acquisitions, we sometimes seem to be in a hurry. Second, the concept of credit granting for small and medium-sized private enterprises needs to be reshaped. With the fierce competition in the credit market and the diversification of financing channels for large and medium-sized enterprises, SME credit will become a new profit growth point for commercial banks. If we do not discriminate against private enterprises now, the credit granting of small and medium-sized private enterprises is indeed an area we have neglected. Some small and medium-sized private enterprises are small in scale, but they are small, specialized, small and special, and have their own living space. They should be the target of our credit support; the operators are highly qualified, the business operations are standardized, the operating mechanism is flexible, and there are developments. For small and medium-sized private enterprises with potential and growth space, we should give credit support with the concept of customer cultivation, cultivate customer loyalty, “plant sesame seeds, hold watermelons”, and reserve the future for our credit.
2. With the formation of the credit buyer market, our credit concept should be re-adjusted. We should adjust the concept of minimum risk and adhere to the principle of risk control. This has two meanings: First, it is the premise that the risk is controllable, and whether the risk is controllable and the risk-taking business should not be included in our credit line. This is the essence of credit differentiation from venture capital. Second, the risk is controllable rather than the minimum. Under the conditions of the credit seller's market, we can choose the best; under the credit buyer's market conditions, the principle of minimum risk will constrain the business space and lack high-profit business. The credit business is associated with risk. The key is whether the credit risk can be controlled by us. Under the conditions of the credit buyer's market, adhering to the principle of risk control, we will strive for the largest business space and profit space for us.
3. Correct understanding of traditional industries. At present, the credit industry policy of commercial banks has a bias towards focusing on high-tech industries and light traditional industries. The value orientation of commercial bank credit business is not in the technical level but in safety and efficiency. High-tech industries are accompanied by high profits, accompanied by high risks, which are consistent with the value orientation of venture capital. Enterprises can occupy a high share in traditional industries, or have a unique market space. This shows that enterprises have a relatively stable living space, which is both safe and effective. Its value connotation is the orientation of credit business. Despise for our credit business.
4. Credit investigation and post-loan tracking focus on corporate activity information. Information asymmetry is an inherent contradiction in the credit business, and private enterprises are even worse. If the information is solidified on the text, information asymmetry is difficult to resolve. Seizing the company's electricity consumption, cash flow, bank settlement and tax payment, etc., often enables us to understand the real information of business operations, do live credit investigation and post-loan tracking, and do more with less, better solution. Information asymmetry.
5. Open up credit business in different places. From the adjustment of the credit status of Zhejiang Commercial Bank, the customer choice of the mainland credit business is much larger than that of Shenzhen. Even the customers who do not grant credit support have become the target of commercial banks in Shenzhen. As an economic organization, a commercial bank cannot itself be a prisoner of administrative divisions. Shenzhen is gradually becoming a region with excess funds, and Shenzhen Bank has a competitive advantage over its inland counterparts in terms of concepts, services, products, etc. The bureau can only lose space for development in Shenzhen. Of course, the credit business has special requirements for post-loan tracking. For non-local credit grants, it is necessary to select projects with less tracking requirements and less difficulty.
6. From the comparison with the credit granting of Zhejiang Commercial Bank, we have not used the interest rate leverage enough, and the credit granted to small and medium-sized private enterprises is rarely raised. Compared with large and medium-sized enterprises, the credit business of small and medium-sized private enterprises has the disadvantages of high average risk level, large investment in human resources and relatively high business cost. However, enterprises in bank-enterprise cooperation do not occupy a strong position. Therefore, we need to use interest rate leverage to compensate for the risk premium and cost of small and medium-sized private enterprises. At the same time, raising interest rates may also prompt enterprises to repay priority from cost considerations, and to a certain extent, it is also conducive to the control of credit risk.
