165438+1October 4th, it was reported in the market that the behaviors of private equity fund managers such as investing in non-standardized creditor's rights, issuing entrusted loans or providing guarantees, and engaging in unlimited liability investment may be considered as prohibited by the regulatory authorities in the new framework of private equity supervision.
"This rumor has a greater impact mainly on private debt institutions, because a large number of private debt institutions are mainly engaged in non-standardized debt financing, entrusted loans and other businesses. However, no matter whether the rumors are true or not, the general direction of supervision in recent years is indeed true, because this kind of business can be regarded as a kind of shadow banking, and there are problems such as irregular operation, regulatory arbitrage and insufficient capital constraints, which are easy to form systemic financial risks. " The head of the marketing department of a private equity institution in Shanghai said frankly.
In fact, the so-called non-standardized creditor's rights assets refer to creditor's rights assets that are not traded in the interbank market or the stock exchange market, including credit assets, trust loans, entrusted creditor's rights, acceptance bills, letters of credit, accounts receivable, various income (collection) rights, and equity financing with repurchase clauses. Non-standardized debt financing business mainly includes entrusted loan mode, bank-trust-bank-securities-bank-insurance cooperation mode and asset income right mode.
It is worth mentioning that in the fourth paragraph of Article 11 of the Administrative Measures for Entrusted Loans of Commercial Banks (Draft for Comment) issued by CBRC in June 2065438+2005, private equity funds are also prohibited from entrusted loans. If the exposure draft comes into effect, the road for debt-based private equity funds to issue entrusted loans will be blocked. It can be seen that the regulatory authorities have long been determined to suspend the non-standard credit business entrusted by private equity funds.
In the view of Gu Xiaoming, general manager of CMB Wanda, the purpose of supervision to stop private placement of non-standard creditor's rights business is not to kill creditor's rights private equity institutions, but actually to divest such unreasonable and high-risk businesses and let most private equity institutions focus on venture capital. At present, a large number of private placements are engaged in non-standard debt financing, and there are problems such as unclear investment targets and easy formation of a fund pool. In addition, judging from the investment targets of some private equity institutions, most of them provide loan financing for some small and medium-sized enterprises. Compared with the bank's evaluation of credit risk of SMEs, the threshold of private placement is lower, which also magnifies the potential risks. Stopping private lending business is also hoping to force enterprises to do financing business by improving their technical strength and innovation ability.
It should be pointed out that in recent years, debt-based private equity institutions are also the "hardest hit" for problem private equity. More than 70% of the abnormal private placement and lost private placement institutions announced by the fund industry association belong to the managers of debt-based private placement products, and most of them are engaged in lending business.
Lei Lei, a financial researcher at Geshang, said that if the regulatory authorities explicitly restrict private equity managers from investing in non-standard creditor's rights, private equity managers whose main business is to invest in non-standard creditor's rights and issue entrusted loans will face the problem of survival or transformation. For investors, although the income of non-standard creditor's rights is higher than that of ordinary creditor's rights, it also means greater risks. At present, most of these products are structural products. As inferior investors, once the project has a redemption crisis, investors will face huge losses. If this investment method is prohibited, the interests of investors can be guaranteed to a certain extent and the occurrence of risk events can be reduced.
Gu Xiaoming also said that once the non-standard debt private placement business is stopped, a large number of debt private placement institutions will also face transformational pressure in a short time. Regarding the direction of transformation, Gu Xiaoming believes that the current hot PPP debt financing project in the market or a major destination for future transformation will force private equity institutions to support the development of high-tech enterprises and innovative enterprises.