7. Accelerate the construction of a social credit information system. Shenzhen, as an immigrant city, is contrary to the characteristics of Zhejiang grassroots economy. People lack a sense of belonging, and the natural foundation of social integrity is poor. This requires more artificial reinforcement, building a social credit system, and gradually creating a good credit service for Shenzhen commercial banks. Integrity environment.
In recent years, Zhejiang's economy has developed rapidly, and private enterprises have become the main force in Zhejiang's economic development. The rapid development of private enterprises in Zhejiang has become a beautiful landscape in China's current economic development, and there have been "Wenzhou mode" and "Zhejiang phenomenon" which have attracted worldwide attention. The healthy and rapid development of private enterprises has created a good credit environment for Zhejiang, which has enabled the rapid development of the credit business and other financial services of Zhejiang financial institutions, thus providing good financial services and financial support for the development of private enterprises. The mutual promotion of business and financial business has promoted the healthy and rapid development of Zhejiang's economy.
I. The development of private enterprises in Zhejiang The private enterprises in Zhejiang, represented by the “Wentai Model”, originated from the family workshop economy, and the development process can be basically divided into three stages. The first stage was from the 80s to the early 90s. The rectification of the chaos and the spring breeze of reform and opening up have made Zhejiang's long-awaited industrial and commercial culture and the people who dare to succumb to the world quickly bloom. The thousands of households in Wenzhou and other places have started their stoves, the villages are ignited, households are smoking, and the family workshop economy has sprung up. And out. At the same time, the market sales personnel in Wenzhou and other places went to all parts of the country. Wenzhou’s 100,000 supply and marketing army “has come from thousands of households, has gone through thousands of mountains and waters, has worked hard and earned thousands of dollars”, and is selling local In the process of producing small commodities in family workshops, it has accumulated rich market experience and realized initial capital accumulation. The second stage was in the mid-to-late 1990s. Some family workshops began to move toward the shareholding system, strengthening the cooperation between upstream and downstream enterprises, and the family workshop economy was on the road of corporate system. Private companies began to take shape, and at the same time, some professional markets and The block economy was initially formed. In the third stage, after entering the 21st century, after more than ten years of development, private enterprises have greatly enhanced their strength, and there have been a large number of group-type private enterprises with great scale and brand effect. Private enterprises occupy both scale and economic share. The absolute advantage of the Zhejiang economy, the Zhejiang economy has become the world of the private economy.
The development history of the private economy in the Hangzhou Bay area is different, but in the end, it will be the same. In the 1980s, the economy of these regions was basically the “Southern Jiangsu Model”. The collective economy with the township enterprises as the main body flourished and reached a certain scale by the end of the 1980s. In the 1990s, large-scale property rights reforms were carried out in this area. Through the participation of employees and corporate auctions, township enterprises and state-owned enterprises were transformed into private enterprises, and the economic structure was transformed from “Southern Jiangsu Model” to “Wentai Model”. The private economy has an absolute advantage. Due to the special development process of private enterprises in this region, the scale of private enterprises is larger than that of Wentai, and its enterprise mechanism is more flexible than Sunan.
After more than 20 years of development after the reform and opening up, the private economy has blossomed everywhere in Zhejiang. Apart from a few basic industries, the competitive industry has been completely privatized. According to statistics, at present, the total number of private enterprises in Zhejiang accounts for 98% of the total number of enterprises in Zhejiang, the employment of private enterprises accounts for 82% of the total employed population, and the output value of private enterprises accounts for 83% of the total output value of Zhejiang's national economy. Zhejiang economy has become a private economy. Synonymous with.
II. Development Characteristics of Zhejiang Private Economy In the development of more than 20 years, Zhejiang private economy has different characteristics from private economy in other regions. These characteristics have made Zhejiang's economy strong and unique vitality, and it is also healthy and fast for the financial industry. Development has laid a solid foundation.
1. Grassroots economy. Nowadays, people like to call Zhejiang private economy a "grassroots economy." It refers to the fact that private enterprises in Zhejiang are born and raised and grow up in their hometowns. Private enterprises in Zhejiang are developed by Zhejiang farmers on the basis of family workshops that are not separated from their hometowns. Unlike the foreign economies in the open areas, they are born in the local, longer than the local, and rooted in the local. Even today, after the development of Zhejiang private enterprises, the business has expanded to various places, and its corporate headquarters, production bases, and capital centers are still rooted in the mainland.
2. Block economy. The blocky characteristics of the development of private economy in Zhejiang are particularly prominent. Local governments have formed their own characteristic economy and leading industries. The regional division of labor is obvious. The leading industries in various regions are still prominent in Zhejiang and the whole country. Such as Yiwu Small Commodity City, Shaoxing Textile City, Ningbo Garment, Yongkang Hardware, Pazhou Tie, Haining Leather, Yongjia Button, Cangnan Trademark. The block economy has made up for the shortage of small enterprises and small commodity economy in Zhejiang. Through regional specialization and scale, small enterprises and small commodities have become bigger and stronger.
3. The professional market is developed. On the basis of the block economy, a series of professional markets have been established in Zhejiang, serving regional leading industries, such as Yiwu Small Commodity Market, Yongjia Button Market, Yongkang Hardware City, Ningbo Clothing Market, Cangnan Trademark City, etc. Professional market. The development of the professional market provides a good supply and marketing channel and market information for private enterprises, so that Zhejiang private enterprises stand at the forefront of the same industry.
4. The regional development is relatively balanced. The common feature of economic development in developed coastal areas of eastern China is regional imbalance. The private economy in Zhejiang has been well developed in various places. Whether it is Ningbo or Shaoxing in the Hangzhou Bay area, Wenzhou in the southern mountainous area, or Yiwu, Yongkang and Dongyang in the hinterland, the private economy is relatively developed. The ubiquitous flowering of the private economy has led to a more balanced development of the economy in Zhejiang as a whole, and the effective hinterland of the economy is larger than that of other provinces.
5. SMEs are the mainstay. The majority of private enterprises in Zhejiang, which originated from family workshops, are still small and medium-sized enterprises, of which 92% are employees with less than 100 employees. Only 1% of enterprises with operating income of more than 100 million yuan. Zhejiang has a large number of private small and medium-sized enterprises, flexible operation, sensitive market response, and production and sales. A considerable number of enterprises also have small, excellent, small and specialized characteristics, and the company has good benefits. However, these enterprises also have the disadvantages of family-owned enterprises, low management standards, financial irregularities, and poor risk resistance.
6. Manufacturing is the mainstay. Private enterprises in Zhejiang have developed from family workshops. Private enterprises are generally engaged in manufacturing, and other industries account for a relatively small proportion. Private enterprises in Zhejiang rely on their hard work and hard work. At present, there are fewer speculative components in the economy, which makes the existing foundation of the Zhejiang economy more solid.
7. Small commodity production accounts for a large share. A large number of private enterprises in Zhejiang are engaged in the production of small commodities. They seize the opportunity of industrial transfer and use their low cost advantages to make small commodities into a large market, further strengthening their low-cost advantages through the scale effect of the big market. The technical level of these small commodities is not high, and the market competition mainly lies in cost competition. After the low-cost advantage of private enterprises in Zhejiang is strengthened, it is difficult for other enterprises to compete with them. Although these small commodities are traditional products, they are closely related to people's daily life, and the market volatility is small. After Zhejiang private enterprises occupy this market, they have obtained long-term stable market space, and their business operations are relatively stable.
III. The development of financial environment finance business created by private enterprises in Zhejiang is based on the development of local economy. The flourishing development of Zhejiang private economy has laid a solid foundation for the development of local financial business. Its distinctive private economy and social and cultural atmosphere It provides a good platform for bank credit business. In recent years, the credit business of Zhejiang banks has developed rapidly, and the quality of credit assets is excellent. These benefits from the good credit environment formed by the local private economy.
The Jiangsu-Zhejiang area is the most historical and culturally-precipitated area in China. Due to the historical origins, the people in Zhejiang have a high level of quality, and the folk style advocates honor and pays attention to fame. After entering the industrial and commercial society, this historical culture and folk customs gradually evolved into an honest and trustworthy social environment. The grassroots economy generated by Zhejiang based on private enterprises will further strengthen the social environment of integrity. There is currently no social credit system in Zhejiang, but the grassroots economy has formed a natural social credit system in Zhejiang. Since the private enterprises in Zhejiang are born and raised in Zhejiang, the credit information of the business history, assets, industry conduct, historical reputation and social relations of enterprises, operators and legal representatives can be communicated smoothly, and the contradiction of credit information asymmetry is grassroots. The economy is resolved. At the same time, the characteristics of the grassroots economy make it easy for Zhejiang financial institutions to obtain the dynamic information of enterprises. The development and changes in the operation of private enterprises can be transmitted to the credit business personnel in a timely manner, so that the credit business personnel can dynamically monitor risks, at any time according to the private enterprise. Business change adjusts the credit strategy and adopts targeted risk control measures. Therefore, the grassroots economy enables the credit business to be based on more adequate and timely information. From the pre-lending to the post-loan business process, the credit risk is more controllable and the bank's initiative is stronger.
From the perspective of the microeconomic environment, the characteristics of the private economy make the property rights of the microeconomic entities in Zhejiang natural and clear, and the deep contradictions in the operation of enterprises are solved, and the rights and responsibilities of the operators are naturally one. Most of the private enterprises in Zhejiang are still small and medium-sized enterprises, which have the disadvantages of weak anti-risk ability. However, the local professional market and block economy provide a good living environment for small and medium-sized private enterprises in Zhejiang, and their small commodity production has a unique market space; The private manufacturing enterprise shareholders have a large investment and the debt ratio is generally low. The characteristics of Zhejiang private enterprises are that the credit institutions of Zhejiang financial institutions have created a good micro-environment for enterprises, laying a solid foundation for the excellent credit assets of local banks in Zhejiang.
At the same time, private enterprises in Zhejiang blossomed in the southeast and northwest, which promoted the balanced development of Zhejiang's economy as a whole, thus creating a relatively broad economic hinterland for Zhejiang financial institutions. It should be said that the current leeway of credit granting business of Zhejiang banks is relatively large, and the connotation and extension space of business development are relatively wide.
IV. Credit Policy of Zhejiang Financial Institutions to Private Enterprises The credit policies of private banks in Zhejiang have a gradual evolution process. In the early and middle stages of the development of private enterprises in Zhejiang, private enterprises are basically restricted access for several major state-owned banks. Bank credit funds are mainly supported by state-owned and collective enterprises. At that time, the credit funds of private enterprises mainly came from underground banks and local quotas. The private financing in Wenzhou and other places was very developed. By the mid-to-late 1990s, the development of private enterprises in Zhejiang entered a new stage. The joint-stock banks took the lead in selecting private enterprises as the main source of credit support and achieved rapid development; while state-owned and collective enterprises began to withdraw from the field of economic competition. As a result, the development of several major state-owned banks, which have consistently supported state-owned and collective enterprises, lags behind joint-stock banks, and asset quality is far behind the joint-stock banks and is on a downward trend. By the late 1990s, banks in Zhejiang had changed their understanding of private enterprises and increased their support for private enterprises. In this century, not only large and medium-sized private enterprises have received active support from various banks, but also small and medium-sized private enterprises with many products and markets have become the target of credit financing for various banks.
Due to the rapid development of Zhejiang private enterprises and their unique economic characteristics, local banks are generally optimistic about private enterprises. Each bank innovates the credit concept of private enterprises, adjusts the traditional credit policy, re-creates the credit process, strengthens product innovation, and increases the credit granting to private enterprises. In the credit business of private enterprises, the joint-stock commercial bank method is more flexible, and the measures are more powerful. The investment of small and medium-sized private enterprises is greater than that of state-owned banks.
In the customer strategy of crediting small and medium-sized private enterprises, Zhejiang's joint-stock commercial banks advocated a customer cultivation strategy. The Zhejiang Branch of Guangdong Development Bank called it “seed sesame and hold watermelon”. We will adopt a positive cultivation policy for small and medium-sized private enterprises with clear property rights, foster and cultivate small and medium-sized private enterprises, cultivate customer loyalty, share the growth and growth of small and medium-sized private enterprises, and grow together with private enterprises. Some banks have embodied this policy into performance appraisal, and the relevant business personnel and responsible persons who train small and medium-sized private enterprises into high-quality large enterprises will receive performance rewards. In the choice of credit for small and medium-sized private enterprises, we adhere to two principles of development and growth. First, the development of the enterprise is developmental and growth-oriented. Second, the prospect of cooperation among the silver enterprises is developmental and growth-oriented; Benefits, first, the comprehensive benefits provided by customers, and second, the medium and long-term benefits provided by customers.
In view of the difficulty of guaranteeing small and medium-sized private enterprises, Zhejiang's joint-stock banks fully exploited the company's guarantee resources in two aspects and strengthened business innovation. First, fully tap the enterprise's asset resources, all kinds of movable property pledge, warehouse receipt pledge, receivable pledge, brand pledge, intellectual property pledge, etc.; second, to tap the customer's customer resources, through the customer's upstream and downstream enterprises and some relationships Customers open up guarantee channels.
Financial statements are the main channel for obtaining credit information. The problem of non-standard financial statements for small and medium-sized private enterprises also exists in Zhejiang. However, in most cases, the assets of enterprises are not reflected in the statements. The Zhejiang banking sector is called benign information asymmetry. In response to the distortion of financial information of private enterprises, commercial banks did not stick to financial information and turned to the living information of private enterprises. When the banking sector conducts credit investigations and quota ratings for small and medium-sized private enterprises, it will seriously investigate the active information such as enterprise electricity consumption, bank settlement volume, corporate cash flow, and tax amount, and incorporate these activity information into the enterprise quota rating system. These activity indicator systems can more accurately reflect the real situation of production and management of enterprises. Starting from these activity indicators, credit investigation and credit rating can not only better control credit risk, but also facilitate the expansion of credit business of small and medium-sized private enterprises.
In the industrial policies and regional policies of small and medium-sized private enterprises, the credit policies of private enterprises in the Zhejiang banking sector also have certain characteristics. All industries generally regard industries with excessive competition and strong product substitution as restrictive industries, and support traditional industries with local characteristics. Some areas with developed professional markets and prominent block economic characteristics have become the key areas for credit support of various banks. Some banks have straightened the management of these areas, and some banks have given relatively large credit authorizations to these regional branches.
V. Credit risk control of private enterprises In view of the problems existing in private enterprises, especially small and medium-sized private enterprises, Zhejiang commercial banks have not simply avoided these risks, but have adopted a series of flexible and effective risk control measures. These risk controls make credit protection safe. The protection of sex is better, and the credit granting of private enterprises can be rapidly developed. In recent years, commercial banks in Zhejiang have made super-conventional multi-type credits for private enterprises, but the quality of credit assets is generally good, and the asset non-performing rate is generally below 5%. In many regions, joint-stock commercial banks are controlled below 1% and become domestic. A miracle in the banking world. This miracle is related to Zhejiang's good credit environment, but it also benefits from the bank's active and effective risk control measures.
Banks attach great importance to risk control in private enterprise credit grants. In recent years, banks have strengthened the weight of asset quality in their performance appraisal system and increased the intensity of rewards and punishments. Banks in some regions directly link credit quality to the top-level assessment pay. The risk management of Guangdong Development Bank Hangzhou Branch has a certain representativeness. The bank educates employees that “the credit business receives interest, the loss is blood,” “the one who lie to you is the best friend.” “The risk of credit should be the same as that of airlines.” “It’s like protecting your eyes.” Protect credit assets as well." In the concept of credit risk, the bank adheres to the principle of risk control and opposes the principle of minimum risk, which will maximize business opportunities and profits, and vice versa will lose business opportunities and obtain lower profit returns. In focusing on corporate monitoring, the bank emphasizes on dynamic and active information such as capital flows and material flows, rather than on financial statements. The bank's credit system for small and medium-sized private enterprises implements the chief talk system of business operators, which enables accountability approvers to form an intuitive understanding of small and medium-sized private enterprise operators. For the small and medium-sized private enterprises, the credit investigation is conducted by a double survey system. The content of the survey should focus on the active information rather than the financial statements. Some enterprises should conduct joint investigations of business personnel and approving personnel. Some enterprises directly participate in the contract negotiations of enterprises and obtain the first of the enterprises. Hand business information. In the post-lending monitoring of credit grants for small and medium-sized private enterprises, the bank took the initiative to deepen. After the credit was granted to a certain scale, the bank required enterprises to increase the registration of funds to regulate the relevant management. The employees in the key positions must meet the requirements of their requirements. After the post-loan monitoring requirements, it is determined to collect loans. These flexible and effective risk control measures have resulted in better returns, with a defect rate of only 0.4% for its 14 billion credit assets.
In order to control the access risk of small and medium-sized private enterprises, some banks have set their own access index system from some activity indicators; some banks require the top leaders to grant credit card distribution, package management, and principal and interest recovery for small and medium-sized private enterprises. The "Three Guarantees" is linked to the year-end assessment of the top leaders; in the authorization system, differential authorization and dynamic authorization are implemented according to regional risks and institutional risk control standards, and authorized warning lines are set; risk portfolio management is implemented for various forms of small and medium-sized private enterprise loans. In order to solve the risk premium of credit granting for small and medium-sized private enterprises, the method of bank interest rate floating is more common. Some banks also require credit grants for small and medium-sized private enterprises, and they are not allowed to renew their loans and repay loans.
Sixth, Zhejiang private enterprises credit the enlightenment to us Zhejiang commercial banks face the private enterprise credit environment is different from Shenzhen, the private enterprise credit granting practices, we can not simply transplant the copy; but its private enterprises credit some ideas, management methods, Operational mechanism and business innovation have high reference value to our current credit business and management, which is worthy of our attention.
1. On the credit granting of enterprises, on the surface, we do not discriminate against private enterprises by ownership. But we still have shortcomings in understanding. First, the understanding and preparation of the future development of private enterprises is insufficient. The development of private enterprises in Zhejiang indicates the direction of enterprise property rights reform. The reform of enterprise property rights is the core of enterprise reform. Private enterprises cater to the future of enterprise reform with the natural clarity of their property rights. At the same time, the internal machine manufacturing of private enterprises is in the market economy. Strong competitiveness, with the further advancement of China's economic marketization process, private enterprises will certainly occupy an absolute share of the future market. Therefore, in the credit business connotation of the future, it is possible for us to miss the future by treating the booming private enterprises with equal treatment. It is necessary to re-examine and plan the future of private enterprise credit grants. In the current private equity-based enterprise property rights reform, due to the lack of preliminary research and preparation, in the face of private credit business such as EMBO, MBO, and corporate mergers and acquisitions, we sometimes seem to be in a hurry. Second, the concept of credit granting for small and medium-sized private enterprises needs to be reshaped. With the fierce competition in the credit market and the diversification of financing channels for large and medium-sized enterprises, SME credit will become a new profit growth point for commercial banks. If we do not discriminate against private enterprises now, the credit granting of small and medium-sized private enterprises is indeed an area we have neglected. Some small and medium-sized private enterprises are small in scale, but they are small, specialized, small and special, and have their own living space. They should be the target of our credit support; the operators are highly qualified, the business operations are standardized, the operating mechanism is flexible, and there are developments. For small and medium-sized private enterprises with potential and growth space, we should give credit support with the concept of customer cultivation, cultivate customer loyalty, “plant sesame seeds, hold watermelons”, and reserve the future for our credit.
2. With the formation of the credit buyer market, our credit concept should be re-adjusted. We should adjust the concept of minimum risk and adhere to the principle of risk control. This has two meanings: First, it is the premise that the risk is controllable, and whether the risk is controllable and the risk-taking business should not be included in our credit line. This is the essence of credit differentiation from venture capital. Second, the risk is controllable rather than the minimum. Under the conditions of the credit seller's market, we can choose the best; under the credit buyer's market conditions, the principle of minimum risk will constrain the business space and lack high-profit business. The credit business is associated with risk. The key is whether the credit risk can be controlled by us. Under the conditions of the credit buyer's market, adhering to the principle of risk control, we will strive for the largest business space and profit space for us.
3. Correct understanding of traditional industries. At present, the credit industry policy of commercial banks has a bias towards focusing on high-tech industries and light traditional industries. The value orientation of commercial bank credit business is not in the technical level but in safety and efficiency. High-tech industries are accompanied by high profits, accompanied by high risks, which are consistent with the value orientation of venture capital. Enterprises can occupy a high share in traditional industries, or have a unique market space. This shows that enterprises have a relatively stable living space, which is both safe and effective. Its value connotation is the orientation of credit business. Despise for our credit business.
4. Credit investigation and post-loan tracking focus on corporate activity information. Information asymmetry is an inherent contradiction in the credit business, and private enterprises are even worse. If the information is solidified on the text, information asymmetry is difficult to resolve. Seizing the company's electricity consumption, cash flow, bank settlement and tax payment, etc., often enables us to understand the real information of business operations, do live credit investigation and post-loan tracking, and do more with less, better solution. Information asymmetry.
5. Open up credit business in different places. From the adjustment of the credit status of Zhejiang Commercial Bank, the customer choice of the mainland credit business is much larger than that of Shenzhen. Even the customers who do not grant credit support have become the target of commercial banks in Shenzhen. As an economic organization, a commercial bank cannot itself be a prisoner of administrative divisions. Shenzhen is gradually becoming a region with excess funds, and Shenzhen Bank has a competitive advantage over its inland counterparts in terms of concepts, services, products, etc. The bureau can only lose space for development in Shenzhen. Of course, the credit business has special requirements for post-loan tracking. For non-local credit grants, it is necessary to select projects with less tracking requirements and less difficulty.
6. From the comparison with the credit granting of Zhejiang Commercial Bank, we have not used the interest rate leverage enough, and the credit granted to small and medium-sized private enterprises is rarely raised. Compared with large and medium-sized enterprises, the credit business of small and medium-sized private enterprises has the disadvantages of high average risk level, large investment in human resources and relatively high business cost. However, enterprises in bank-enterprise cooperation do not occupy a strong position. Therefore, we need to use interest rate leverage to compensate for the risk premium and cost of small and medium-sized private enterprises. At the same time, raising interest rates may also prompt enterprises to repay priority from cost considerations, and to a certain extent, it is also conducive to the control of credit risk.
7. Accelerate the construction of a social credit information system. Shenzhen, as an immigrant city, is contrary to the characteristics of Zhejiang grassroots economy. People lack a sense of belonging, and the natural foundation of social integrity is poor. This requires more artificial reinforcement, building a social credit system, and gradually creating a good credit service for Shenzhen commercial banks. Integrity environment.
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